CENTRAL SECURITIES DEPOSITORIES REGULATION
6TH APRIL 2018
The Training Course
This highly comprehensive one day training workshop will guide attendees through the new Central Securities Depositories (CSDs) regulatory compliance framework that is in place across the European Union (EU).The new Central Securities Depositories Regulation (No 909/2014) (CSDR) seeks to harmonise securities settlement rules throughout the EU in order to increase the safety and efficiency of securities settlement and securities settlement infrastructures. The training course combines a range of legal, operational, strategic and technological perspectives in order to provide attendees with a highly thorough understanding of the CSDR regulatory compliance framework. It also links together the role and interaction of Central Counterparties (CCPs), Trading Venues (TVs) under the revised Markets in Financial Instruments Directive (MiFID II), and the TARGET2-Securities (T2S) Regulatory Compliance Framework.
MODULE 1: An Overview of New Financial Market Infrastructures in the European Union
· An Overview of the new financial market infrastructure regulatory framework in the European Union (EU) (CCPs, TVs (Organised Trading Facilities (OTFs), Multilateral Trading Facilities (MTFs)).
· An Overview of the European Market Infrastructure Regulation (EMIR) and the CCP Regulatory Compliance Framework.
· An Overview of the TARGET2-Securities (T2S) Regulatory Compliance Framework.
· An Overview of the Aims and Objectives of the Central Securities Depositories Regulation (CSDR).
MODULE 2: The CSDR Operational Framework – PART I
· The CSDR Operational Framework (Securities Settlement, Settlement Periods, Settlement Discipline, Settlement Internalisers).
· Measures to Prevent Settlement Fails and Measures to Address Settlement Fails (Automated Matching, Partial Settlement, Hold and Release Mechanism, Cash Penalties Mechanism, Buy-In Process).
· Central Securities Depositories (CSDs) (Authorisation and Supervision, Competent Authorities, Emergency Situations, Authorisation of CSDs, Withdrawal of Authorisation).
· Supervision of CSDs, Extension and Outsourcing of Activities and Services, Passporting, Third Country CSDs, Access to and between CSDs and Market Infrastructures.
MODULE 3: The CSDR Operational Framework – PART II
· Organisational Requirements for CSDs (Senior Management, Management Body, Shareholders, User Committee, Record Keeping, Outsourcing).
· Conduct of Business Rules (Requirements for Participation, Transparency, Communication, Requirements for CSD Services).
· Prudential Requirements (Legal Risks, General Business Risk, Operational Risks, Investment Policy, Capital Requirements), Prudential Requirements applicable to Credit Institutions or CSDs authorised to provide banking-type ancillary services.
· Administrative Sanctions and Other Measures, Sanctions for Infringements, Cash Penalties for Settlement Fails and the Operations of CSDs in host Member States.
MODULE 4: The CSD and T2S Operational Framework in the European Union
· An Operational and Strategic Analysis of CSDs operating in the EU.
· An Overview of CSD Adaptation Plans (detailed feasibility assessments for T2S) and CSD Migration Plans (the four waves of migration).
· An Overview of the Eurosystem Framework Agreement (the contract governing the legal relationship between the Eurosystem and the 24 CSDs participating in T2S).
· An Operational and Strategic Analysis of CSDs and Recovery and Resolution Plans.
Presented by Rodrigo Zepeda the Co-Founder of Storm-7 Consulting and the author of “The ISDA Master Agreement 2012: A Missed Opportunity?” and “Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation”.
· Attendees will develop in depth knowledge of the new CSD regulatory compliance framework in one day instead of spending weeks researching and reading through legislative texts and technical standards.
· The course combines legal, operational, strategic, and technological perspectives in order to provide attendees with a very holistic view of the new CSD regulatory compliance framework.
· Highly comprehensive training materials, PowerPoint presentations, and charts.
· There is a pre-course questionnaire to identify the attendee's key course learning objectives.
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc., and Storm-7 Consulting Limited is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc. (ISDA), and the public is hereby informed that Storm-7 Consulting Limited holds no commercial, private, or other relationship with ISDA.