Internalised settlement reporting
The Central Securities Depositories Regulation (CSDR) (as onshored) introduces a requirement that firms that carry out settlement activity outside central securities depositories (CSDs) report data quarterly on this activity to the Bank of England. This requirement, which is contained in Article 9 of the legislation, applies as of July 2019.
In November 2018, the Bank, with the help of the PRA and FCA, wrote to UK firms to ensure that they were aware of the requirement. We also asked them to complete an online survey (list of questions available here) and to provide contacts details for further, direct, communication.
We contacted firms identified as having either, or both, of the following regulatory permissions, specified in Article 40 of the Regulated Activities Order, which are more relevant to carrying out settlement internalisation activities:
- arranging safeguarding and administration of assets
- safeguarding and administration of assets (without arranging)
Details about the timeline and the onboarding process for internalised settlement reporting are available below.
If your firm has not been contacted, and you think your firm will need to report settlement internalisation activity, please email InternalisedSettlement-Enquiries@bankofengland.co.uk.