The European Securities and Markets Authority (ESMA) has delayed its draft technical standards for the Central Securities Depositories Regulation (CSDR) in a letter dated the day before the standards were originally due.
According to the letter from ESMA chair Steven Maijoor, an early legal review was required before delivery of the standards, which resulted in more time being needed before ESMA could finalise and adopt the draft standards. The letter particularly referenced input from the European Commission’s legal service.
Delivery of the technical draft standards was originally scheduled for 18 June, but it is expected they will now be ready in September.
In the letter, Maijoor said: “We are confident that this approach will ensure a smooth endorsement process of the technical standards, which in the end will lead to a shorter timeframe for the adoption and entry into force of the respective regulations.”
