Art. 74

in force 2026-01-17 MODIFIED±0§

Amended by Regulation (EU) 2023/2845 32023R2845

applies from: unknown

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in force 2024-05-01 MODIFIED§

Amended by Regulation (EU) 2023/2845 32023R2845

applies from: unchanged

Paragraph 1 no longer describes the reports as annual and expands the settlement-efficiency assessment in point (a) into eight detailed sub-items covering fail evolution, cash penalty impact, duration and drivers of fails, categories most affected, international comparison, penalty amounts, mandatory buy-in figures and supervisory measures on persistently low efficiency, and adds a new point (aa) comparing efficiency to major third-country markets and a new point (l) on notifications under Article 25(2a).

Point (b) now refers to cash penalties rather than penalties generally, point (c) is reworded to measure transactions settled outside CSD systems with a comparison to those settled within CSD systems and added references to competition and financial stability impacts, and point (k) is followed by the new point (l) rather than ending the list.

Paragraph 2 replaces the single annual 30 April deadline with a differentiated schedule setting two-year, three-year, peer-review-linked, or request-based reporting periods for specified points of paragraph 1, while retaining the 30 April communication date tied to that periodicity.

Cited: Art. 74, v1 · Art. 74, v2

text before / after, on the event page →

in force 2024-01-16 MODIFIED§

Amended by Regulation (EU) 2023/2845 32023R2845

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-01-17, 2026-01-17

The revised article keeps paragraphs 1 and 2 unchanged but adds five new paragraphs, numbered 3 through 7, none of which existed before.

The added paragraphs introduce reporting duties for ESMA and EBA covering topics such as shortening the settlement cycle, a cost-benefit analysis of mandatory buy-ins, CSD designation of banking-type ancillary service providers, additional tools to improve settlement efficiency, and residual credit loss related to residual credit exposures.

Several of these new paragraphs set specific deadlines of 17 January 2025 or 17 January 2026, or recurring intervals such as every two years or every three years, for submission of the respective reports.

Cited: Art. 74, v1 · Art. 74, v2

text before / after, on the event page →