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ARTICLE · 30 JUNE 2023

CSDR: Provisional Agreement Reached On Planned Changes

Arthur Cox
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The EU Council confirmed this afternoon that trilogue negotiations have successfully completed on planned changes to the Central Securities Depositories Regulation (CSDR).

European UnionCorporate/Commercial Law
Arthur Cox
Arthur Cox
Phil Cody
Phil Cody
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The EU Council confirmed this afternoon that trilogue negotiations have successfully completed on planned changes to the Central Securities Depositories Regulation (CSDR).

While the provisionally agreed text of the revised CSDR has not yet been published, key aspects of the Commission's original proposal were covered in our earlier insights here: CSDR: Commission proposes targeted changes. Key focus areas are passporting, settlement efficiency, new colleges of supervisors, and banking-type ancillary services.

It looks like the Commission's suggestion regarding mandatory buy-ins has been retained i.e. that the mandatory buy-in framework not apply for the time being, with the Commission having an option to re-introduce it via an implementing act where certain conditions are met. The EU Council's press release indicates that two conditions would need to be met for it to be re-introduced (the rate of settlement failures not improving and the level of settlement

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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