On Friday 11 November, the European Commission submitted six implementing measures to apply the regulation (909/2014) governing the activities of the thirty or so central securities depositories (CSDs) established in the EU, which include Clearstream Banking Luxembourg and Euroclear Bank.
The regulation introduces a passport allowing CSDs to provide their services throughout the European Union (see EUROPE 11127). In particular, it requires securities to be delivered within two days of being traded on a stock-exchange platform.
The measures presented on Friday, which have still to be approved by the Council of the EU and the European Parliament, bring in requirements for the risk management of the central depositories and their governance, clarify the financial penalties applicable to entities which fail to deliver and lay down the requirements for the exchange of information between national supervisors. (Original version in French by Mathieu Bion)