Guidelines on participant default rules and procedures under CSDR

Guidelines on participant default rules and procedures under CSDR

from 31 May 2016 to 30 June 2016


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,

Document available for this Consultation
31/05/20162016/732Guidelines on participant default rules and procedures under CSDR


Activity Institution Download
Die Deutsche Kreditwirtschaft (DK) - German Banking Industry Committee (GBIC)
Asset Management Amundi
amundicsd.pdf (105.22 KB)
Banking Caixa Geral de Depósitos
Banking European Banking Federation
Banking British Bankers' Association
Banking AFTI
Banking The Luxembourg Bankers' Association - The ABBL
Banking Italian Banking Association
Banking Deutsche Bank
Banking European Focus Committee, Association of Global Custodians
Banking DACSI
Exchanges and Trading Systems Euroclear
Others London Stock Exchange Group
Others Association for Financial Markets in Europe (AFME)
Central Securities Depository (CSD) Clearstream Banking Frankfurt AG, Clearstream Banking Luxembourg SA, and LuxCSD SA
Central Securities Depository (CSD) National Central Securities Depository (NCDCP) from Slovak republic.
Central Securities Depository (CSD) ECSDA (European Central Securities Depositories Association)
Central Securities Depository (CSD) Euronext