EU announces CSDR Level 2 today
The European Union has today published CSDR Level 2 standards regarding CSD requirements and capital requirements in its official journal. The regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. Then a period of six months follows for the CSDs to apply for the required European license to operate as CSD. Regulatory Technical Standards regarding CSD and capital requirements within CSDR has now become a binding, legal act.
VP SECURITIES earlier announced the intention to file its application for a CSD license in Q2 2017 and at the earliest, the license will be given late September 2017. At this point in time all participants will be subject to these new technical standards regarding CSDs, and VP SECURITIES’ customers will have to adjust their systems and processes accordingly.
VP’s customers are already in the process of making these changes, and the announcement today in the Official Journal of the European Union follows the timeline and expectations already published by VP. The announcement today does not add new information about when The European Union will finalise and publish the Level 2 Regulatory Technical Standards for the new settlement discipline regime, but VP expects these rules to enter into force mid-2019.
Also available is a comprehensive overview and guideline for customers. Download the guide here.
See the announcement in the Official Journal of the European Union here.
If you would like to hear more about CSDR, please do not hesitate to contact us.