Consultation on Technical Advice on CSDR Penalty Mechanism

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Responding to this paper 

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

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; 
  • provide evidence (including relevant data, where applicable) to support the views expressed;
  • describe any alternative approaches ESMA should consider.

ESMA will consider all comments received by 29 February 2024. 

All contributions should be submitted online by using the response form available below.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publicly 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 not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found under the heading Legal Notice and Data Protection.

Who should read this paper?

All interested stakeholders are invited to respond to this consultation paper. In particular, ESMA invites CSDs and CSD participants, as well as other stakeholders that may be impacted by the CSDR cash penalties regime to respond to this consultation paper

Activity Institution Download
Banking European Central Bank - T2S operator reply
  • 204193
Banking National Association of German Cooperative Banks (BVR); German Savings Banks Association (DSGV) and Association of German Public Banks (VÖB)
  • 204201
Central Securities Depository (CSD) Deutsche Boerse Group (Clearstream/Eurex Clearing)
  • 204205
Investment Services Swedish Securities Markets Association
  • 204210
Banking Austrian Federal Economic Chamber, Division Bank an Insurance
  • 204213
Banking Association of German Banks, BdB
  • 204214
Investment Services FIA EPTA
  • 204219
Banking Association of Global Custodians - European Focus Committee
  • 204220
Others International Capital Market Association
  • 204221
Others Xchange Now e.V.
  • 204222
Banking Finance Finland
  • 204223
  • 204224
Central Securities Depository (CSD) Euroclear Group
  • 204225
Investment Services AMF Italia - Associazione Intermediari Mercati Finanziari
  • 204226
Asset Management The Investment Association
  • 204228
  • 204230
Others Grupo BME
  • 204241
Banking Polish Bank Association
  • 204233
  • 204238
Banking European Association of Public Banks
  • 204237
Banking Association for Financial Markets in Europe (AFME)
  • 204239
  • 204240
Asset Management European Fund and Asset Management Association (EFAMA)
  • 204242
Others Finance Denmark
  • 204243
Others Association of the Luxembourg Fund Industry (ALFI)
  • 204245
Investment Services German Investment Funds Association BVI
  • 204252
  • 204253
Banking European Banking Federation
  • 204254
Others France Post Marché
  • 204255
  • 204256
  • 204257
Central Securities Depository (CSD) ECSDA
  • 204258
Banking Italian Banking Association
  • 204259
Central Counterparty (CCP) European Association of CCP Clearing Houses
  • 204260
Asset Management Association de la Gestion Financière (AFG)
  • 204261
  • 204263
Investment Services bwf - Bundesverband der Wertpapierfirmen
  • 204264
Others Euronext Group
  • 204265
Banking BNY Mellon
  • 204266
Others International Securities Lending Association
  • 204267
Investment Services AMAFI
  • 204268
  • 204269
Others European Venues and Intermediaries Association (EVIA)
  • 204318
  • 204319