The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has written to the European Commission (EC) regarding the implementation of the Central Securities Depositories Regulation (CSDR), urging it to consider a delay of the mandatory buy-in regime.
#ICYMI | #ESMA recommends to @EU_Finance to delay the buy-in requirements – scheduled on 1 Feb. 2022 – while applying the other settlement discipline requirements, such as settlement fails reporting and cash penalties regime, as planned.https://t.co/OXhxRSGmzr pic.twitter.com/bDT8M7T38C
— ESMA – EU Securities Markets Regulator ?? (@ESMAComms) November 22, 2021
As the final EC legislative proposal for the review of CSDR, possibly including changes to the buy-in regime, is not expected before the end of this year, ESMA is in favour of delaying the entry into force of the buy-in requirements – scheduled on 1 February 2022 – while applying the other settlement discipline requirements, such as settlement fails reporting and cash penalties regime, as planned.
ESMA therefore considers it crucial that the EC and the co-legislators clarify their political intentions around the review of the settlement discipline regime and consider whether to postpone the buy-in regime implementation as soon as possible.
Source: ESMA
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