ESMA_QA_1228

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1228

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Regulatory Context

Regulation : CSDR

Level 1 Regulation: Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: General questions - Other topics

Subject Matter: Additional national requirements

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Question

Submission Date: 31 March 2017

Can Member States set additional requirements for CSDs to those set out in CSDR under national legislation?

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ESMA Answer

Answer Date: 31-03-2017

[ESMA70-15-4448 CSD General questions Q&A 2] Article 1(1) and (2) of CSDR state that the Regulation lays down uniform requirements for settlement and rules on the organisation and conduct of CSDs, and that – unless otherwise specified in this Regulation – it applies to settlement in all financial instruments and activities of CSDs.    Such requirements that are allowed to be imposed by Member States are for instance mentioned in Article 38(5), second subparagraph, and explained in recital (42) of CSDR.   Against this background, the Member States should not set additional requirements in respect of the aspects harmonised by the CSDR unless otherwise provided by the CSDR itself. There might be however cases in which it is not clear whether a certain aspect has been harmonised. In those cases, a case-by-case analysis may be warranted.

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This document was automatically extracted from the ESMA EMIR Q&A database.