ESMA consults on CSDR guidelines on participant default rules and procedures

The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on participant default rules and procedures under CSDR.

The purpose of the proposed guidelines is to specify the steps a central securities depository (CSD) should set up in its rules and follow in case insolvency proceedings are opened with respect to one or more of its participants. The proposed guidelines are based on the 2012 CPMI-IOSCO Principles for financial markets infrastructures (PFMIs).

ESMA is seeking input and responses from stakeholders, including CSDs and supervisory authorities, in order to finalise them before CSDs start applying for authorisation. The consultation closes on 30 June 2016.

The ESMA statement is available here.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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