The CSDR Regulation (No. 909/2014) on enhancing securities settlement in the European Union and central securities depositories (CSDs) is one of the legacies of the banking and financial crisis that hit the world in 2008. Seeking to strengthen the resilience of the internal market and recognising the systemic role of CSDs, the European institutions have chosen, by adopting this Regulation on 23 July 2014, to accelerate the convergence of EU standards on CSDs and to enhance the safety and efficiency of settlement processes. The regulation entered into force on 17 September 2014 in all Member States. 

Main provisions

Objectives of this Regulation

  1. To provide a set of common requirements for Central Securities Depositories operating securities settlement systems in the EU.
  2. To harmonise certain aspects of the settlement cycle by enhancing the safety and efficiency of the settlement of financial instruments within the EU.

The CSDR Regulation mainly provides for:

Challenges and opportunities

The CSDR Regulation introduces measures that impact all actors involved in settlement, particularly the settlement discipline, containing:

CACEIS has launched a project consisting of a set of actions and services based on these two areas, and is continuing discussions with its clients to assist them in adapting to the CSDR Regulation.

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Key dates