As the European Commission requested the other week, its securities and markets authority ESMA has now gone to work on a proposal to postpone the CSDR settlement discipline regime – with its contentious fines and buy-ins – until February 2022.

Some details were presented in an ESMA news post Tuesday.

The new timeline is to be formally proposed in September, with the publication of “the final report on further postponing the date of entry into force of the RTS [regulatory technical standards] on settlement discipline” – and will then be subject to non-objection by the European Parliament and the European Council. The date change is motivated by the covid-19 impact.


This delay adds to the one announced this spring, when the entry into force for the settlement discipline regime (SDR) was postponed from September 2020 to 1 February 2021.

The recent two-page letter from the European Commission to ESMA, requesting the further delay, can now be read here.

(Photo: Daniel Lincoln / Unsplash)