July 2014

CSDR: frequently asked questions

Published in 2014 by the European Commission, this document sets out the key questions from market participants on the impact and implementation of the new rules, and the European Commission’s responses. 

Regulation (EU) No 909/2014 of 23 July 2014 (‘CSDR’) lays down uniform requirements for the settlement of financial instruments, as well as for the organisation and conduct of central securities depositories (‘CSDs’) in the EU.

The publication of the CSDR in the Official Journal of the EU on 28 August 2014 has triggered some questions, essentially on (1) the timing of implementation, (2) the scope of the requirements and (3) the position of third country CSDs. These FAQs are designed to provide clarity on those three topics from the perspective of the Commission services, although only the Court of Justice of the EU can give an authoritative interpretation of Union legislation.

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