ESMA postpones CSDR settlement discipline regime until 1 February 2021

ESMA Final Report
CSDR RTS on Settlement Discipline – postponed entry into force

Given the extensive IT developments which are needed for the implementation of the new settlement discipline requirements, stakeholders have highlighted the need for more time before the entry into force of the already published RTS on settlement discipline. The date of entry into force is currently 13 September 2020.

Having regard to additional time needed due to new developments mentioned by stakeholders and reflected in this report, such as the envisaged go live date of the penalty mechanism jointly established by CSDs that use a common settlement infrastructure, the estimated time needed for the IT system changes, the development of ISO messages, market testing and adjustments to legal arrangements between the parties concerned, ESMA considers it to be appropriate to provide for more time before the start of the application of the new settlement discipline requirements under the RTS on settlement discipline.

The Final Report is currently available only on ISLA’s website at

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