L1: CSDR changes published on 14 October 2025
L2: Amendments to the RTS on Settlement Discipline
13 October 2025 submission of Final Report to the European Commission
6 July 2026 EC review and endorsement of delegated act and annex
Until 6 Oct 2026 Scrutiny by the EP and Council for non-objection
Beg. Q4 2026 Publication in the OJ and entry into force
Phased application from 7 December 2026
L3: Review of ESMA Guidelines on allocation and confirmations
ESMA drafting the consultation paper
26 June - 7 July
public consultation
ESMA to process responses to CP
Beg. Q4 2026 Publication of revised GL on ESMA website
Expected entry into force on 7 December 2026