[ESMA70-15-4448 CSD Internalised settlement Q&A 2]

A settlement internaliser should include such internalised settlement instructions in the report for the quarter during which the instructions are submitted, i.e. data covering the number of working days from the previous quarter(s) during which the respective instructions have failed to settle should be included in the report for the quarter during which the instructions are submitted. Previously submitted reports should not be updated in such cases. 

For example, an instruction which has an Intended Settlement Date for the previous quarter (Q2) but is instructed late in Q3 (and fails for 2 business days in each quarter) would be reported as follows: