Central Securities Depositories Regulation (CSDR) Update

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On July 23, the Council of the EU published a press release announcing that it had adopted the CSDR on improving securities settlement and regulating central securities depositories.

The European Commission published a letter on July 23 (dated June 23, 2014) to ESMA setting out a provisional request for technical advice concerning possible delegated acts relating to certain settlement discipline measures and aspects relating to supervisory co-operation under the CSDR.

The letter attaches two formal mandates for technical advice to assist the Commission in preparing delegated acts as required by Articles 7 (penalties for settlement fails) and 14 (supervisory co-operation) of the CSDR.

The commission has requested ESMA to provide its technical advice nine months after the CSDR enters into force. Press Release. LetterFormal Mandates.

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EU

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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