Guidelines on participant default rules and procedures under CSDR

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Type of event
Guidelines and Technical standards
Post Trading

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

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

ESMA will consider all comments received by 30 June 2016.

All contributions should be submitted online at under the heading ‘Your input - Consultations’.

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 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 not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

The collection of confidential responses is without prejudice to the scope of Regulation (EC) No 1049/2001[1]. Possible requests for access to documents will be dealt in compliance with the requirements and obligations laid down in Regulation (EC) No 1049/2001.

Data protection

Information on data protection can be found at under the heading Legal Notice.


Who should read this paper

All interested stakeholders are invited to respond to this consultation. In particular, this paper may be specifically of interest to central securities depositories (CSDs) and their participants.


[1] Regulation (EC) No 1049/2001 of the European Parliament and of the Council of 30 May 2001 regarding public access to European Parliament, Council and Commission documents , OJ L 145, 31.5.2001, p. 43–48,

Activity Institution Download
Die Deutsche Kreditwirtschaft (DK) - German Banking Industry Committee (GBIC)
  • 18899
Central Securities Depository (CSD) National Central Securities Depository (NCDCP) from Slovak republic.
  • 18901
Banking The Luxembourg Bankers' Association - The ABBL
  • 18909
Banking Deutsche Bank
  • 18919
Asset Management Amundi
  • 18920
Central Securities Depository (CSD) ECSDA (European Central Securities Depositories Association)
  • 18921
Banking European Focus Committee, Association of Global Custodians
  • 18927
  • 18932
Banking DACSI
  • 18936
Central Securities Depository (CSD) Euronext
  • 18937
Others London Stock Exchange Group
  • 18956
Banking Caixa Geral de Depósitos
  • 18957
Exchanges and Trading Systems Euroclear
  • 19001
Banking European Banking Federation
  • 18958
Central Securities Depository (CSD) Clearstream Banking Frankfurt AG, Clearstream Banking Luxembourg SA, and LuxCSD SA
  • 18965
Banking British Bankers' Association
  • 18978
Others Association for Financial Markets in Europe (AFME)
  • 18981
Banking AFTI
  • 18985
Banking Italian Banking Association
  • 18987