| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2023/2845 |
| Publication Date | 27/12/2023 |
| Content Type | Blog & Commentary, Legislation, Policy-making |
Summary:Regulation (EU) 2023/2845 -adopted by the co-legislators on 13 December 2023 - introducing amendments to Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories (CSDs). This is a text with EEA relevance. Further information:Regulation (EU) No 909/2014 - also known as the the Central Securities Depositories Regulation (CSDR) - aims to harmonise the timing and conduct of security settlement in the European Union (EU) and the rules for CSDs which operate the settlement infrastructure. It was designed to increase the safety and efficiency of the system, particularly for intra-EU transactions. This review of the legislative framework seeks to further improve safety and efficiency of security settlement in the EU. It looks to reduce compliance costs and regulatory burdens for CSDs, as well as facilitate their ability to offer a broader range of services cross-border, while improving their cross-border supervision. The draft law was adopted by the European Commission on 16 March 2022, delivering on a key component of the 2020 Capital Markets Union Action Plan. It was first announced in the Commission's 2021 Work Programme. It built on the outcome of a targeted consultation on the mandate review of the relevant Regulation, as well as input received from various stakeholders. The Council of the European Union adopted its general approach to the proposed Regulation on 20 December. The relevant committee of the European Parliament adopted a negotiating position on 6 March 2023. An informal agreement between the co-legislators on a compromise text for this file was reached on 27 June. This was formally endorsed by the Parliament on 8 November and by the Council on 27 November. The Act was signed by the co-legislators on 13 December 2023 and published in the Official Journal on 27 December 2023. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2023/2845/oj |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Economic Governance | Situation, Financial Services |
| Keywords | Banks | Banking |
| International Organisations | European Union [EU] |
