8. Given the extent and the impact of the settlement discipline regime, which will affect a wide range of market participants (CSDs, CCPs, trading venues, investment firms, credit institutions) and authorities, and having regard to the input from stakeholders and the additional time needed due to new developments, such as the envisaged go live date of the T2S penalty mechanism, the estimated time needed for the necessary IT system changes, for the development and the updating of ISO messages, market testing and adjustments to legal arrangements between the parties concerned, ESMA considers it to be appropriate to provide for more time before the start of the application of the new settlement discipline requirements under the RTS on settlement discipline.
9. Taking into account the 22 November 2020 go live date for the ISO messages annual release, and for the T2S penalty mechanism, as well as the need to have a reasonable buffer to cover for operational complexities after the go live, a
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