On 14 July 2021, FIA and 15 other trade associations wrote to the European Securities and Markets Authority (ESMA) and the European Commission on the timeline for implementation of the mandatory buy-in rules as part of the Central Securities Depositories Regulation (CSDR) settlement discipline regime.
The associations welcome the report from the Commission on the CSDR Review published in July 2021, and fully support the Commission’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment.
The associations request that ESMA and the Commission take action to ensure that the mandatory buy-in rules for non-central counterparty transactions are not subject to application on 1 February 2022, when the relevant regulatory technical standard is set to enter into force, and to provide clarity to market participants on the matter on an urgent basis.
The associations remain committed to further improving settlement efficiency in Europe’s capital markets.
- Settlement Discipline
- Regulatory Responses