Final report on the revised CSDR Guidelines on standardised procedures and messaging protocols used between investment firms and their professional clients
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ESMA publishes the final version of its revised CSDR guidelines on allocations and confirmations between investment firms and professional clients, aligned with the amended RTS on settlement discipline ahead of the move to T+1. They require electronic standardised methods and open international standards.
Key points
- Non-electronic means (phone, fax) are ruled out except in temporary technical disruptions.
- Internal or domestic messaging standards are no longer allowed.
- Email or graphical interfaces are accepted if the content is machine-readable.
- Arrangements can be set out in any legally binding agreement.
Who is affected
Investment firms and their professional clients (asset managers, insurers, funds).
Deadlines
The amended RTS apply from 7 December 2026; T+1 from 11 October 2027.
Plain-language version
ESMA, the EU's stock market watchdog, has published final rules requiring banks and brokers to confirm trades with professional clients, such as funds or insurers, through standard electronic channels. Phone and fax are out, except during technical glitches. It is a step towards T+1, getting what you buy on the stock market the next business day, from 11 October 2027.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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