Central Securities Depository Legislation (CSD)
The European Commission is rolling out a package of legislative reforms aimed at:
- strengthening the European post-trade markets; and
- addressing deficiencies to the creation of a true single European Market in providing post-trade services.
As part of this work, the Commission has published a major proposal for a European Markets Infrastructure Regulation (EMIR) and is drawing up a proposal for a Securities Law Directive.
The Commission is also looking to develop Central Securities Depository (CSD) legislation to address the diversity in settlement practices across the EU, which has been perceived as hindering the development of a truly integrated European post-trade market. This fragmentation had led to high costs for cross-border transactions, and had been associated with a degree of legal and operational risk due to the complexities of different settlement standards.
The Commission is holding working group meetings with Member States, and we expect a final proposal in early 2011.
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