On 5 April 2021, ISLA submitted a response to the European Commission (EC) on the Inception Impact Assessment for the Central Securities Depositories Regulation (CSDR) REFIT, as part of a wider review of CSDR to improve securities settlement in the European Union.
In September 2020, the EC adopted a new Capital Markets Union Action Plan, in which Action 13 requires a review to (i) improve the cross-border provision of services by CSDs on the basis of a CSD passport, and (ii) the procedures and conditions under which CSDs have been authorised to designate credit institutions or themselves to provide banking-type ancillary services. A legislative proposal, as outlined in the roadmap, is expected in Q4 2021.
A copy of ISLA’s detailed response can be found here.
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