ESMA Publishes Official Translations for Three Sets of CSDR Guidelines

By Regulatory News

March 28, 2018

ESMA published the official EU language versions of the three sets of guidelines under the Central Securities Depository Regulation (CSDR): guidelines on relevant currencies; guidelines on substantial importance of a Central Securities Depository (CSD); and guidelines on cooperation between authorities. The guidelines on supervisory cooperation apply from the date that is two months after their publication on the ESMA website in all official languages of EU. The other two guidelines apply from the date of their publication on the ESMA website in all official languages of EU.

Guidelines on relevant currencies. The guidelines aim to establish the process for collection, processing, and aggregation of data and information for the calculation of indicators to determine the most relevant currencies in which settlement takes place. The national competent authorities to which these guidelines apply must notify ESMA whether they comply, or intend to comply, with the guidelines (with reasons for non-compliance), within two months of the date of publication of the guidelines in all EU official languages.

Guidelines on substantial importance of a CSD. The guidelines aim to establish the process for collection, processing, and aggregation of data and information for the calculation of indicators to determine the substantial importance of a CSD for a host member state, to ensure that all concerned authorities are involved in the authorization procedure and supervision of each CSD. The national competent authorities to which these guidelines apply must notify ESMA whether they comply, or intend to comply, with the guidelines, within two weeks of the date of publication of the guidelines in all EU official languages.

Guidelines on cooperation between authorities. The purpose of the guidelines is to ensure consistent, efficient, and effective supervisory practices in the EU. The guidelines cover cooperation arrangements between supervisory authorities for the consultation of authorities involved in the procedure for authorizing CSDs under the CSDR. They also address communication between the home and host authorities in relation to a CSD wishing to provide cross-border services. The national competent authorities to which these guidelines apply must notify ESMA whether they comply, or intend to comply, with the guidelines, within two months of the date of publication of the guidelines in all EU official languages.

Related Links

Effective Date: March 28, 2018 (relevant currencies; importance of CSD); two months from March 28, 2018 (supervisory cooperation)

Keywords: Europe, EU, Securities, Translation, CSDR, Guidelines, ESMA

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