In line with existing criticism by a hoard of market participants, the European Association of Clearing Houses now describes some provisions in the pending CSDR Settlement Discipline Regime as “inaccurate, redundant and unnecessarily burdensome”.

A review is necessary, claims EACH in a recently published 4-page response to the European Commission’s “Inception Impact Assessment” on CSDR, the Central Securities Depositories Regulation.

Tension over the issue is increasing, as the February 2022 implementation deadline approaches while stakeholders touched by the regulation are protesting loudly over requirements which they find unreasonable. Particularly, this goes for the introduction of mandatory rules for buying-in of missing securities in cases of remaining settlement failure after a certain period of time. We recently mentioned a joint initiative by 15 trade associations here.

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