On December 18, 2014, ESMA issued three consultation papers on implementing measures for a new settlement regime under the Regulation on improving securities settlement and central securities depositories (“CSDR”). The consultations cover: (i) draft technical standards on proposed rules covering settlement discipline, central securities depositories (“CSD”) requirements, and internalized settlement; (ii) draft technical advice on proposed penalties for settlement fails; and (iii) the risks to be taken into account by a central counterparty or a trading venue when carrying out a comprehensive risk assessment following a request for access by a CSD. The CSDR's aim is to ensure that transactions of securities are settled in a safe and timely manner. The CSDR introduces common standards for settlements across the EU, such as the harmonization of the rules governing central securities depositories which operate the infrastructures enabling settlement, and the timing of securities settlement in the EU. The three consultations close on February 19, 2015.

The consultation papers are available at:

http://www.esma.europa.eu/system/files/2014-1563_csdr_ts.pdf; 

http://www.esma.europa.eu/system/files/2014-1564_csdr_ta.pdf; and 

http://www.esma.europa.eu/system/files/2014-1565_csdr_gl.pdf.