On 14 November 2019, the International Capital Market Association (ICMA) published a press release announcing that it will amend its buy-in rules to support the implementation of the EU Central Securities Depositories Regulation (CSDR) mandatory buy-in provisions.

The CSDR creates a mandatory obligation for parties to execute buy-ins against counterparties who fail to settle their trades within a required period. The provisions are set out in Commission Delegated Regulation 2018/1229 and are due to come into force in September 2020 (although they may be delayed until November 2020 for technical reasons).

ICMA intends to consult on its proposed revisions to its buy-in rules in early 2020.