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Central Securities Depository Regulation (CSD-R)

A Central Securities Depository (CSD) is a post-trade infrastructure which provides a central point for depositing financial instruments, for example shares and bonds. CSDs enable securities transac-tions to be processed and settled by book entry, provide custodial services (e.g. the administration of corporate actions and redemptions) and play an active role in ensuring the integrity of securities issues.

Given the lack of harmonised regulation for CSDs on European level (CSDs are already highly reg-ulated entities on national level), and the fact that trading facilities are already under the regulation of MiFIR, in future MiFIR and CCPs by EMIR, the European Commission prepared a regulatory framework for CSDs - the so called CSD-R.

On 7 March 2012, the European Commission released its legislative proposal (CSD-R) to the Euro-pean Council and Parliament, to reform the European settlement landscape and create new harmo-nised rules for CSDs. The proposed regulation covers a) settlement discipline and sanctions for the overall market, and b) measures to allow for the harmonisation and improving of CSD services in the EU.  The CSD-R was published on 28 August in the Official Journal and entered into force on 17th September 2014.

Deutsche Börse Group supports the harmonising of securities settlement and prudential rules for CSDs across Europe in order to enhance market safety and create a level playing field.