ESMA update the CSDR Q&As

September 27th 2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).

The updated Q&A provides answers to questions regarding practical issues on the implementation of the new CSDR regime. The latest batch of CSDR Q&As covers the following topics:

  • Book-entry form requirements: the Q&A specifies the scope and timing of application of the requirement in Article 3(2) of CSDR to dematerialise certain transferable securities when they are transferred as collateral;
  • Organisational requirements: the Q&A concerns the scope of the services and activities of a CSD covered by the requirements set out in Article 30 of CSDR on Outsourcing;
  • Settlement Discipline: ESMA publishes the first set of Q&As relating to settlement discipline issues following the publication of Commission Delegated Regulation (EU) 2018/1229 on settlement discipline.

The aim of CSDR is to harmonise certain aspects of the settlement cycle and settlement discipline and to provide a set of common requirements for CSDs operating securities settlement systems across the EU. ESMA will continue to develop Q&As on the CSDR in the coming months and will review and update them where required.

Further information can be found on ESMA’s website, here.

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