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ESMA clarifies the treatment of settlement fails with respect to the CSDR penalty mechanism

Published

2 minutes ago

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March 15, 2025

By

Yuki Dobber

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The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published a statement on the treatment of settlement fails with respect to the Central Securities Depositories Regulation (CSDR) penalty mechanism, following the major incident that affected TARGET Services (T2S and T2) last month.

Concretely, ESMA clarifies in this statement that National Competent Authorities (NCAs) do not expect CSDs to apply cash penalties in relation to settlement fails for the days of 27 and 28 of February 2025.

A major incident caused by a failure of the infrastructure component adversely affected T2S and T2 on 27 of February 2025 causing that settlement instructions, payment, ancillary system instructions or liquidity transfers between TARGET Services could not be processed for several hours.

As specified in an existing CSDR Q&A, cash penalties should not be applied in situations where settlement cannot be performed for reasons that are independent from the involved participants.

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DISCLAIMER OPINIONS: The opinions of the authors or reproduced in the articles are the ones of those stating them and it is their own responsibility. Should you find any incorrections you can always contact the newsdesk to seek a correction or right of replay.

DISCLAIMER TRANSLATIONS: All articles in this site are published in English. The translated versions are done through an automated process known as neural translations. If in doubt, always refer to the original article. Thank you for understanding.

DISCLAIMER PHOTOS: We mostly used photos images that are readily available online, from free sources, or from the people promoting the news. If by any chance it happens that we have used one of your copyrighted photos, please do not hesitate to contact us and we will take it down without question. We do not make profits as this is a not for profit project to give voice to the voiceless while giving them a platform to be informed also of general news, and it is completely free.