ESMA proposes to further postpone CSDR settlement discipline

28 August 2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a final report on draft regulatory technical standards (RTS) definitively postponing the date of entry into force of the Commission Delegated Regulation (EU) 2018/1229 (RTS on settlement discipline) until 1 February 2022.

This postponement is due to the impact of the COVID-19 pandemic on the implementation of regulatory projects and IT deliveries by Central Securities Depositaries and a wide range of market participants and follows a request from the European Commission (EC).

The measure is additional to the Commission Delegated Regulation (EU) 2020/1212, based on ESMA’s proposal to amend the RTS on settlement discipline to postpone its date of entry into force from 13 September 2020 to 1 February 2021.

The RTS on settlement discipline cover measures to prevent and address settlement fails including:

rules for the trade allocation and confirmation process;
cash penalties on failed transactions;
mandatory buy-ins; and
monitoring and reporting of settlement fails.

Next steps

Following the endorsement of the RTS by the EC, the Delegated Regulation will then be subject to the non-objection of the European Parliament and of the Council.

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.