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The ESCB and CESR published their “Recommendations for securities settlement systems and central counterparties in the European Union”, together with a feedback document to the consultations held in this respect.
The non-binding Recommendations are addressed to regulators and overseers, who will use them as a regulatory tool and will strive to achieve their consistent implementation and a level playing field for securities settlement systems and CCPs in the European Union.
Once the ESCB-CESR Recommendations are endorsed, the Eurosystem may use them together with some additions to assess CSDs from a user perspective. In order to avoid double regulation, to the extent that any provisions of these Recommendations are included in existing EU regulations (e.g. CRD, MiFID, SFD, FCD), an institution, CSD or CCP, subject to those regulations will be considered compliant with these provisions of the Recommendations.
Recommendations for securities settlement systems and central counterparties
ESCB/CESR Recommendations comparison
Feedback document to the consultations