CSDR Delay to 2021 Published in the Official Journal of the EU

Today, the delay of the RTS for the CSDR settlement discipline regime from 13 September 2020 to 1 February 2021, was published in the Official Journal of the European Union. The RTS will become applicable from 27 August 2020.

This follows notice from the European Securities and Markets Authority (ESMA), on the 28 July 2020, where they announced that they were in the process of preparing a new RTS to further delay the application of the provision to 1 February 2022 at the request of the European Commission (EC). The amending RTS is expected to be published in the following weeks.

Furthermore, the EC previously announced a broader review of CSDR, with a potential public consultation towards Q4 2020.

ISLA welcomes this announcement, and will continue to advocate for a further delay to clarify the following:

  • Scope of SFTs under CSDR
  • Level 3 guidance
  • Buy-in regime under Article 7

If you are not part of the CSDR working groups or streams, or would like more information, please visit our CSDR page or contact

Access the new RTS here
Read ESMA’s full press release regarding further postponement here
Read the EC’s letter to ESMA here

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