ESMA Guidelines and Recommendations

ESMA updates its CSDR Q&As

ESMA Guidelines and Recommendations

Date: 16 February 2018

On 6 February 2018, the European Securities and Markets Authority (ESMA) published 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. The latest batch of CSDR Q&As covers four topics. The first new Q&A clarifies that CSDs intending to provide data reporting services as defined under MIFID II should fully comply with the requirements set out therein. The second and third Q&As relate to risk monitoring committees for CSDs belonging to the same group of companies. More precisely, the second Q&A confirms that each CSD should have its own committees and the third one, that such committees could have the same membership under certain conditions (that the membership of each committee is adapted to each CSD, and that the

rules on composition, outsourcing of staff and management of conflicts of interests are strictly complied with).


The fourth Q&A clarifies that TARGET2-Securities (T2S) should not be subject to the provisions applicable to critical service providers, given that the organisational and operational safety, efficiency and resilience of T2S should be ensured through the dedicated legal, regulatory and operational framework and agreed governance arrangements.