ESMA publishes Guidelines on Settlement Fails Reporting under Article 7 of CSDR – Final Report

In order to ensure the consistent application of Article 7(1) of CSDR1 as supplemented by Articles 14 and 39 of the RTS on settlement discipline, ESMA has decided to issue Guidelines on the scope and exchange of information between ESMA and the competent authorities regarding settlement fails, based on the reports submitted by CSDs.

Section II contains the feedback statement. Annex I includes a high-level cost-benefit analysis for the Guidelines. Annex II includes the reference to the advice of the SMSG. The Guidelines are set out in Annex III.

The majority of costs will stem directly form the application of the new CSDR requirements on settlement fails reporting, rather than from the ESMA Guidelines. The overall resources associated with these Guidelines will facilitate the achievement of a higher degree of harmonisation in the implementation and supervision of the settlement reporting fails requirements. ESMA also considers that the increased harmonisation in the interpretation and application of the settlement fails reporting requirements across Member States will minimise the potential adverse impact on CSDs linked to compliance costs. These benefits will outweigh all associated costs in respect of the Guidelines.

The full report is available at

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