Meeting Central Securities Depositories Regulation (CSDR) requirements
The European Central Securities Depositories Regulation (CSDR) is one of the key regulations adopted in the aftermath of the 2008 financial crisis.
Clearstream's Central Securities Depositories (CSDs) welcome the objectives of CSDR, namely to increase the safety and efficiency of securities settlement and the settlement infrastructures in the EU and to establish an enhanced level playing field among European CSDs.
One way the CSDR is designed to achieve its objectives is by requiring all CSDs to apply for a licence to operate. The licence sets out a host of performance and operational criteria all CSDs must fulfil, such as enhanced capital and transparency requirements.
The Clearstream CSDs filed their applications for their CSDR licences to the local regulators at the end of September 2017, allowing them to benefit from the grandfathering regime.
Clearstream Banking S.A. (CBL) provided its final filing at the end of August 2020. On 12 October 2020, CSSF issued a declaration of completeness with regards to CBL’s application pursuant to Article 17 CSDR (Core Services), Article 55 (Banking-Type Services) and the Interoperable Link, the Bridge. On 12 April 2021, CBL was granted all three licenses.
Clearstream Banking AG (CBF) provided its final filing in Q1 2019. On 22 July 2019, BaFin issued a declaration of completeness with regards to CBF’s application file pursuant to Article 17 CSDR (Core Services). On 21 January 2020, CBF received its CSDR licence.
CBF handed in its application under Article 55 CSDR mid-January 2021. On 26 February 2021, BaFin issued the respective completeness declaration for Article 55 CSD (Banking-Type Services). On 24 August 2021, CBF received its licence to provide Banking Type Services.
LuxCSD provided its final filing on 9 October 2019. On 28 October 2019, CSSF issued a declaration of completeness with regards to LuxCSD’s application file pursuant to Article 17 CSDR (Core Services). On 15 April 2020, LuxCSD received its CSDR licence.
The Clearstream CSDs have achieved full CSDR compliance.
The CSDR impacts on financial market operations are wide ranging. In addition to CSDs themselves, the CSDR will impact wider financial market infrastructures, including clearing houses and trading venues. For information on which changes impact clients please refer to the Client Readiness page.