{"id":"circulars/cssf-19-709","title":"Circular CSSF 19/709","type":"circular","date":"2019-02-25","kind":"circular","html":"

Circular CSSF 19/709 is a CSSF circular, published 25 February 2019. Subject: Introduction of quarterly internalised settlement reporting requirements pursuant to Article 9(1) of EU Regulation No 909/2014 (CSDR).

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Relevant for: Credit institutions, Investment firms.

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Keywords: CSDR, Internalised settlement reporting, Risk management, Settlement internaliser.

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Text

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Luxembourg, 25 February 2019

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To all credit institutions incorporated under Luxembourg law (with the exception of the credit institutions that have requested a CSD license under Article 17 of the EU Regulation 909/2014 (CSDR)) and to the Luxembourg branches of non-EU credit institutions and to investment firms providing services listed at Annex II Section C(1) of the Law on the Financial Sector of 5 April 1993 (with the exception of investment firms of this type that have requested a CSD license under Article 17 of the EU Regulation 909/2014 (CSDR)).

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Re: Introduction of quarterly internalised settlement reporting requirements pursuant to Article 9(1) of EU Regulation No 909/2014 (CSDR) Ladies and Gentlemen, The purpose of this circular is to introduce quarterly reporting requirements applying for settlement internalisers pursuant to the Article 9(1) of the Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 (the “CSDR”). 1. The internalised settlement reporting requirements are specified in the Commission Delegated Regulation (EU) 2017/391 of 11 November 2016 supplementing the CSDR with regard to regulatory technical standards further specifying the content of the reporting on internalised settlement (CSDR ESMA RTS 2017/391). In parallel the template forms as well as procedures for this reporting and its transmission are addressed in the Commission Implementing Regulation EU 2017/393 of 11 November 2016 laying down implementing technical standards with regard to the templates and procedures for the reporting and its transmission of information on internalised settlements in accordance with CSDR (CSDR ESMA ITS 2017/393).

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    Furthermore, the European Securities and Markets Authority (ESMA) has published guidelines on internalised settlement reporting within its final report on 28 March 2018 (ESMA guidelines 1) in order to clarify the scope and process of internalised settlement reporting. As settlement internalisers, all credit institutions incorporated under Luxembourg law (with the exception of the credit institutions that have requested a CSD license under Article 17 of the EU Regulation 909/2014 (CSDR)), and Luxembourg branches of non-EU credit institutions, as well as investment firms providing services listed at Annex II Section C(1) of the Law on the Financial Sector of 5 April 1993 (with the exception of investment firms of this type that have requested a CSD license under Article 17 of the EU Regulation 909/2014 (CSDR)), will need to submit to CSSF one report for their activities in Luxembourg (including the activity of their branches in Luxembourg), separate reports for the activity of their branches per EU Member State, and one report for the activity of their branches in third countries, in accordance with the point 17 of these ESMA guidelines on internalised settlement reporting 2.

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    In addition, ESMA has specified the format message for reporting internalised settlement information and has published related IT technical documentation on its website 3. We therefore invite you to refer to ESMA website for detailed information.

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    Moreover, we draw your attention to the fact that CSDR ESMA RTS 2017/391 and CSDR ESMA ITS 2017/393 on internalised settlement reporting requirements will enter into force as from 10 March 2019.

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    In accordance with the Article 1(1) of the CSDR ESMA ITS 2017/393, the first internalised settlement reporting should be sent to the CSSF via the transmission channels E-File or SOFiE within 10 working days from the end of the 1st quarter following 10 March 2019, i.e. on 12 July 2019 at the latest. Then, next reports will have to be sent to CSSF on a quarterly basis via the transmission channels E-File or SOFiE within 10 working days from the end quarter of a calendar year.

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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