Securities and Markets

Friday 12 April 2024

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European Parliament

CSDR refit - Adopted text published - 9 November 2023

The European Parliament has published the provisional text (P9TA(2023)0389) of the legislative resolution adopted by it at first reading on the proposed Regulation amending the Central Securities Depositories Regulation (909/2014) (CSDR) (CSDR Refit) (2022/0074(COD)). Among other things, CSDR Refit will amend certain aspects of the settlement discipline regime to improve efficiency, including the preconditions for applying so-called "mandatory buy-ins".

The next step is for the Council of the EU to formally adopt the proposed Regulation. Some articles of the proposed Regulation will apply from 1 May 2024 and others from two years after the Regulation comes into force.

European Parliament: legislative resolution of 9 November 2023 on the proposal for a regulation of the European Parliament and of the Council amending CSDR (2022/0074(COD))

HM Treasury

Pension fund clearing exemption - HM Treasury calls for evidence - 13 November 2023

HM Treasury has published a call for evidence on a potential extension of the pension fund clearing exemption under the UK onshored version of the European Market Infrastructure Regulation (648/2012/EU) (UK EMIR). A temporary exemption has been extended several times since the original EU Regulation was introduced in 2012. Most recently, this exemption was extended under UK EMIR in June 2023 by the Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 (SI 2023/472) until 18 June 2025.

The call for evidence seeks input from industry stakeholders on the way in which pension funds currently make use of the clearing exemption and how pension funds would be affected were the exemption to expire in June 2025. HM Treasury also seeks evidence on whether the exemption affected the liability-driven investment crisis in 2022 and how that situation may have developed had the exemption not been in place.

The call for evidence closes on 5 January 2024.

HM Treasury call for evidence: Pension fund clearing exemption


The Central Counterparties (Equivalence) (Singapore) (Monetary Authority of Singapore) Regulations 2023 published - 13 November 2023

HM Treasury has published the text of The Central Counterparties (Equivalence) (Singapore) (Monetary Authority of Singapore) Regulations 2023 (SI 2023/1198) (the Regulations) along with an explanatory memorandum. The Regulations set out HM Treasury's equivalence determination in respect of the regulatory framework that applies to certain central counterparties (CCPs) that are established in Singapore and are authorised by the Monetary Authority of Singapore (MAS).

The Regulations are expected to come into force on 4 December 2023.

The Central Counterparties (Equivalence) (Singapore) (Monetary Authority of Singapore) Regulations 2023 (SI 2023/1198)

Explanatory memorandum


If you would like to discuss any of the above in more details, please contact your relationship partner or speak to one of the contacts below.

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