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Consultation on central securities depositories CSDs and on the harmonisation of certain aspects of securities settlement in the European Union

Consultation on central securities depositories (CSDs) and on the harmonisation of certain aspects of securities settlement in the European Union

Policy field
Internal Market

Target group
All citizens and organisations are welcome to contribute to this consultation. Contributions are particularly sought from market participants, national governments and national competent authorities.

Period of consultation
From 13.01.2011 to 01.03.2011 - closed.

Objective of the consultation
Common regulatory framework for CSDs.
CSDs in the European Union should operate under a common regulatory framework that ensures the robustness of their operation. Such a framework should include common definitions of CSD services, common rules on authorisation on ongoing supervision of CSDs, high prudential standards for CSDs and rules on access and interoperability. The Consultation seeks stakeholders’ comments on the proper design of such a common regulatory structure.

Harmonisation of key aspects of securities settlement.

The consultation also asks what measures could be taken to address concerns relating to the well-functioning of securities settlement. It seeks stakeholders’ input on how to improve settlement discipline, i.e. that a transaction actually settles on the intended settlement .This question is linked to the Proposal for a short selling regulation adopted by the Commission of 15 September 2010 which already foresees specific measures arising from patterns that factor in late settlement into a trading strategy. Another important aspect of the consultation concerns the harmonisation of settlement periods, i.e. the time between the conclusion of a transaction and settlement. Currently, European securities markets do not follow a common settlement period (e.g. for equities, regulated markets either settle two days or three days after trade (T+2 or T+3).

How to submit your contribution

The participation period to this consultation is now over.

Received contributions will be published on the Internet. It is important to read the specific privacy statement attached to this consultation for information on how your personal data and contribution will be dealt with.

Consultation document

Reference documents

Contact details
Responsible services: Directorate General Internal Market and Services,
Directorate Financial Services Policy and Financial Markets, Financial Market Infrastructure Unit
Postal address:European Commission, SPA2, 1049 Brussels, Belgium

Number of responses received to this consultation

View the contributions
In the interests of transparency, organisations have been invited to provide the public with relevant information about themselves by registering in the Interest Representative Register and subscribing to its Code of Conduct. If the organisation is not registered, the submission is published separately from the registered organisations.

Results of consultation and next steps