Jurisdiction(s):
European Union

EU CSDR Settlement Discipline: Reporting, Allocation/Confirmation, Cash Penalties, Conditional Buy-ins, Refit Amendments, Scope Exclusions and Implementation Timeline

Published by a LexisNexis EU Law expert

Practice notes

This FLASHCARD aids you in taking in or recalling the key points on the EU CSDR settlement discipline regime, covering, in particular, reporting, allocation and confirmation requirements as well as the mandatory buy-in and cash penalty procedures in scope.

What is the EU CSDR settlement discipline regime?

The settlement discipline regime under the EU CSDR (Regulation (EU) 909/2014) is a suite of measures intended to prevent settlement fails and to deal with them when they do occur.

The measures set out below include:

central securities depositories (CSDs) reporting settlement fails to the competent authorities
investment firms obliging their professional clients to supply, on the business day the trade is concluded (or, for late trading, or where time zones differ by over two hours, by 12.00 CET on the following business day), an allocation of securities or cash to the trade, specifying the accounts to be credited or debited, together with confirmation that they agree the terms of the transaction
cash penalties applied to settlement fails
a mandatory buy-in process where financial instruments are not delivered within four days of the intended settlement date...

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Web page updated on 21/05/2026

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