Central Securities Depository Regulation (CSDR)

Deutsche Bank (Suisse) SA Cost Disclosure

Central Securities Depositories Regulation

Swiss and European regulation, art. 38 of the Swiss Financial Market Infrastructure Act and art. 38 of the Central Securities Depositories Regulation (‘CSDR’) sets down a new regulatory framework governing central securities depositories (‘CSDs’) and securities settlement in the European Union ('EU'). Although, as the name suggests, there is a distinct focus on CSDs (CSDR applies to all CSDs in the European Economic Area) the regulation also affects CSD Participants (Swiss domiciled banks) and their clients.

CSDR, Regulation (EU) No 909/2014, provides for:

Regulation of CSDs: recognising their systemic importance, the regulation harmonises the authorisation and supervision of CSDs across the EU, imposing standardised prudential and risk requirements;
Harmonised Market Protocol: providing a consistent approach to settlement (systems, rules, processes) including the T+2 settlement cycle already implemented in 2014 and the upcoming mandatory settlement discipline (buy-in and penalty) regime;
Increased Efficiency and Transparency: enhancing the safety, transparency and consistency of securities settlement in the EU including reconciliation, account segregation, disclosure and reporting to local and/or regional authorities.

Further information can be found on the website of the European Commission and the European Securities and Markets Authority (ESMA).

Account Segregation, Risk and Cost Disclosures under CSDR

Under CSDR, each CSD and each CSD Participant must offer their clients a choice between omnibus and individually segregated accounts at the CSD. Further, the CSD and the CSD Participant are required to publish information regarding the levels of protection associated with the different levels of segregation, including a description of the main legal implications, information on applicable insolvency law and information regarding the costs and charges associated with the provision of each account. As such, this webpage contains CSDR Participant and Costs Disclosures.

For further Information, please contact your client advisor or relationship manager.

French:

Legally Required Participant Disclosure
Deutsche Bank (Suisse) SA Cost Disclosure

Italian:

Legally Required Participant Disclosure
Deutsche Bank (Suisse) SA Cost Disclosure