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Flashnews: CSDR & BREXIT

02/12/2020

On 25 November 2020, the European Commission published a temporary decision (valid from 1 January 2021 to 30 June 2021) on equivalence between Union and UK rules on the regulatory framework applicable to CSDs.

A few weeks before the deadline of 31 December 2020, this decision is a first step in the resolution of the Irish securities issue. Indeed, their migration from EUI to Euroclear Bank is foreseen only in March 2021 or pursuant to Article 25 of CSDR, EUI will be able to admit these securities from 1 January 2021 only if it is recognised as a third country CSD by ESMA. As equivalence has been officialised, the English CSD can now apply to the regulator for recognition.

It is likely, as in the case of the English CCPs, that the duration of recognition of EUI by ESMA will be identical to that of equivalence.

Useful links:

27 November 2020 : Article Uncleared derivatives: Yet another new text proposal
02 November 2020: Article Consultation on AIFMD review is launched
26 October 2020: Article The settlement disciplines regime (CSDR): SDR 2022
29 September 2020: Article EMIR Third country CCPs … and the UK
28 September 2020: Article CMU 2 new action plan
25 September 2020: Article New measures on digital finance
23 September 2020 : Article AIFMD Review: the process is ongoing
03 September 2020 : Article The settlement disciplines regime (CSDR): A likely short-lived date
26 August 2020: Article The settlement disciplines regime (CSDR): A likely short-lived date
28 July 2020: Article CSDR: Could the implementation of the future settlement discipline regime be pushed back by a year?
03 July 2020: Podcast CSDR: Get ready

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