EU Central Securities Depositories Regulation (CSDR)

CSDR

Following the 2008 financial crisis, the European Commission decided that national Central Securities Depositories (CSDs), in their position as key institutions performing the vital post-trade process of securities settlement, as well as maintaining records of securities accounts and transactions, needed to harmonise their practices and improve the safety and efficiency of transaction settlement.

We have set out links in our Account Segregation page to notices addressed to the clients of HSBC Bank plc. The purpose of the notices is for HSBC Bank plc to comply with Article 38 of European Union Regulation No 909/2014 (Central Securities Depositories Regulation, or CSDR), by offering to our clients within the scope of Article 38 the choice of omnibus or individual segregated accounts at the relevant CSD, and to publicly set out the protection and costs associated with each type of account.

As a participant in a European Economic Area (EEA) CSD, we are required to, under Article 38(6) CSDR, publicly disclose the levels of protection and costs associated with the different levels of segregation in respect of securities that we hold directly for clients with CSDs within the EEA.

CSDR account segregation in the UK following Brexit

The European Union (Withdrawal) Act 2018 (EUWA) creates a new body of UK law, known as retained EU law, based on the EU law that applied in the UK on 31 December 2020. That retained law may have been amended under EUWA powers to ensure that it operates appropriately after Brexit. These amendments are not intended to make policy changes, other than to reflect the UK’s new position outside the EU, and to smooth the transition to this situation.  As a result and from January 2021, there will be an EU version of CSDR and a UK version of CSDR containing substantially the same rights and obligations.  As such, the information in the notices set out in our Account Segregation page remains applicable following Brexit. 

 

Last updated: December 2020