On 5 April 2021, ISLA submitted a response to the European Commission (EC) on the Inception Impact Assessment for the Central Securities Depositories Regulation (CSDR) REFIT, as part of a wider review of CSDR to improve securities settlement in the European Union.
In September 2020, the EC adopted a new Capital Markets Union Action Plan, in which Action 13 requires a review to (i) improve the cross-border provision of services by CSDs on the basis of a CSD passport, and (ii) the procedures and conditions under which CSDs have been authorised to designate credit institutions or themselves to provide banking-type ancillary services. A legislative proposal, as outlined in the roadmap, is expected in Q4 2021.
A copy of ISLA’s detailed response can be found here.
If you would like to join our CSDR working group, in which we are gathering industry consensus to create market practices with regards to the CSDR (including the settlement discipline regime), then please click here.
