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ESMA CALLS TO DEPRIORITISE BUY-IN SUPERVISION

17 December 2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today published a Statement to clarify the practical implementation of the EU CSDR settlement discipline regime.

The CSDR settlement discipline regime is scheduled to start applying on 1 February 2022. However, the expected amendment to CSDR should allow ESMA to propose a later start date for the CSDR buy-in regime.  ESMA expects NCAs not to prioritise supervisory actions in relation to the application of the buy-in regime until the provision for postponing the application of the buy-in regime is formally in place.

The application and supervision of the other CSDR settlement discipline requirements, in particular the settlement fails reporting and the cash penalties regimes, will go ahead as planned.

The Statement follows ESMA's letter to the Commission asking the co-legislators to consider a delay of the mandatory buy-in regime, as the Commission’s legislative proposal for the CSDR Review, possibly including changes to the buy-in regime, is not expected to be published before Q1 2022.