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Key features of the EU CSDR Settlement Discipline Regime
What is the EU CSDR settlement discipline regime?
The settlement discipline regime under the EU Central Securities Depositories Regulation (EU) 909/2014 (EU CSDR) is a set of measures intended to prevent settlement fails in securities transactions and deal with them when they do occur.
The measures include: (i) CSDs to report settlement fails to competent authorities; (ii) investment firms to require their professional clients to provide on the business day on which a transaction is entered into (or for late trading or where there is a difference of more than two hours in time zones 12.00 CET on the next business day) an allocation of securities or cash to the transaction identifying the accounts to be credited or debited and confirmation that they accept the terms of the transaction; (iii) cash penalties for settlement fails;...
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