ESMA Final Report on CSDR Guidelines


On 8 October 2019, The European Securities and Markets Authority (ESMA) has published its final report on the Guidelines on standardized procedures and messaging protocols.

The Guidelines aim to clarify the scope of the requirement contained in Article 6(2) of the Central Securities Depositories Regulation (CSDR) and provide guidance on the standardized procedures and messaging standards used for compliance Investment firms are expected to take measures to limit the number of settlement fails and to – at least – set up arrangements with their professional clients to ensure prompt communication of the necessary settlement information. In particular, investment firms should agree with their professional clients on the communication procedures and messaging protocols to be used between them, in order for the necessary settlement information to be timely provided to the investment firm.