Art. 47a

Central Securities Depositories Regulation · 32014R0909 · every event for this act · on EUR-Lex

Deferred net settlement

3 changes recorded across 3 events, newest first.

in force 2026-01-17 MODIFIED+350 −0§

Amended by Regulation (EU) 2023/2845 32023R2845

applies from: unchanged

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it MODIFIED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

The after text adds two new paragraphs, numbered 1 and 2, ahead of the existing paragraph 3.

Paragraph 1 requires CSDs applying deferred net settlement to define rules and procedures for that mechanism and for settling participants' net claims and obligations, and paragraph 2 requires such CSDs to measure, monitor, manage and report credit and liquidity risks arising from that mechanism to the competent authorities.

The prior version of the article, which contained only the paragraph on ESMA's development of draft regulatory technical standards, did not include these two paragraphs.

Cited: Art. 47a, v2 · Art. 47a, v1

text before / after

02014R0909-20250117 → 02014R0909-20260117

Article 47a Deferred net settlement 1. CSDs that apply deferred net settlement shall define the rules and procedures applicable to that mechanism and to the settlement of participants’ net claims and obligations. 2. CSDs that apply deferred net settlement shall measure, monitor, manage and report to the competent authorities the credit and liquidity risks arising from that mechanism. 3. ESMA shall, in close cooperation with EBA and the members of the ESCB, develop draft regulatory technical standards to specify the details of the measuring, monitoring, management and reporting of the credit and liquidity risks by CSDs in relation to deferred net settlement. ESMA shall submit those draft regulatory technical standards to the Commission by 17 January 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

in force 2024-05-01 INSERTED§

Amended by Regulation (EU) 2023/2845 32023R2845

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

text before / after, on the event page →

in force 2024-01-16 INSERTED§

Amended by Regulation (EU) 2023/2845 32023R2845

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

Article 47a is a newly added provision titled 'Deferred net settlement', and the visible portion directs ESMA to work with EBA and the members of the ESCB to develop draft regulatory technical standards on measuring, monitoring, managing and reporting credit and liquidity risks by CSDs in relation to deferred net settlement.

The text specifies that ESMA is to submit those draft regulatory technical standards to the Commission by 17 January 2025, and it states that the Commission is empowered to supplement the Regulation by adopting those standards under Articles 10 to 14 of Regulation (EU) No 1095/2010.

The provided excerpt begins at paragraph 3 and is marked as truncated, so nothing about any preceding paragraphs can be described.

Cited: Art. 47a, v2

text before / after, on the event page →