Regulatory Alerts2025-10-13
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Final Report on Amendments to the RTS on Settlement Discipline
ESMA proposes amendments to the RTS on Settlement Discipline to enhance settlement efficiency and reduce fails in alignment with the CSDR Refit mandate and the transition to T+1 settlement. The changes mandate standardized electronic communication for allocations and confirmations, require CSDs to implement functionalities like auto-partial settlement and real-time gross settlement, and introduce granular reporting and disclosure rules for settlement fails. To mitigate operational burdens, ESMA proposes a phased implementation schedule with key requirements entering into force between December 2026 and October 2027.
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