As published in the Official Journal of the EU on the 11th of August 2023, the Regulatory Technical Standards (RTS) regarding the CSDR (Central Securities Depositories Regulation) penalty mechanism for settlement failures on cleared transactions submitted by CCPs (Central Counterparties) to CSDs (Central Security Depositories) for settlement will be amended. This means that from the 2nd of September 2024, penalties on Nasdaq Clearing cleared transactions will be processed like any other CSD penalties. There will be a single mechanism administered by the CSDs for the collection and distribution of CSDR penalties for both cleared and non-cleared transactions. Penalties for cleared transactions that fail after September 2nd, 2024 will be collected and distributed by the CSDs instead of Nasdaq Clearing, with that: -- No CSDR penalty reports will be sent by Nasdaq Clearing to its clearing members after September 1st, 2024. -- Payments for August 2024 penalties on Nasdaq Clearing cleared transactions will be debited or credited in September by Nasdaq Clearing according to the current solution. -- Payments for September 2024 penalties on Nasdaq Clearing cleared transactions will be debited or credited by the relevant CSD in October. -- Any imbalances in CSDR penalties at CCP level related to the Nasdaq Clearing cleared transactions may still be charged via direct debit by Nasdaq Clearing to the clearing members after September 2024. For further information, please contact Nasdaq Clearing: clearing@nasdaq.com or +46 8 405 6880
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