The European Securities and Markets Authority (ESMA) released a summary of an April meeting of the EU T+1 Coordination Committee.
Related to legislative changes for Central Securities Depositories Regulation (CSDR) discussed two issues, a possible exemption for securities financing transactions (SFTs) and a possible suspension of cash penalties around the move to T+1. On the former, the European Council has since this meeting provided an exemption for SFTs.
ESMA provided an update on current work on regulatory changes, including the timeline of and the on-going work on the technical advice on cash penalties, which is expected to be submitted for approval to the ESMA Board of Supervisors in June.
In addition, the European Central Bank provided an update on T2S preparations for T+1, noting that T2S governance needs to identify and launch the assessment for any T2S change requests in Q3 2025.