L1: amendments to CSDR have been published
Regulation (EU) 2025/2075 of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union
L2: ESMA’s proposed amendments to RTS on settlement discipline currently under review by the European Commission
13 October 2025 publication and submission of Final Report to the EC
EC review
Submission to the European Parliament and Council for non-objection
Publication of Commission Delegated Regulation in the Official Journal and entry into force
Phased application from December 2026
L3: ESMA currently preparing a Consultation Paper on the review of ESMA Guidelines on allocation and confirmations
Drafting of the Consultation Paper by ESMA
Upon publication of Commission Delegated Regulation on Settlement Discipline: launch of consultation [6–8 weeks]
ESMA to process responses to public consultation
Publication of amended GL on ESMA website
Entry into force