The European System of Central Banks (ESCB) and the Committee of European Securities Regulators (CESR) have published ‘Recommendations for securities settlement systems and central counterparties in the European Union’, together with a feedback document to the consultations held in this respect.
The recommendations aim to increase the safety, soundness and efficiency of securities clearing and settlement systems and central counterparties (CCPs) in the EU. They are based on and are at least as stringent as the draft recommendations for securities settlement systems that were proposed in November 2001 and the recommendations for CCPs of November 2004 issued by the Committee on Payment and Settlement Systems and the Technical Committee of the International Organisation of Securities Commissions (CPSS-IOSCO). A separate document showing the differences between the two sets of recommendations (excluding the annexes) is also published for information.
The recommendations are addressed to regulators and overseers, who will use them as a regulatory tool and will strive to achieve their consistent implementation and a level playing field for securities settlement systems and CCPs in the European Union.
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