1. The current date of entry into force of the RTS on settlement discipline is 13 September 2020. The new CSDR settlement discipline regime will affect a wide range of market participants (CSDs, CCPs, trading venues, investment firms, credit institutions) and authorities, and will require significant IT system changes, market testing and adjustments to legal arrangements between the parties concerned.
2. A specific case is the one under Article 20 of the RTS on settlement discipline, according to which "CSDs that use a common settlement infrastructure, including where some of their services or activities have been outsourced as referred to in Article 30(5) of Regulation (EU) No 909/2014, shall jointly establish the penalty mechanism referred to in Article 7(2) of Regulation (EU) No 909/2014 and jointly manage the modalities for the calculation, application, collection and distribution of cash penalties in accordance with this Regulation." In accordance with this requirement, Central Se
…