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ARTICLE · 19 JUNE 2012

European Commission Wants To Make Securities Settlement Safer And More Efficient

De Brauw Blackstone Westbroek
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The European Commission wants to harmonise the rules for central securities depositaries (CSDs) and has published a proposal for a regulation to that effect.

NetherlandsFinance and Banking
Martijn Snoep
Martijn Snoep
Kees Peijster
Kees Peijster
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The European Commission wants to harmonise the rules for central securities depositaries (CSDs) and has published a proposal for a regulation to that effect. The regulation amends the Finality Directive (98/28/EC). The key provisions are:

  • Securities transactions must be settled within 2 days after the transaction date.
  • Market participants that do not deliver securities on the agreed settlement date are subject to penalties and will have to buy these securities on the market and deliver them to their counterparties.
  • Issuing institutions and investors will have to hold virtually all securities in book-entry form, and record them in a CSD in order to trade the securities on regulated markets.

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