The European Securities and Markets Authority (ESMA) has delivered the Technical Advice on the level of penalties for settlement fails, and the substantial importance of a CSD for the functioning of the securities markets and the protection of the investors in a host Member State, as well as the related Impact Assessment, further to the mandate received from the European Commission to provide technical advice to assist the Commission on the possible content of the delegated acts required by two provisions of Regulation No 909/2014 of the European Parliament and of the Council of 23 July 2014 (CSDR).
