On 23 October 2008, the Committee of European Securities Regulators (CESR) and the European System of Central Banks (ESCB) published a Consultation Paper entitled Draft recommendations for securities clearing and settlement systems and draft recommendations for central counterparties in the European Union (the CP).
Part 1 of the CP contained 19 draft recommendations, which dealt with central securities depositaries (CSDs). Part 2 contained 15 draft recommendations regarding central counterparties (CCPs), which aimed to increase the safety, soundness and efficiency of securities clearing and settlement systems and CCPs, respectively. An assessment methodology and a glossary of terms were set out in the CP’s annexes.
CESR has now published the responses to the consultation.