European Central Bank Releases Opinion on CSDR

The European Central Bank (ECB) has published their opinion as part of the ongoing Review of the European Commission’s Proposal to amend the Central Securities Depositories Regulation (CSDR).

The ECB have advised that the entire application of the Mandatory Buy-in (MBI) regime should be removed, stating that they would cause ‘a significant interference in the execution of securities transactions and the functioning of securities markets’ also highlighting the ‘non-availability of a buy-in agent’ in the market.

In addition to the above, the ECB have also suggested excluding Securities Finance Transactions (SFTs) from the scope of MBI’s, were they to come into effect. This contribution from the ECB could sway discussions at the European Parliament and Council, where discussions are expected to resume in September.

To view the ECB’s opinion on the proposal, click here.

To view the European Commission’s proposal, click here.

ISLA reviews all CSDR proposals within the Market Practice Steering Group and Regulatory Steering Group as appropriate. If you would like to discuss any aspects of the above and are part of an ISLA member firm, please contact

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