Flashnews: CSDR & BREXIT
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.
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