EBF advisor: Daniele De Gennaro
Publication date: 14 September 2017
The European Securities and Markets Authority (ESMA) has published a consultation paper on internalised settlements, regarded as a very important issue for EBF members in the context of the implementation of the regulation on Settlement and Central Securities Depositories, known as CSDR. EBF fully appreciates the clarifications proposed by ESMA in this paper.
At the same time, the EBF believes there is still need for some further refinement on certain points, both conceptually and technically. The EBF sees two major issues in the ESMA proposed guidelines, and two other major issues that are not covered by the consultation paper. It also has a set of other detailed comments.