The Central Securities Depositories Regulation (CSDR) is one of the key regulations adopted in the aftermath of the global financial crisis. It complements rules brought in by the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Directive (MiFID) to harmonise the timing and standards of conduct for European securities settlement. Are you ready?
CSDR was published in the EU Official Journal on August 28, 2014 (Regulation (EU) No 909/2014) and entered into force on September 17, 2014. Together with the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR) and MiFID, CSDR provides a framework in which financial market infrastructures (trading venues, central counterparties, trade repositories and central securities depositories) are subject to a set of common rules at the European level.
While CSDR sets out rules covering a wide range of activities and of market participants in the context of securities settlement, its primary focus is on rules governing the authorisation and operation of central securities depositories (CSDs). The primary purpose of the Regulation is to enhance the safety and efficiency of securities settlement across the European Union (EU).
Are You Ready?
- On March 10, 2017, additional detailed technical rules related to the CSDR were published in the EU Official Journal. The publication kicked off a sequence of compliance deadlines with important parts of the Regulation. Are you aware of the most important deadlines and how they will impact your business?
- CSDR will have a broad impact on all securities market participants including central securities depositories, central counterparties, brokers and asset managers. Are you prepared?
BNY Mellon is here to help you assess your readiness and compliance with existing and upcoming requirements. Please contact our specialists to find out more.
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Third Party Resource(s)
Both the European Commission and ESMA have useful webpages that contain the key source documentation on the CSDR and other background information. Further information can be found via the links below:
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