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March 28, 2018

ESMA published its final guidelines on how to report internalized settlement under the Central Securities Depositories Regulation (CSDR). Entities such as investment firms and credit institutions, who are providing custody/safekeeping services in relation to financial instruments recorded in a CSD, can settle transactions in those financial instruments outside the securities settlement systems operated by CSDs, but need to report them to the national competent authorities, starting on July 12, 2019.

The guidelines clarify the scope and process of internalized settlement reporting as well as the exchange of information between ESMA and  national competent authorities, who will receive the data from reporting entities. The guidelines will apply from the date of their publication on the ESMA website in all official languages of the EU. Within two months of the publication, the national competent authorities will have to inform ESMA whether or not they intend to comply with these guidelines.

ESMA had published, in July 2017, a consultation paper on the guidelines on internalized settlement reporting under CSDR. The consultation closed on September 14, 2017 and ESMA received 16 responses, mostly from banking and investment firm associations. ESMA had also sought the advice of the Securities and Markets Stakeholder Group (SMSG). This consultation paper summarizes and analyzes the responses received, also explaining how the feedback has been incorporated. 

 

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Keywords: Europe, EU, Securities, Internalized Settlement, Reporting, CSDR, ESMA

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