Joint Associations’ Response Regarding Implementation of CSDR

On 14 July 2021, ISLA and fifteen trade associations, representing buy-side, sell-side and market infrastructures, wrote to European Securities and Markets Authority (ESMA) and the European Commission (EC) regarding the timeline for implementation of the mandatory buy-in rules as part of the Central Securities Depository Regulation (CSDR) Settlement Discipline Regime.

The Joint Associations welcome the Report from the EC on the CSDR Review published in July 2021 and fully support the EC’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment.

In light of this, the Joint Associations request ESMA and the EC to take action to ensure that the mandatory buy-in rules for non-CCP transactions are not subject to application on 1 February 2022, when the relevant RTS is currently set to enter into force, and to provide clarity to market participants on the matter on an urgent basis.

The Joint Associations remain committed to further improving settlement efficiency in Europe’s capital markets.

The letter can be found here.

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