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Title
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A European harmonised settlement discipline regime : a focus on how investment firms need to prevent settlement fails
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Author
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Abstract
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| Settlement fails, where the seller does not deliver the securities or the buyer does not deliver the cash on the intended settlement date, have been substantial over the last few years. This article is the first to combine and discuss the measures to prevent settlement fails put forward by Regulation 909/2014 on improving securities settlement in the European Union and on central securities depositories (CSDR) that investment firms need to implement. CSDR is intended to increase the efficiency and safety of securities settlement and settlement infrastructures in the European Union, thereby replacing national regimes and introducing an EU-wide harmonised framework for the authorisation, supervision, and operational arrangements for central securities depositaries and the timing and method of securities settlement. In this way, CSDR wants to create a single market for settlement services and CSDs Not only is CSDR discussed in this article but also Commission Delegated Regulation 2018/1229 as well as the guidelines published by the European Securities Markets Authority (ESMA). This article explains how an integrated European market can be created by imposing harmonised settlement discipline requirements on all investment firms. |
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Language
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English
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Source (journal)
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European law review. - Brighton, 1975, currens
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Publication
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Brighton
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2023
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ISSN
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0307-5400
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Volume/pages
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48
:5
(2023)
, p. 589-602
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ISI
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001126699600005
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