ECB has published its opinion on the proposed Regulation on improving securities settlement in the EU and on central securities depositories (CSDs). It strongly supports a stronger legal framework for CSDs and recommends the Regulation is fully in force by June 2015, when the single settlement engine for Europe, TARGET2-Securities, will be operational. ECB also suggests a clearer scope for the Regulation, creating colleges of authorities for CSDs engaged in cross-border activity, and the application of strict criteria to credit institutions acting as settlement bank for transactions settled in commercial bank money.(Source: ECB Opinion on CSD Regulation)