ESMA updates Q&A on CSDR implementation

Date: 15 May 2017

On 31 March 2017, the European Securities and Markets Authority (ESMA) has published today an update of its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).   

The CSDR Q&As provide common answers to question regarding practical issues on the implementation of the new CSDR regime.

This first update of ESMA’s CSDR Q&A provide detailed answers regarding certain aspects of:

•The introduction of additional national requirements;
•Organisational requirements (sharing of staff);
•Record keeping requirements (LEI);
•The protection of securities of participants and those of their clients (choice offered to clients); and
•The provision of banking-type ancillary services (competent authorities).


Q&As are an important tool to promote common supervisory approaches and practices in the application of CSDR The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities, their actions are converging along the lines of the responses adopted by ESMA. It should also help investors and other market participants by providing clarity on the CSDR requirements.

The aim of CSDR is to harmonise certain aspects of the settlement cycle and settlement discipline and to provide a set of common requirements for CSDs operating securities settlement systems across the EU.