The European Commission has adopted a package of six legislative acts to implement specific provisions of the Regulation on improving securities settlement and regulating central securities depositories (CSDR). The acts set out specific requirements to ensure that central securities depositories are prudentially sound, have high-quality risk management and corporate governance standards and meet appropriate capital requirements. They also clarify the framework under which supervisors should co-operate and exchange information, and set penalties for settlement failures as well as measures to ensure the transparency of internalised settlements that take place outside CSDs.