Jurisdiction(s):
European Union

EU CSDR: scope, settlement periods (T+1), settlement discipline, authorisation/passporting, third-country CSDs, access, prudential rules, banking-type services, DLT and 2023 Refit updates

Published by a LexisNexis EU Law expert

Practice notes

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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 trades and therefore believed that harmonising particular processes across the EU would improve outcomes and lower fail rates.

It highlighted several factors contributing to these problems. Settlement timetables varied between EU jurisdictions and some securities were...

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Web page updated on 21/05/2026

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