Guidelines on CSD participant defaults

In June, ECSDA commented on the draft ESMA guidelines on CSD participant default rules and procedures. These supervisory guidelines will help national regulators ensure compliance with the relevant provisions of the CSD Regulation.

ECSDA insisted that CSDs should not have to implement different rules on participant defaults than other operators of financial market infrastructures, such as payment and clearing systems. We also recommended that the guidelines should clearly distinguish between non-bank CSDs and CSDs authorised to provide banking type ancillary services. Finally, we pointed out that some of the “minimum requirements” specified in the guidelines may occasionally conflict with national law, which could prevent some CSDs from implementing the guidelines in full.

The final version of the ESMA guidelines is expected to be published in 2017.


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