Question ID
2018_3704
Legal act
Regulation (EU) No 909/2014 (CSDR) - only RTS 2017/390
Topic
Market infrastructures
Article
10
Paragraph
2
Subparagraph
f
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Regulation (EU) 2017/390 - RTS on prudential requirements of CSDs (CSDR-related)
Article/Paragraph
Articles 10(2)(f) and 8(5)
Type of submitter
Industry association
Subject matter
Question on CSD capital requirements and investment policy
Question

For collateral to be considered of the best quality for the purpose of CSDR Articles 59(3)(d) and 59(4)(d), debt instruments are required to be liquidated “on a same day basis”. In the same manner, the appropriate timeframe in order to access the asset under the investment policy, as provided by art. 82(2), should be “on the same business day” We ask European Authorities to clarify the meaning of “same day basis” and “same business day” and the settlement period linked to it.

Background on the question

In order to calculate the additional capital surcharge resulting from the provision of intraday credit, CSDs are asked to “calculate, over the most recent calendar year, the average of the five highest intraday credit exposures (‘peak exposures’).” Further, Article 8(5) of EU Delegated Regulation 2017/390 states: “the capital requirements of this Article shall apply twelve months after obtaining the authorisation to provide banking-type ancillary services pursuant to Article 55 of Regulation (EU) No 909/2014”. On the other hand, the art. 82 of EU Delegated Regulation 2017/392 states about the investment policy that the CSD’s should have access to their assets invested in financial instruments “on the same business day when a decision to liquidate the financial instruments is taken”, according to their internal procedures.

Submission date
Rejected publishing date
Rationale for rejection

This question has been rejected because the matter it refers to is in the process of being answered in Q&A 6083.

Status
Rejected question