On 29 January 2019, the European Central Securities Depositories Association (ECSDA) published an updated version of its draft Central Securities Depositories Regulation (CSDR) penalties framework. The first draft framework was published for consultation in July 2018, and the updated draft reflects comments received during the public consultation.

The ECSDA CSDR Penalties Framework is the effort of compliance with the CSDR. It aims at harmonisation of settlement penalties mechanisms across CSDs subject to the CSDR or (potentially) equivalent regulation. It intends to provide a clear, safe and efficient framework for settlement penalties solutions of CSDs, both the ones that will be using T2S penalties mechanism and other CSDs.