ESMA First Set of CSDR FAQs

On Mar. 13, ESMA issued first FAQ on central security depository rules.

  • On central securities depositaries regulation (CSDR) provisions, from Mar. 30, 2017.
  • Follows Mar. 2017 publication of CSDR regulations in EU official journal, see #29822.
  • General Questions (Q. 1)
  • On meaning of providing regulatory reporting in CSDR annex list of ancillary service.
  • Authorization, Organization (Q. 1-3)
  • On deadline re CSD application for authorization, begin on filing complete application.
  • Procedures relating to transfer of issuance accounts and records, to ensure continuity.
  • Organizational requirement, including need for separate committee for risk and audit.
  • Information to be provided to relevant authorities in event of change of management.
  • Meaning of independent, related to requirement to member of the management body
  • Recordkeeping rules, when first become applicable, how applied to ancillary services.
  • Obligation to verify LEI detail, and provide information on types of securities account.
  • Conduct of Business, Risk (Q. 4-7)
  • On use of internal or proprietary messaging standards in participant communications.
  • Protection of securities of participants and of their clients, from time of authorization.
  • Scope of definitions of critical service provider, and market infrastructure in the RTS.

Regulators EU CMSN; EU ESMA
Entity Types B/D; Bank; Depo; Exch
Reference FAQ ESMA70-708036281-2, PR, 3/13/2017, CSDR Reg 909/2014
Functions Trading; Compliance; Financial; Legal; Reporting; Trade Reporting
Countries European Union
Products Securities; Clearing
Regions EMEA
Rule Type Guidance
Rule Date 3/13/2017
Effective Date 3/13/2017
Rule Id 31434
Linked to Rule :29822
Report Issue 3/15/2017
Report Section EU

Last substantive update on 03/13/2017