ESMA Publishes Official Translations for Three Sets of CSDR Guidelines
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
- Press Release
- Guidelines on Relevant Currencies
- Guidelines on Importance of a CSD
- Guidelines on Supervisory Cooperation
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
Previous Article
CPMI Issues Report on Cross-Border Retail PaymentsRelated Articles
APRA Updates Validation and Derivation Rules in September 2020
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC Proposes Frameworks for Crypto-Assets and Operational Resilience
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB Publishes Opinion on Proposals to Amend Securitization Framework
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA Consults on Regulation of International Firms in UK
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS Amends Notice on Capital Adequacy Requirements of Banks
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA to Begin to Move Firms to New Data Collection Platform RegData
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA Expects IBOR Fallbacks to be Effective by End of January 2021
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA Reviews Repayment Deferral Plans, Identifies Best Practices
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs Assess Risks to Financial Sector After COVID-19 Outbreak
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE Confirms Withdrawal of COVID Corporate Financing Facility
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
