Central Securities Depositories Regulation (CSDR)

CSDR - Buy-In Rules Postponed

Buy-side firms, wherever located, trading financial instruments which are either (1) admitted to trading on an EEA trading venue (including where these instruments are traded OTC), or (2) cleared through an EEA central counterparty, should be readying themselves for compliance with the Settlement Discipline Regime under CSDR which is due to apply from 1 February 2022.

The good news is the most onerous of the requirements, mandatory buy-ins, will be postponed from it’s original implementation date of 1 February 2021. We are waiting for the detail of the postponement (including how long the postponement will be - although ESMA has indicated informally that a 2 - 3 year delay is likely to be considered).

Read our briefing here for more information.

New CSDR ESMA Q&A published

New ESMA Q&A relating to CSDR have been published