Scheda

ESMA published a final report that specifies the scope of Central Securities Depositories Regulation (CSDR) cash penalties, supporting the simplification and burden reduction in post-trading.

In line with the revised settlement discipline framework set out in CSDR Refit, ESMA provides technical advice to the European Commission (EC) on the scope of settlement discipline, identifying: the causes of settlement fails that are considered as not attributable to the participants in the transaction, and the circumstances in which operations are not considered as trading.

According to the technical advice, a broad range of scenarios would not trigger CSDR cash penalties. These include: technical failures at the CSD level, such as system outages, cyberattacks, or network disruptions;  full-day trading suspensions of an ISIN on its most liquid market; technical creation and redemption of fund units or shares on the primary market, including those related to Exchange-Traded Funds (ETFs).