{"id":"circulars/cssf-18-689","title":"Circular CSSF 18/689","type":"circular","date":"2018-04-05","kind":"circular","html":"<p>Circular CSSF 18/689 is a CSSF circular, published 5 April 2018. Subject: Guidelines issued by the European Securities and Markets Authority (ESMA) on the process for the calculation of the indicators to determine the substantial importance of a CSD for a host Member State.</p>\n<p>Relevant for: Central Securities Depositories (CSDs).</p>\n<p>Keywords: CSDR, Securities settlement.</p>\n<h2>Text</h2>\n<p>In case of discrepancies between the French and the English text, the French text shall prevail. Luxembourg, 5 April 2018</p>\n<p>To all central securities depositories</p>\n<p>Re:</p>\n<p>Guidelines issued by the European Securities and Markets Authority (ESMA) on the process for the calculation of the indicators to determine the substantial importance of a CSD for a host Member State</p>\n<p>Ladies and Gentlemen, The purpose of this circular is to implement the ESMA Guidelines on the process for the calculation of the indicators to determine the substantial importance of a CSD for a host Member State. The purpose of these guidelines is to ensure a common, uniform and consistent application of the provisions in Article 24(4) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories. In particular, they aim to ensure that CSDs apply common, clear and effective rules for the collection of data. The guidelines specify the scope of data to be reported by CSDs as well as the general process for the collection of data information and the calculation of the indicators to determine the substantial importance of a CSD for a host Member State.</p>\n<p>The guidelines are attached to this circular and are available on ESMA’s website <a href=\"https://www.esma.europa.eu/\" target=\"_blank\" rel=\"noreferrer\">https://www.esma.europa.eu/</a>. This circular enters into force on the day of its publication.</p>\n<p>Yours faithfully,</p>\n<p>Annex: Guidelines on the process for the calculation of the indicators to determine the substantial importance of a CSD for a host Member State</p>\n<p>Guidelines On the Process for the Calculation of the Indicators to Determine the Substantial Importance of a CSD for a Host Member State ]</p>\n<p>28 March 2018 | ESMA70-708036281-67</p>\n<p>Table of Contents I.</p>\n<p>Executive Summary ....................................................................................................... 3</p>\n<p>Reasons for publication .................................................................................................. 3</p>\n<p>Content .......................................................................................................................... 5</p>\n<p>Next steps ...................................................................................................................... 5</p>\n<p>II. Guidelines on the Process for the Calculation of the Indicators to Determine the Substantial Importance of a CSD for a Host Member State ................................................... 6 1</p>\n<p>Scope ............................................................................................................................. 6</p>\n<p>Definitions ...................................................................................................................... 6</p>\n<p>Compliance and reporting obligations............................................................................. 7</p>\n<p>4.1</p>\n<p>Status of the guidelines ........................................................................................... 7</p>\n<p>4.2</p>\n<p>Reporting requirements ........................................................................................... 7</p>\n<p>Guidelines on determining the substantial importance of a CSD for a host Member State 8 5.1</p>\n<p>Scope of data to be reported by CSDs .................................................................... 8</p>\n<p>5.2 General process for the collection of data information and the calculation of the indicators to determine the substantial importance of a CSD for a host Member State .....10 5.3 Initial process for the collection of data information and the calculation of the indicators to determine the substantial importance of a CSD for a host Member State .....11 6</p>\n<p>Annex ........................................................</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/circular-cssf-18-689/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/cssf18_689eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}