ESMA publishes guidelines on cooperation between authorities under the Central Securities Depositories Regulation

ESMA has today published guidelines (the Guidelines) to ensure that competent authorities (CAs) apply the Central Securities Depositories Regulation (CSDR) in a consistent, efficient and effective supervisory manner, which includes cooperating with each other.

Under Article 14(1) of the CSDR, CAs and ESMA are expected to cooperate closely, including exchanging all relevant information applicable under the regulation.  ESMA, working alongside the European System of Central Banks (ESCB), was required to issue guidelines addressed to CAs in accordance with Article 16 of Regulation (EU) 1095/2010 on establishing a European Supervisory Authority.

The Guidelines

The general cooperation requirements for competent authorities provide that:

  • on receipt of a CSD application for authorisation (Article 17 of CSDR), the CA should identify the relevant authorities referred to in Article 17(4) – (6) of the CSDR and compile a list of those authorities;
  • the CA should agree on the working language in its cooperation with the relevant authorities when it is transmitting information contained within a CSD application for authorisation; and
  • the CA should designate and share contact details of one primary and one secondary contact person (as well as any changes to those details) to the relevant authorities.

The Guidelines also explain how CAs should deal with the provision of information and request for review and includes standard templates that should be used in those circumstances.

Compliance

CAs will be expected to make every effort to comply with the Guidelines and incorporate them into their supervisory practices.  They will also have to notify EMSA whether they  comply or intend to comply with the Guidelines.  Any CA that does not intend to comply must provide ESMA with their reasons.

The guidelines will apply two months after their publication on ESMA’s website in all official languages of the EU.

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