The Bank of Italy and Consob, in their roles as competent authorities for the supervision of Italian CSDs, comply with the "Guidelines on settlement fails reporting under Article 7 of CSDR", issued by the European Securities and Markets Authority (ESMA) on 24 September 2021, by incorporating them into their supervisory practices.
The Guidelines have been published by ESMA on its website, in all the official languages of the European Union, on 8 December 2021, and provide technical instructions regarding the content of data that CSDs are required to report to the competent authorities pursuant to Article 7(1) of CSDR and about the exchange of data between the latter and ESMA. The technical instructions provided by the Guidelines also apply for the purpose of determining CSD's participants considered as consistently and systematically failing to deliver in a security settlement system, as referred to in Article 7(9) of CSDR.
CSDs subject to the supervision of the Italian authorities are required to comply with the interpretative guidance given by ESMA through the Guidelines that are the subject of this notice; the Guidelines are applicable - according to the terms established by paragraph 1 of the same Guidelines - starting from the date of entry into force of the RTS on settlement discipline, i.e. from 1st February 2022.
The Bank of Italy and Consob have notified their compliance with the Guidelines to ESMA, pursuant to Regulation (EU) No 1095/2010.
