CSDR one step closer
The European Commission has adopted the drafted European Central Securities Depository Regulation, CSDR Level 2 standards, and we are now one-step closer to having the full picture of the common set of requirements for operating securities settlement systems across the EU.
The European Parliament and the Council now have one to three months to examine the documents, and it is expected that the two institutions will use the entire timeframe. Hence, Level 2 under CSDR will come into force in February 2017.
Although the European Parliament and the Council have three months to revise the Level 2 documents, the expectation of the European Central Securities Depository Association, ECSDA, is that the risk of changes at this stage is very low.
It is therefore gratifying that Level 2 is finally in place, and we can now begin preparations in order to be ready for the new regulation, which we now expect to enter into force in February 2017.
CSDR implies that VP SECURITIES’ customers have to adjust systems and processes. VP participants will receive updated documents with guidelines directly.
You can read the CSDR related legal texts on our website here.
Another legal act is expected to be published early 2017 with the last CSDR technical standards on settlement discipline.
If you would like to hear more about CSDR, please do not hesitate to contact us.