On February 1, 2016, ESMA published a final report setting out draft RTS on settlement discipline as required under the Central Securities Depository Regulation. The RTS cover measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. The RTS also provide measures for monitoring and addressing settlement fails such as a mechanism for cash penalties and a buy in process. ESMA has submitted the final draft RTS to the European Commission for endorsement.

The Final Report and RTS are available at: https://www.esma.europa.eu/press-news/esma-news/esma-issues-technicalstandards-settlement-discipline-under-csdr