Regulatory prospects: 2012 and beyond

CSD Regulation (Central Securities Custodians)

The main objective of the text is to harmonise the regulatory framework applying to CSD’s in Europe, which is  c completely new. Furthermore, it deals with various harmonisation topics, particularly relating to T2S, like Settlement Disciplines and settlement cycles. The work had begun with discussions amongst the Member States on 15 July 2010. The proposed text was to be published on 30 November 2011. This publication will undoubtedly be deferred to the beginning of 2012. At that date the co-decision (trilogues) phase will begin. The regulation can then be voted on in the following 12 months, before ESMA devotes itself to producing the many application decrees specified by the text. On this basis, it is envisaged that the regulation will come into force in 2014.