European Commission publishes legislative proposal on a digital euro
Governing Council to decide in autumn whether to move to next phase of digital euro project.
Regulation
Regulation
European Council and Parliament reach agreement on CSDR refit
Buy-ins to be a “last resort”, T+1 to be explored and CSDs to be pleased to see financial and regulatory burdens reduces as part of drive to improve settlement efficiency.
Refit proposals present opportunity to reset challenges of CSDR, panel finds
Settlement efficiency, T+1 proposals and mandatory buy-ins to be discussed as part of measures.
Supervision of asset valuation needs improvement, says ESMA
EU’s financial markets regulator and supervisor issues final report on supervision of the asset valuation rules under the UCITS and AIFM Directives.
EU gives green light to wide-reaching MiCA regulation
Pan-European crypto measures pass with landslide vote in European Parliament.
UK participants ‘not keen’ on domestic move to T+1 despite ‘inevitability’ of transition
Over 90% of participants in a research study see increased risk of trade failures, penalties, and market inefficiencies.
Canada reconsiders T+1 implementation date following US ruling
Canadian regulator places “high importance” on transitioning on the same day as the US.
DTCC says it’s ready for May 2024 T+1 transition but acknowledges ‘significant challenges’
Market infrastructure provider will work with regulators and partners on challenging transition date to reach a successful transition.
SEC prepares to tighten the screws on digital custody services for institutional assets
Rule change proposal extends ‘qualified custodian’ requirement to cover crypto.
Settlement cycle reaction: Industry ‘shock’ as SEC opts for ‘ambitious’ T+1 timeline
Industry experts weigh in as US regulators fail to concede to industry demands for at least September 2024 deadline, with T+1 set to go live in the US on 28 May 2024.