CSD Regulation

Regulation (EU) No. 909/2014 of the European Parliament and of the Council of July 23, 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR) is a key element of the extensive European regulatory framework, with the aim of improving and promoting the security, efficiency and competitiveness of European Union (EU) financial markets.

Main purpose of the CSDR:

• To harmonize the settlement of financial instruments in Europe;
• To provide a set of common organizational and conduct requirements for CSDs.

Structure

Level 1	Level 2
Main Regulation + Annexes Published in the Official Journal of the EU on August 28, 2014 Entered into force on September 17, 2014	Regulatory Technical Standards – RTS Implementing Technical Standards – ITS

CSDR Level 1 is divided into three main areas:

The RTS and ITS, which correspond to Level 2 of the Regulation, are developed by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA).