On 19 March 2014, the European Central Bank (ECB) published the fourth harmonisation progress report from the TARGET2-Securities (T2S) Advisory Group. The report notes that there are only 15 months remaining until T2S goes live in June 2015, when central securities depositories (CSDs) will start migrating to the new European settlement platform, good progress has been made on compliance of the T2S markets with the T2S post-trade harmonisation standards, full harmonisation compliance by all T2S markets is extremely important and it is vital that the proposed Regulation on improving securities settlement and CSDs (CSD Regulation) and its technical standards are in place well in advance of the T2S launch, so that wave one T2S markets and CSDs have time to adapt to the new legal framework. The CSD Regulation is expected to be adopted in April 2014, but should the adoption process not progress as anticipated, the T2S Advisory Group will have to "urgently reassess the impact on the T2S harmonisation agenda".