On 11 November 2016, the EC adopted the Commission Delegated Act (along with its Annex) for the calculation of cash penalties for settlement fails and the operations of central securities depositories in host Member States without modification. On 4 August 2015 ESMA delivered the technical advice and related impact assessment, to the European Commission. On 18 December 2014, ESMA published a consultation paper on the draft technical advice on the level of penalties for settlement fails and the substantial importance of a CSD for the functioning of the securities markets and the protection of the investors in a host Member State. This mandate was confirmed by a second letter dated 2 October 2014. which postponed its date of entry into forceĮSMA Technical Advice on the level of penalties for settlement fails and on the substantial importance of a CSD for a host Member StateĮSMA also received a mandate in a letter from the European Commission to provide technical advice under CSDR on the level of penalties for settlement fails, and on the substantial importance of a CSD for the functioning of the securities markets and the protection of the investors in a host Member State. 1 draft RTS and 1 draft ITS on Internalised Settlementģ0 March 2017 (except for settlement discipline-related obligations).1 draft RTS and 1 draft ITS on CSD Requirements.The status of ESMA's work on the CSDR Level 2 measures: settlement discipline measures ( see “ Settlement Discipline ” in the chart below for the status regarding their elaboration and adoption).internalised settlement reporting requirements (for securities transactions settled outside a securities settlement system) ( see “ Internalised Settlement ” in the chart below for the status regarding their elaboration and adoption), and.the authorisation, recognition, supervision of CSDs, organisational and prudential requirements for CSDs, access requirements ( see “ CSD Requirements ” in the chart below for the status regarding their elaboration and adoption),.
Information on their elaboration can be found in the sections below.ĬSDR requires ESMA, in close cooperation with the members of the ESCB, to elaborate draft regulatory technical standards (RTS) and draft implementing technical standards (ITS) covering:
Delegated Act (EU) 2017/389 on Cash Penalties and Substantial Importance.CSDR LEVEL 2 MEASURES (published in the Official Journal of the European Union (OJ)):