Reasons for publication
1. On 7 March 2012 the European Commission (EC) proposed a Regulation on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (CSDR). On 18 December 2013, the European Parliament and the Council of the European Union agreed the CSDR text. On 26 February 2014, the Permanent Representatives Committee, on behalf of the Council of the European Union, confirmed the agreement with the European Parliament. On 15 April 2014, CSDR was formally adopted by the European Parliament. On 16 July 2014 the European Parliament and the Council published the agreed text, ready for publication in the OJ. Finally, the CSDR was published in the OJ on 28 August 2014 and entered into force on 17 September 2014.
2. In addition to the mandate to draft technical standards therein, on 23 June 2014 ESMA received a provisional request (mandate) from the EC to provide technical advice to assist the EC on the possible content of the delegated acts required by two CSDR provisions: penalties for settlement fails and the substantial importance of a CSD. On 2 October 2014, following the publication of the CSDR in the OJ and its entry into force, ESMA received the confirmation...
