On 1 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR).

ESMA has updated Part IV of the Q&As dealing with the scope of internalised settlement. In particular, it provides the following question and answer:

• What financial instruments should be covered by the reporting obligation under Article 9 of CSDR?
• The scope of Article 9 of CSDR covers all financial instruments eligible for settlement in a securities settlement system operated by an EU CSD and/or designated under the law of a Member State under the Settlement Finality Directive, including financial instruments which may have been initially recorded or centrally maintained with an entity that may not necessarily be a CSD, such as a registrar or a transfer agent.