EBF has responded to the Commission's consultation on Central Securities Depositories and harmonisation of securities settlement. Its main comment is to suggest a definition for a CSD to describe its core functions of being a notary, and providing central safekeeping and central settlement in a low-risk environment. It says any ancillary services CSDs provide should also be low-risk and have a clear connection with the core services. It believes an authorisation regime should focus on the core services, so capital requirements should address only this. It comments that it would be inappropriate to apply a similar style of supervision to CSDs as to central counterparties and asks the Commission not to place excessive burdens on CSDs in terms of governance. Finally, it agrees the need for harmonisation of certain aspects of securities settlement but says the Commission should take care not to over-regulate. (Source: EBF response to the public consultation on Central Securities Depositories (CSDs) and on the harmonisation of certain aspects of securities settlement in the European Union)