Adopted in the aftermath of the financial crisis, the European Central Securities Depositories Regulation (CSDR) aims to:
- increase financial stability through a strong and consistent regulatory framework for all Central Securities Depositories (CSDs) in the European Union (EU)
- improve cross-border efficiency and harmonisation by reforming securities settlement within the EU
- promote competition and consolidation within the EU Single Market by:
- allowing EU CSDs to compete on a level playing field
- introducing 'passporting' rights for CSDs
- giving issuers freedom of choice over where to issue securities
CSDR can be seen as contributing to the EU's Capital Markets Union agenda to sustain the EU's global competitiveness based on stable and liquid capital markets, and it is complementary to other EU financial markets regulations, such as the Market in Financial Instruments Directive II (MiFID II) in respect of trading platforms, the European Market Infrastructure Regulation (EMIR) in respect of CCPs and the Shareholders Rights Directive II (SRD II) as regards the encouragement of long-term shareholder engagement.
In particular, CSDR covers two main areas:
1. Common and consistent regulation of CSDs
a complete review and standardization of the regulation and supervision that currently applies to EU CSDs to increase their operational efficiency and help them keep assets as safe and secure as possible:
a) new CSD definition : To qualify as a CSD, a company must operate a Securities Settlement System (SSS) under the Settlement Finality Directive (SFD) and offer one of the two other 'core' services:
- initial recording of securities ("notary service")
- maintaining securities accounts at top tier level ("central maintenance service")
b) definition of 'core' and 'ancillary' services: in addition to the ‘core' services above, CSDs can also operate and offer a range of relevant 'ancillary' services, as well as limited purpose banking services,
c) new 'passporting' regime for a CSD to provide services in another Member State, as well as recognition of CSD's access right to other CSDs or market infrastructures (e.g. Trading Venues or CCPs) in any other country,
d) increased capital requirements for CSDs,
e) operational, risk, prudential and business conduct rules inspired by CPMI-IOSCO Principles, as well as requirements for all CSDs to apply for a universal "CSD license to operate":
- Corporate governance rules
- Record keeping, outsourcing, conduct of business rules
- Transparency and securities accounts segregation rules
- Integrity of the issue and asset protection rules
- Risk, capital and investment policy rules
- Third country rules
- Rules established for all cross-border CSD links
2. Changes to the structure of the EU securities market
a) mandatory dematerialisation and immobilisation (already in place)
b) mandatory settlement discipline regime to incentivise timely settlement by introducing a mandatory cash penalty and buy-in mechanism for all financial instruments not delivered within a set period following the intended settlement date
c) T+2 settlement (already in place)
d) freedom of choice for issuers
e) transparency rules and reporting requirements for non-CSD 'settlement internalisers'
CSDR was enacted on 17/9/2014 and the Level 2 regulatory and technical standards required for the CSD authorization process were entered into force on 30/3/2017. Following the deadline of 30/9/2017 for all CSDs to submit an application for CSDR license to the competent authorities, the relevant authorization process and licensing of all CSDs is expected to be concluded within six (6) months from the submission of a complete application. Furthermore, the CSDR settlement discipline measures will have to be implemented by all licensed CSDs until 14/9/2020, within two years from the enactment of the relevant Level 2 regulatory and technical standards (13/9/2018).
Hellenic Central Securities Depository (ATHEXCSD) applied for authorization under CSDR to Hellenic Capital Market Commission in 29/9/2017. The authorization process is expected to be completed during the second semester of 2019. An important milestone towards the compliance of the Greek Capital Market to CSDR was reached on 11/10/2018 when Law 4569/2018, implementing various adjustments to domestic legislation to comply with CSDR, was published in the Official Government Gazette.
- Hellenic Republic Laws
- European Parliament and Council Regulation
- European Commission Regulations
- ESMA Guidelines
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