When does a CSD become ‘substantially important’? ESMA sets the criteria

The European Securities and Markets Authority (ESMA) has published its final report on draft Regulatory Technical Standards (RTS), clarifying when a Central Securities Depository (CSD) reaches “substantial importance” in a host EU Member State. The criteria, developed under the CSDR Refit, aim to determine when a CSD’s activities require closer regulatory coordination through a supervisory college.