Euroclear: CSDR Settlement Discipline Regime – Delayed entry into force expected

We understand that discussions are advanced, regarding a proposed one year delay to the entry into force of the CSDR Settlement Discipline Regime, to 1 February 2022. We expect that ESMA will publish an amendment proposing the delay, after the summer holiday period. The postponement will be subject to the legislative processes at EU level which involve the European Commission, Parliament and Council, and could take some months to complete.

We are currently reviewing the roll-out of our Settlement Discipline projects in line with the new expected date of entry into force (1 February 2022). We can already confirm that our release planned for October this year (matching changes and new functionality for Bridge and internal settlement instructions) will be postponed until 2021. Participant testing related to the penalties and buy-ins processes, will also be postponed to 2021.

We will share our revised roll-out schedule with you in the coming weeks.

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