[ESMA70-156-4448 CSD Settlement Q&A 6]

(a) Where a netted settlement instruction sent by a CCP to a CSD stems from the netting of transactions having different trade dates, how should the settlement instruction field indicating the trade date be populated?  

(b) Where a netted settlement instruction sent by a CCP to a CSD stems from the netting of different types of transactions (belonging to more than one of the categories listed in points (a) to (d) of Article 5(4) of the RTS on Settlement Discipline), how should the settlement instruction field indicating the transaction type be populated?

(c) Under CSDR, is there a requirement for settlement instructions to include a field indicating the place of trading of the respective securities transaction?

(d) How should a CCP sending a settlement instruction stemming from the netting of transactions executed in various trading places populate a field with the ‘place of trading’?

(e) Article 13(1) of the RTS on Settlement Discipline provides that “CSDs shall establish a system that enables them to monitor the number and value of settlement fails” and that such “system shall, for each settlement fail, collect information” relating to, inter alia, “(e) the place of trading and of clearing of the affected financial instruments, where applicable”. What is the responsibility of CSDs in relation to this requirement, specifically as regards the “place of trading”?

(f) Are all settlement fails involving CCPs captured by the exemption provided for in Article 7(11) of CSDR?

According to Article 93(8) of the UCITS Directive, in the event of a change to the information in the notification letter submitted in accordance with paragraph 1 of Article 93, or a change regarding share classes to be marketed, the UCITS shall give written notice thereof to the competent authorities of both the UCITS home Member State and the UCITS host Member State at least one month before implementing that change. If a UCITS intends to market a new share class in a host Member State where it has already been notified for marketing, should the UCITS give written notice to the competent authorities of the UCITS home and host Member States, at least one month before the marketing of the new share class starts?

In a revolving deal, the originator will regularly add and repurchase underlying exposures to/from the pool. How should the fields Pool Addition Date and Date Of Repurchase be completed where there is a time difference between the date at which the originator makes a commitment to add/repurchase a specific exposure and the date at which the payment/addition of that exposure actually takes place?

How should this field be completed where the property in question is under construction?

(a) How should these fields be reported where there is only one loan in the securitisation?

(b) How should field IVSS22 be completed if no prepayments are possible in the securitisation?

(c) How should field IVSS27 be reported if there are no defaults among the pool of underlying exposures being reported at the data cut-off date?

(d) How should underlying exposures which are non-performing and for which the amortisation schedule is no longer valid be reflected in IVSS22?