ESMA response to the European Commission consultation on CSDs and securities settlement

March 14, 2011

On 15 March 2011, the European Securities and Markets Authority (ESMA) published a response to the European Commission's consultation on central securities depositories (CSDs) and securities settlement.

The response concentrates on technical issues as opposed to general policy considerations proposed by the Commission. The response is divided into two categories: i) "appropriate regulatory framework for CSDs" which includes commentary upon the access and proposed definition of CSDs; and ii) "harmonisation of certain aspects of securities settlement in the EU" which discusses settlement discipline.

The Commission intends to publish its legislative proposal in June 2011.