ESMA revised CSDR guidelines on standardised procedures and messaging protocols

The European Securities and Markets Authority (ESMA) has published its final report on revised guidelines on standardised procedures and messaging protocols between investment firms and their professional clients under the Central Securities Depositories Regulation (CSDR). The revised guidelines follow the May consultation and update ESMA's 2019 guidelines to align them with the amended regulatory technical standards (RTS) on settlement discipline. Under the new regulatory environment, investment firms need to receive their professional clients' settlement details earlier than previously required. The amendments are designed to enhance settlement efficiency and support a smooth transition to T+1. The guidelines clarify the key elements necessary to achieve the new regulatory objective, including: (i) the compulsory use of electronic standardised communication methods; and (ii) the adoption of international open communication procedures and standards for messaging and reference data.

Only a subset of the original guidelines has been amended. The revised guidelines will be published on ESMA's website once they have been translated into all official EU languages. They will apply from 7 December, alongside the relevant provisions of the RTS on settlement discipline. They will also replace the 2019 guidelines from this date. Tracked and clean versions of the revised guidelines are available in Annexes III and IV of the final report.

Return to main website.