On Tuesday 27 June, negotiators from the Council of the European Union and the European Parliament reached a provisional political agreement on updating the rules on central securities depositories (CSDs) (see EUROPE B13133A16).
The agreement sets out to clarify and simplify the rules governing ‘passport’ procedures, whereby a CSD based in one EU Member State can provide services in another Member State. These new rules will replace the 2014 regime, which was seen as being complex and...