CSD meaning

EU financial services developments EBA consults on prudential requirements for CSDs The EBA has launched a consultation on draft changes to the RTS covering prudential requirements for CSDs and designated credit institutions providing ‘banking-type ancillary services’. The proposals implement elements of the CSDR Refit, notably enabling banking CSDs to deliver such services to other CSDs. The RTS revisions address situations where a banking CSD offers cash accounts directly to participants of another CSD (the ‘designating CSD’) to settle payments in currencies other than that of the designating CSD’s home jurisdiction. The focus is on the limited effect of this set-up on the banking CSD’s risk profile. The EBA also plans updates to reflect recent amendments to the Capital Requirements Regulation and to align references with the revised CSDR. Responses are sought by 3 March 2026. A public hearing will take place on 12 January 2026 from 14:00 to 15:00 CET. Deadline for registration is 9 January 2026 at 16:00 CET. ...

In this issue: UK, EU and international regulators and bodies Accountability, culture and societal governance Prudential requirements Risk oversight and controls Financial crime and sanctions Complaints, redress and claims management Investigations, enforcement and disciplinary matters Benchmarks regulation Capital markets regulation Dispute resolution for lawyers in financial services Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Insurance regulation Pensions activity regulated under FSMA Payment services and systems Fintech and cryptoassets LexTalk® Financial Services: a Lexis®Nexis community Financial Services Enforcement Database News alerts: daily and weekly Intra-day news alerts Latest and updated content Dates for your diary UK, EU and international regulators and bodies Law360, London: The UK government has confirmed plans to abolish the payments regulator, describing it as a further move to trim and simplify regulatory burdens on businesses to...

The pitfalls of reducing the protection of reserved legal activity (Ndole Assets Ltd v Designer M&E Services) Original news: Ndole Assets Ltd v Designer M&E Services UK Ltd [2017] EWHC 1148 (TCC) What was your role in the case and what were the key issues? Our construction team acted for Designer M&E Services UK Ltd, a specialist mechanical and electrical sub-contractor, as defendant and applicant for strike out. Designer undertook works on a Hackney development in 2010 for the main contractor, Sheldon Construction SRVC (London) Limited. Their contract was terminated in 2011, followed by multiple adjudications. Thereafter, Designer heard nothing for five years. During that interval, via a sequence of loan arrangements and assignments, a British Virgin Islands company, Ndole Assets Limited, came to assert the supposed cause of action against Designer. Ndole commenced proceedings in October 2016. An unregistered barrister, Alexander Dain, together with his claims consultancy, CSD Legal, handled virtually every step for Ndole—save for a single letter enclosing the claim form—including the service of...

This Practice Note outlines details of the Central Securities Depositories Regulation (EU) 909/2014 (EU CSDR). Development of the EU CSDR Central securities depositories (CSDs) safekeep securities in dematerialised form and deliver clearing and settlement services to market participants. They underpin infrastructure and are integral to smooth market functioning. Recognising their systemic role in securities markets, and in the wake of the financial crisis, the Commission tabled a draft Regulation in March 2012 to strengthen securities settlement and establish rules for CSDs. The proposal aimed to enhance settlement efficiency and bring CSDs under a clear regulatory framework throughout the Union. Building on that initiative, EU CSDR appeared in the Official Journal of the EU on 28 August 2014 and took effect on 17 September 2014. EU CSDR seeks to make sure that securities transactions are cleared and settled securely and within appropriate timeframes. It promotes consistency, reliability and punctuality in the processing of trades. The Commission observed that settlement failures are more common in cross-border...

The basic definition The scope of sustainable development continues to be widely debated. The most familiar articulation emerged in 1987, when the United Nations Commission on Environment and Development (UNCED) issued Our Common Future, better known as the Brundtland Report. It portrays sustainable development as progress that fulfils current needs without jeopardising the capacity of future generations to fulfil theirs. Embedded within this are two central ideas: the notion of needs, particularly the basic needs of the world’s poor, which should command overriding priority the recognition of limits set by technology and social organisation on the environment’s capacity to satisfy present and future needs Most interpretations of sustainable development draw on elements of this Brundtland formulation; at the very least, it serves as the point of departure for the majority of definitions. Discussion also references adoption and evolution of the definition and concept by international institutions, including the UN General Assembly in 1987, the same year the Brundtland Report was published...

This Practice Note outlines information on Assimilated Regulation (EU) 909/2014 (UK CSDR). It also explains the repeal, under the Financial Services and Markets Act 2023 (FSMA 2023), of the direct regulatory obligations on CSDs contained in the UK CSDR, enabling the Bank of England (BoE) to substitute those provisions with its own rules. Scope of the UK CSDR The UK CSDR applies to the settlement of all financial instruments in the UK and to the activities of central securities depositories (CSDs), unless stated otherwise. Authorisation, reporting, and most other obligations under the UK CSDR do not extend to the Bank of England (BoE) or to other public bodies engaged in managing public debt in the UK, where the relevant CSD is directly administered by those bodies, has access to their funds, and is not a distinct entity...