On the 26th February 2014, the European Council reached an agreement with the European Parliament on a set of new rules aimed at improving safety in the securities settlement system and at opening the market for Central Securities Depositories ('CSD').
The CSD Regulation harmonises settlement periods and settlement discipline regimes across the EU and introduces a common set of rules which address the risks arising from CSD operations and services. The uniform requirements introduced by the CSD Regulation will help remove existing barriers of access to markets and provides for an EU-wide "passport" for CSDs. The CSD Regulation needs to be in place for the European Central Bank's Target2-Securities ('T2S') initiative to begin operating as planned in 2015.
A copy of the latest version of the compromise text of the CSD Regulation can be downloaded by clicking on the following link: 6828/14.
To read this Newsletter in full, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
