argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - regulatory technical standards - commission delegated regulation

On February 5, 2020, the European Securities and Markets Authority (ESMA) issued its Final Report on draft regulatory technical standards (RTS), specifically about postponing the date of entry into force of the Commission Delegated Regulation (EU) 2018/1229 to February 1, 2021. It is important to remember that the CSD Regulation (CSDR) settlement discipline regime has three peculiar characteristics, which consist in the rules for the trade allocation and confirmation process, cash penalties on failed transactions and mandatory buy-ins. Consequently, ESMA expressed its opinion favorably to the delay, having taken into account the additional time needed for the establishment of essential features for the functioning of the settlement discipline regime, within which there is also the necessary ISO messages and the need for proper testing of the new functionalities.