Regulatory Alerts2025-02-20
Final Report on Draft RTS on the Substantial Importance of CSDs
The European Securities and Markets Authority (ESMA) issued this final report to establish draft Regulatory Technical Standards defining the criteria for determining when a Central Securities Depository's activities are of substantial importance in a host Member State. These standards mandate the creation of supervisory colleges for CSDs operating cross-border in at least two host Member States, replacing the previous fragmented cooperation framework with a mandatory and efficient coordination mechanism. The report details specific indicators and thresholds for assessing notary, central maintenance, and settlement services to ensure effective oversight of investor protection and market stability.
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