On July 23, the Council of the EU published a press release announcing that it had adopted the CSDR on improving securities settlement and regulating central securities depositories.

The European Commission published a letter on July 23 (dated June 23, 2014) to ESMA setting out a provisional request for technical advice concerning possible delegated acts relating to certain settlement discipline measures and aspects relating to supervisory co-operation under the CSDR.

The letter attaches two formal mandates for technical advice to assist the Commission in preparing delegated acts as required by Articles 7 (penalties for settlement fails) and 14 (supervisory co-operation) of the CSDR.

The commission has requested ESMA to provide its technical advice nine months after the CSDR enters into force.  Press Release.  Letter.  Formal Mandates.