Document details

  • Reference2014/299
  • Publication Date20/03/2014
  • Creation Date20/03/2014
  • TypeConsultation paper
  • SectionsPost-Trading
  • ResponsesView responses


ESMA is calling for public feedback on possible content to draft technical standards on matters such as settlement discipline, CSD registration and requirements, including confirmation rules (acceptance or rejection of terms in good time before the intended settlement date) for trading venues and investment firms, as well as access to CSDs by other CSDs, participants and other market infrastructures.

ESMA has a mandate to draft technical standards on more than 30 aspects under CSDR.

ESMA will consider all comments received by 22 May 2014.

A public hearing will take place on April 14th at ESMA in Paris, from 13h30 to 17h.

As provided for by the ESMA Regulation, a full public consultation will be conducted on the draft technical standards before they are submitted to the European Commission (EC). Therefore, following this DP and on the basis of the relevant input received, ESMA will finalise its proposed draft technical standards, that will be included in a consultation paper. The date of publication of such a consultation paper and the commenting period will depend on the date of publication of the CSDR in the Official Journal and the final deadline for ESMA to deliver the draft RTS and ITS to the EC.

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex IV. Comments are most helpful if they:

  • indicate the specific question to which the comment relates;
  • respond to the question stated;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 22 May 2014.

All contributions should be submitted via ESMA’s website.

Publication of responses

All contributions received will be published following the close of the consultation period, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents.

We may consult you if we receive such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading ‘Disclaimer’.

Who should read this paper

All interested stakeholders are invited to respond to this discussion paper. In particular, responses are sought from CSDs, CSD users or linked entities, market infrastructures and investors.