ICMA has developed FAQs and Best Practice Recommendations for CSDR penalty regimes….


1 February 2022 ICMA, through its CSDR Settlement Discipline Working Group, has developed a list of Frequently Asked Questions (FAQs) and Best Practice Recommendations intended to support implementation of the CSDR Penalty regimes for the bond and repo markets, when it goes live on 1 February 2022. The FAQs and best practice cover a range of issues, such as scope, invoicing and billing, restitution, as well as the confirmation and allocation process under Article 6 of CSDR. They are also intended to be aligned with, and complementary to, the ECSDA Penalty Framework and the AFME Best Practice for Bilateral Claims.

The ICMA FAQs and Best Practice are intended to be living documents and will be updated as new issues are raised following go-live, or in response to regulatory clarification. These also represent ICMA’s commitment to establishing best practice for international bond and repo markets as well as underpinning market resilience and efficiency.

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
info@icmagroup.org (general enquiries)
education@icmagroup.org (education enquiries)
Copyright © 2022 International Capital Market Association.