The Commission is consulting on Central Securities Depositories (CSDs) and on harmonising aspects of securities settlement across the EU. It notes the existing international agreements on standards for CSDs but thinks there is a need for binding legislation. The Commission wants views on:
- a common regulatory framework for CSDs that includes common rules on authorisation and ongoing supervision, prudential standards and rules on access and interoperability; and
- how concerns about functioning of the securities markets might be addressed at EU level. Measures might support the current proposal on short selling. The Commission is looking particularly at improving settlement discipline and harmonising settlement periods.
The consultation closes on 1 March and the Commission wants to table legislative proposals in the summer of 2011. (Source: IP/11/29 and DG Markt G2 D(201)8641)