AMF Position DOC-2023-10: ESMA Orientations under the CSDR Comply or Explain Procedure

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V - Market Infrastructures and Other Market Participants
V. 2 - Central Securities Depositories, Clearing Houses, Settlement and Delivery Systems
Doctrine
Market Infrastructures

ESMA Orientations under the Central Securities Depositories Regulation – "Comply or Explain" Procedure

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Applicable as of December 14, 2023
Position DOC-2023-10

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Summary
The AMF has declared that it is compliant with the ESMA orientations concerning:
The calculation procedure for indicators used to determine the substantial importance of a Central Securities Depository (CSD) for a host Member State; The process for calculating indicators aimed at defining the most relevant currencies for settlement; The standardized procedures and standardized messaging protocols referred to in Article 6(2) of Regulation (EU) No 909/2014. The orientations are available at the following addresses:
Orientations on substantial importance indicators Orientations on the calculation of indicators aimed at defining the most relevant settlement currencies Orientations on standardized procedures and messaging protocols

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Reference texts

Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories, Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 with regard to regulatory technical standards on settlement discipline

Commission Delegated Regulation (EU) 2017/389 of 11 November 2016 supplementing Regulation (EU) No 909/2014 with regard to regulatory technical standards on parameters for pecuniary sanctions in case of settlement default and on activities carried out by CSDs in host Member States

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