Central Securities Depository Regulation (CSDR)

The Central Securities Depositories Regulation (CSDR) is the regulation relating to securities settlement and central securities depositaries (CSDs) that entered into force on 17 September 2014.
It applies to CSDs that are based in the European Union and their participants. The principal objectives of the CSDR are to:

  • Increase the safety and efficiency of securities settlement and the settlement infrastructures in the European Union (EU);
  • Harmonise the different CSD rules in the European Union; and
  • Establish an enhanced level playing field among CSDs.

The CSDR is a European-wide regulation, which is directly applicable to all Member States.Statutory Instrument No. 481/2016 (European Union (Central Securities Depositories) Regulations 2016  transposes the regulation into Irish law. The Central Bank of Ireland has been designated the Competent Authority (CA) responsible for carrying out the duties under CSDR for the authorisation and supervision of CSDs established in the State.

Non-Domestic CSD Notifications for Passporting of Notary, Safekeeping Services and Banking-Type Ancillary Services

The Home CA of CSDs wishing to provide services in Ireland are required to provide certain information to the Host CA under the CSDR. The Payments and Securities Settlements (PSS) Division within the Financial Operations Directorate of the Central Bank of Ireland is responsible for receiving the information from the Home CA. All correspondence should be sent to the following email address: csdrnotifications@centralbank.ie.

Notary and Safekeeping Services

The Central Bank of Ireland must receive the information described in Article 23(3) of the CSDR from any non-domestic CSD that intends to offer notary and safekeeping services on a freedom of services basis or a freedom of establishment (branch) basis in accordance with Article 23 of the CSDR. The information must be sent by the Home CA of the service providing/branching CSD.

Banking-Type Ancillary Services

In accordance with Article 55 of the CSDR any CSD intending to seek authorisation to provide banking-type ancillary services that are deemed to be of substantial importance for the functioning of the Irish securities markets (as per the European Securities Markets Association (ESMA) criteria) must provide all information to the Central Bank of Ireland as Host CA. The information must be sent by the Home CA of the service providing/branching CSD.