Regulation (EU) 2023/2845 amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories and amending Regulation (EU) No 236/2012

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Series Details 2023/2845
Publication Date 27/12/2023
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Summary:

Regulation (EU) 2023/2845 -adopted by the co-legislators on 13 December 2023 - introducing amendments to Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories (CSDs). This is a text with EEA relevance.

Further information:

Regulation (EU) No 909/2014 - also known as the the Central Securities Depositories Regulation (CSDR) - aims to harmonise the timing and conduct of security settlement in the European Union (EU) and the rules for CSDs which operate the settlement infrastructure. It was designed to increase the safety and efficiency of the system, particularly for intra-EU transactions.

This review of the legislative framework seeks to further improve safety and efficiency of security settlement in the EU. It looks to reduce compliance costs and regulatory burdens for CSDs, as well as facilitate their ability to offer a broader range of services cross-border, while improving their cross-border supervision.

The draft law was adopted by the European Commission on 16 March 2022, delivering on a key component of the 2020 Capital Markets Union Action Plan. It was first announced in the Commission's 2021 Work Programme. It built on the outcome of a targeted consultation on the mandate review of the relevant Regulation, as well as input received from various stakeholders. The Council of the European Union adopted its general approach to the proposed Regulation on 20 December. The relevant committee of the European Parliament adopted a negotiating position on 6 March 2023. An informal agreement between the co-legislators on a compromise text for this file was reached on 27 June. This was formally endorsed by the Parliament on 8 November and by the Council on 27 November. The Act was signed by the co-legislators on 13 December 2023 and published in the Official Journal on 27 December 2023.

Source Link http://data.europa.eu/eli/reg/2023/2845/oj
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Commentary and Analysis
Association for Financial Markets in Europe (AFME): Press Release, 16/03/2022: AFME welcomes changes to CSDR, but cautions that Mandatory Buy-Ins could undermine European capital markets’ competitiveness https://www.afme.eu/News/Press-Releases/Details/AFME-welcomes-changes-to-CSDR-but-cautions-that-Mandatory-Buy-Ins-could-undermine-European-capital-markets-competitiveness
Ashurst: Legal Updates, 31/03/2022: The European Commission's (long awaited) proposed amendments to the CSDR https://www.ashurst.com/en/news-and-insights/legal-updates/the-european-commissions-long-awaited-proposed-amendments-to-the-csdr/
Arthur Cox: Briefing, 06/05/2022: CSDR: Commission proposes targeted changes; Countdown to application of Article 3 https://www.arthurcox.com/knowledge/csdr-commission-proposes-targeted-changes-countdown-to-application-of-article-3/
BNP Paribas: Regulation. 24/05/2022: CSDR Refit initiative: what you need to know https://securities.cib.bnpparibas/csdr-refit-initiative/
European Parliamentary Research Service (EPRS): Briefing, 23/09/2022: Revision of the Central Securities Depositories Regulation - Initial Appraisal of a European Commission Impact Assessment https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2022)734667

News
Bloomberg, 16/03/2022: Europe Eyes Bigger Share of Settling Securities Business https://www.bloomberg.com/news/articles/2022-03-16/europe-eyes-bigger-share-in-settling-securities-with-new-rules

Official
EUR-LEX: COM(2022)120: Proposal for a Regulation amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2022:120:FIN
EUR-LEX: SWD(2022)75: Staff Working Document accompanying the Proposal - Impact Assessment Report https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2022:75:FIN
EUR-LEX: SWD(2022)76: Staff Working Document accompanying the Proposal - Executive Summary of the Impact Assessment Report https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2022:76:FIN
European Parliament: Legislative Observatory: Procedure File for Proposal on Settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories (2022/0074(COD)) https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=2022/0074(COD)
European Parliament: Legislative Train Schedule: Revision of Regulation (EU) No 909/2014 of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 https://www.europarl.europa.eu/legislative-train/theme-an-economy-that-works-for-people/file-refit-central-securities-depositories-regulation
European Commission: DG Financial Stability, Financial Services and Capital Markets Union: Central securities depositories (CSDs) https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/financial-markets/post-trade-services/central-securities-depositories-csds_en
European Commission: Better Regulation: Have Your Say: Financial markets – central securities depositories (review of EU rules) https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12649-Financial-markets-central-securities-depositories-review-of-EU-rules-_en
European Commission: Press Release, 16/03/2022: Capital Markets Union: Commission proposes simpler rules to make settlement in EU financial markets safer and more efficient https://ec.europa.eu/commission/presscorner/detail/en/ip_22_1729
European Commission: Questions and Answers: reviewing the Central Securities Depositories Regulation to boost the EU's Capital Markets Union (16 March 2022) https://ec.europa.eu/commission/presscorner/detail/en/qanda_22_1730
Council of the European Union: Press Release, 20/12/2022: Financial markets: member states agree position to revise EU rules on central securities depositories https://www.consilium.europa.eu/en/press/press-releases/2022/12/20/financial-markets-member-states-agree-position-to-revise-eu-rules-on-central-securities-depositories/
Council of the European Union: Press Release, 27/06/2023: Central Securities Depositories: Council and Parliament reach agreement https://www.consilium.europa.eu/en/press/press-releases/2023/06/27/central-securities-depositories-council-and-parliament-reach-agreement/
Council of the European Union: Press Release, 27/11/2023: Council adopts regulation on Central Securities Depositories https://www.consilium.europa.eu/en/press/press-releases/2023/11/27/council-adopts-regulation-on-central-securities-depositories/

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