New reporting obligation under Article 9(1) of the CSDR

The information to be reported is set out in Article 2(1) of Implementing Regulation (EU) 2017/391 and the Guidelines on Internalised Settlement Reporting.

Under Implementing Regulation (EU) 2017/393, the reports must be submitted within 10 working days from the end of each quarter. BaFin will then forward the reports to the European Securities and Markets Authority (ESMA). Further information regarding the reporting obligation can be found on ESMA’s website.

Who is subject to the reporting obligation?

The reporting obligation applies to settlement internalisers. Under Article 2(1) no. 11 of the CSDR, this means any institution, including one authorised in accordance with Directive 2013/36/EU or with Directive 2014/65/EU, which executes transfer orders on behalf of clients or on its own account other than through a securities settlement system.

The report can also be submitted by a third-party notifier authorised by the settlement internaliser. Even in cases where the report is transmitted by a third party, the legal obligation to submit the reports and the responsibility for the completeness and accuracy of the reports remain in the sphere of responsibility of the settlement internaliser.

How can the report be submitted?

BaFin provides the reporting and publishing platform (MVP) for the submission of the reports. On the MVP Portal, the actual notifications are to be submitted using the specialised procedure “Settlement internaliser reporting procedure”.

In order to submit reports, you will need to register for both the MVP and the specialised procedure “Settlement internaliser reporting procedure”.

The report itself is to be submitted to BaFin in XML format using the electronic notification procedure. The ISO 20022 message definition in XSD format can be accessed on the ESMA website.