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.
||EU CMSN; EU ESMA
||B/D; Bank; Depo; Exch
||FAQ ESMA70-708036281-2, PR, 3/13/2017, CSDR Reg 909/2014
||Trading; Compliance; Financial; Legal; Reporting; Trade Reporting
Last substantive update on 03/13/2017