CSDR (Central Securities Depositories Regulation)

Roles that need it

• Settlements Analyst
• Custody Operations Analyst
• Regulatory Change Analyst
• Regulatory Consultant (Banking)
• Legal Counsel

Skills it belongs to

• Regulatory change impact assessment
• Settlement and fails management
• Legal research and regulatory interpretation

Related concepts

• CSD (Central securities depository)A central securities depository (CSD) is an entity that operates a securities settlement system and provides the initial recording of securities in book-entry form (notary service) or central maintenance of securities accounts at the top tier. In the EU CSDs are authorised under the Central Securities Depositories Regulation (CSDR).
• CSDR settlement disciplineSettlement discipline is the set of rules in Article 7 of the Central Securities Depositories Regulation (CSDR) that aim to prevent and address settlement fails in EU securities settlement systems. It covers allocation and confirmation duties, matching tools, cash penalties for late settlement and a buy-in regime that the CSDR Refit made a last resort.
• T+1 (Settlement cycle)T+1 is a settlement cycle in which securities trades settle one business day after the trade date. Regulation (EU) 2025/2075 moves trades on EU trading venues from T+2 to T+1 from 11 October 2027; the United States, Canada and Mexico moved in May 2024, and the UK and Switzerland target the same date as the EU.
• Settlement internaliserA settlement internaliser is an institution, such as a custodian bank, that settles client transfer orders in its own books instead of through a securities settlement system. Article 9 of the Central Securities Depositories Regulation (CSDR) requires settlement internalisers to report the volume and value of internalised settlement and any fails to their national authority every quarter.
• DematerialisationDematerialisation is the elimination of physical certificates so that securities exist only as electronic book entries in an account. Immobilisation is the related practice of keeping certificates in a depository and transferring them by book entry. The Central Securities Depositories Regulation (CSDR) requires book-entry form for securities traded on EU trading venues.

Sources

• Regulation (EU) No 909/2014 (CSDR), EUR-Lex (external site) accessed 31 Oct 2026
• Regulation (EU) 2023/2845 (CSDR Refit), EUR-Lex (external site) accessed 31 Oct 2026
• Regulation (EU) 2025/2075 (shorter settlement cycle), EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.