On 8 December 2020, the European Commission issued a consultation on a wide range of specific areas where targeted action may be necessary to ensure the fulfilment of the objectives of the Central Securities Depositories Regulation (CSDR) in a more proportionate, efficient and effective manner. The responses to the consultation will help the Commission prepare a general report on the CSDR as required by Article 75 of the CSDR.
The CSDR plays a pivotal role in the post-trade harmonisation efforts in the EU, enhancing the legal and operational conditions in particular for cross-border settlement in the Union, while promoting cross-border competition within the single market. There have been diverging interpretations and application of the requirements related to cross border activity. The Commission expects to be able to assess if there has been any evolution in the provision of CSDR core services on a cross-border basis and whether the objective of improving this activity is being reached.
The deadline for comments on the consultation is 2 February 2021.