On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Central Securities Depositories Regulation (CSDR).

The updated Q&As revise the first question on settlement discipline relating to matching settlement instructions through the addition of two extra sub questions and answers. The new sub Q&As clarify that instructions that are “delivery without matching” will only be permitted in instances that relate to transfers of financial instruments between different accounts opened in the name of the same participant or managed by the same account operator once the regulatory technical standards (RTS) on settlement discipline enter into force. In addition, ESMA clarifies that “passive matching” at CSD level will be permitted by the RTS on settlement discipline.