On 27 November 2023, the Council of the EU issued a press release announcing that it had adopted the proposed Regulation amending the Central Securities Depositories Regulation (CSDR) as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories (CSDs) and amending Regulation No 236/2012.
The proposed Regulation was originally published by the European Commission on 16 March 2022 and focuses on amending the CSDR in five main areas: the passporting regime, cooperation between supervisory authorities, banking-type ancillary services, settlement discipline (including the pre-conditions for applying mandatory buy-ins) and the oversight of third country CSDs.
The Council’s adoption closes the decision-making procedure. The Regulation will be published in the Official Journal and enter into force 20 days after its publication.
Depending on the Articles, it will apply from either 1 May 2024 or two years after entering into force.