Updated 22/10/2024
In force

Initial Legal Act
Amendments
QA3d - CSDR
Status: Final
Updated: 18/10/2022
Annex 1
QA3g - CSDR
Status: Final
Updated: 18/10/2022
Annex 1
QA1157 - Settlement discipline - Cash penalties: process
Status: Final
Answered: 18/10/2022
Annex 1
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CSDR ToolDelegated Regulation 2017/389
ANNEX

ANNEX

ANNEX

Penalty rates applicable to settlement fails

Type of fail

Rate

1.

Settlement fail due to a lack of shares that have a liquid market within the meaning of point (b) of Article 2(1)(17) of Regulation (EU) No 600/2014, excluding shares referred to in point 3

1,0 basis point

2.

Settlement fail due to a lack of shares that do not have a liquid market within the meaning of point (b) of Article 2(1)(17) of Regulation (EU) No 600/2014, excluding shares referred to in point 3

0,5 basis point

3.

Settlement fail due to a lack of financial instruments traded on SME growth markets, excluding debt instruments referred to in point 6

0,25 basis point

4.

Settlement fail due to a lack of debt instruments issued or guaranteed by:

(a)

a sovereign issuer as defined in Article 4(1)(60) of Directive 2014/65/EU;

(b)

a third country sovereign issuer;

(c)

a local government authority;

(d)

a central bank;

(e)

any multilateral development bank referred to in the second subparagraph of Article 117(1) and in Article 117(2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (1);

(f)

the European Financial Stability Facility or the European Stability Mechanism.

0,10 basis point

5.

Settlement fail due to a lack of debt instruments other than those referred to in points 4 and 6

0,20 basis point

6.

Settlement fail due to a lack of debt instruments traded on SME growth markets

0,15 basis point

7.

Settlement fail due to a lack of all other financial instruments not covered in points 1 to 6

0,5 basis point

8.

Settlement fail due to a lack of cash

Official interest rate for overnight credit charged by the central bank issuing the settlement currency with a floor of 0

(1)  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).