ESMA clarifies access for EU market participants to the services of third-country CSDs

The European Securities and Markets Authority (ESMA), the EU regulator and supervisor, has published today a statement clarifying that EU market participants should not be prevented from accessing third-country Central Securities Depositories (CSDs) beyond 17 January 2027 and until the EU finalises the legislation to extend the current transitional regime.

The current transitional regime, which allows certain third-country CSDs to provide notary and central maintenance services for financial instruments constituted under the law of an EU Member State, is set to end on 17 January 2027. 

The Market Integration and Supervision Package (MISP), currently under negotiation, proposes extending this transitional regime. ESMA understands that both the Council of the European Union and the European Parliament support an extension.

Market participants, particularly issuers, had raised concerns about the uncertainty over continued access to third-country CSD services ahead of a political agreement on the proposed legislative extension, and how this uncertainty could create operational challenges. ESMA's statement provides clarity to support the orderly functioning of EU capital markets, well ahead of the 17 January 2027 deadline.

Senior Communications Officer
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