Most of the requirements in CSDR takes effect for both the CSD and its affiliates when the
CSD is authorized in accordance with the new regulation.
When VPS can apply for an authorization under CSDR is depending on when the regulation
is included in the EEA-agreement and implemented in Norwegian law.
Discussions between the EFTA countries and the EU on how CSDR is to be incorporated into
the EEA Agreement are still ongoing. In light of this it is not likely that a Norwegian law that
implement the regulation into Norwegian law is adopted before Q4-18/ early Q1-19. It is not
clear when the CSDs from the EFTA-countries will have to apply for authorization under the
regulation. This question is a part of the negotiations between EU and the EFTA-countries.
The deadline for EU-CSD to send their Application for an authorization under CSDR was in
October 2017. So far two have received their authorization.
Even if CSDR is not yet implemented into Norwegian law, VPS has started to adopt to the
new regulation. This project has been ongoing for a long period. A number of adjustments are
already implemented, and several are planned in the near future. Rules regarding LEI for
issuers is already in place. In Q3 2018 and Q1 2019 VPS is introducing “Hold and Releasefunctionality”
and a third settlement in the Settlement system.
VPS is also working on the revised versions of the VPO NOK Settlement Rules and the VPS
Rules for registration of financial instruments in light of CSDR. Clients will be involved in
this work through consultations in Q3/Q4 2018.
CSDR settlement discipline legislation (Level 1 and Level 2) will not enter into force in
Europe before 24 months after the Level 2 legislation is published. The legislation will enter
into force in Norway at the same time. The European Commission published the regulatory
technical standards concerning settlement discipline on 25 May 2018. The standards are
published in the “Official Journal” in September 2018 and will
enter into force in September 2020.