![]()
On 8 May 2020 the EC adopted a Delegated Regulation, delaying the entry into force of the controversial third phase of the CSDR. Rules imposing a new settlement regime were expected to operate from 13 September 2020, the amendment postpones the start date until 1 February 2021. Earlier phases of the CSDR had limited commercial impact; by contrast, the new settlement regime envisages a system of fines and mandatory buy-ins. Impacting CSDs and all their clients, compliance will require systems redesign and extensive repapering.