The Regulation (EU) No. 909/2014 on improving securities settlement in the European Union and on central securities depositories (the “CSDR”) plays a pivotal role for the harmonisation of the settlement of financial instruments in the European Union and outlines rules on the organisation and conduct of central securities depositories (“CSDs”).
The Article 9 of the CSDR requires the settlement “internaliser” to report, to the competent authorities of its place of establishment, on a quarterly basis, the aggregated volume and value of all securities transactions that it settles outside the securities settlement system.
As this internalised settlement reporting obligation shall apply from 12th July 2019, the Malta Financial Services Authority (“MFSA”) issued a circular to inform the stakeholders about this upcoming obligation. The settlement internalisers are also requested through this circular to start submitting their report to the MFSA by not later than 12th July 2019.
Please feel free to contact us to obtain more information about this internalised settlement reporting obligation.