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ESMA updates the CSDR Q&As

23 March 2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).

The CSDR Q&As provide common answers to question regarding practical issues on the implementation of the new CSDR regime. The latest batch of CSDR Q&As covers three topics:

  • The first Q&A concerns the assessment of CSD links to be made by the competent authorities in the context of the authorisation procedure;
  • The second Q&A modifies an existing Q&A on the implementation of Article 35 of CSDR, to specify the extent of the flexibility that can be granted to CSDs in the use of international standards by CSDs to communicate with their participants or with other market infrastructures; and
  • The third Q&A clarifies the qualification of links established between two CSDs for the settlement of securities through T2S.

Q&As are an important tool to promote common supervisory approaches and practices in the application of CSDR. The content of this document is aimed at national competent authorities under the Regulation to ensure that in their supervisory activities, their actions are converging along the lines of the responses adopted by ESMA. It should also help investors and other market participants by providing clarity on the CSDR requirements.

The aim of CSDR is to harmonise certain aspects of the settlement cycle and settlement discipline and to provide a set of common requirements for CSDs operating securities settlement systems across the EU. ESMA will continue to develop Q&As on the CSDR in the coming months and will review and update them where required.