As part of its work in creating a more transparent and stable financial system, in 2011 the European Commission started to work on a legislative framework regarding Central Securities Depositories (CSDs) and on the harmonisation of certain aspects of securities settlement in the European Union. This new legal framework for the carrying on of settlement activities in the EU consists of requirements for the authorisation and conduct of settlement activities, akin to those for clearing activities that are envisioned in EMIR but tailored to accommodate the specificities of CSD, as well as ICSD, business.

Further information regarding the regulation on settlement activities is available via this link to the European Commission website.


ICMA has engaged with the public debate on Settlement Regulation:

1 March 2011   
ICMA European Repo Council response to the European Commission consultation on ‘CSDs and the Harmonisation of Certain Aspects of Securities Settlement’