ESMA updates the CSDR Q&As


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 updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime. The latest batch of CSDR Q&As clarify aspects regarding the internalised settlement reporting requirements:

  • Matching: The first Q&A clarifies that, in the case of internalised settlement instructions that require matching, a settlement internaliser should only include matched internalised settlement instructions in the reports.
  • Working days: The second Q&A confirms that a settlement internaliser should take into account the working days in the country where it is established and, if applicable, any additional days where the settlement internaliser is open for business.
  • Late instructions: The last Q&A clarifies that internalised settlement instructions received after the end of the quarter, for settlement in a previous quarter, should be included in the report for the quarter during which the instructions are submitted, and that previously submitted reports should not be updated in such cases.

Q&As are an important tool to promote common supervisory approaches and practices in the application of CSDR. 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 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.



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