CSDR

 CSD-R

As a Central Securities Depository, IBERCLEAR is subject to the regulation on CSDs 

UE Regulation

Regulation 909/2014, known as CSD-R (only in Spanish)

Technical standards of the regulation

• Delegated Regulation (EU) 2017/389 (only in Spanish)
• Delegated Regulation (EU) 2017/390 (only in Spanish)
• Delegated Regulation (EU) 2017/391 (only in Spanish)
• Delegated Regulation (EU) 2017/392 (only in Spanish)
• Delegated Regulation (EU) 2017/393 (only in Spanish)
• Delegated Regulation (EU) 2017/394 (only in Spanish)

Informative Memos

• Informative Note 96/2017, of 6 October (only in Spanish)
• Process authorising Iberclear as a Central Securities Depository, pursuant to Regulation 909/2014
•              (only in Spanish)
• Informative Note 3/2019, of 1 February
• Informative Note 11/2019, of 3 April
• Informative Note 13/2019, of 12 April
• Informative Note 31/2019, of 23 September
• Informative Note 4/2020, of 4 January
• Informative Note 15/2024, of 16 of May
•              Annex. Protection of participants´and theri client´s securities

White Paper

• CSD Regulation White Paper (March 20th 2019)

FAQs CSDR

FAQs CSDR

Settlement Discipline

Regulatory Technical Standars               

White Paper. Buy-in mechanisms under Settlement Discipline (01-06-2020) 

Annual public disclosure of settlement fails (SDR) - 2023

 CSDR Follow-up Report

1. RECONCILIATION
Positions reconciliation procedure		PR120
Procedure for suspension of settlement of an issue		PR120
2. BOOK-ENTRIES		PR100
3. UTILISATION OF THE LEI		PR100 / PR120
4. SETTLEMENT DISCIPLINE
Management of penalties		PR440
Information of buy-ins results		PR450
5. TRANSPARENCY
User Committee		Circular 1/2019
Fees		Circular Fees
Complaints Procedure		Contact
Criteria and procedures for participants´access, infrastructures and issuers		How to become a client?
6. RISK MANAGEMENT
6.1 Monitoring of fails
Procedure in the event of insolvency		Circular 5/2017 PR420
Procedure for the test stipulated in Q2 2019 for simulation in the event of an entity´s insolvency		PR420
6.2 Identification of the Key Participants
6.3 Segregation of accounts
Register Structure		PR110
Document with different levels of protection, along with associated costs for each of the accounts		Informative Note   37/2019  Annex
7. INTERNALISED SETTLEMENT		www.cnmv.es