Technical correction to the central securities depositories regulation: what changes in 2026

Key data

Central securities depositories are critical financial market infrastructures: they manage the settlement of securities and the registration of ownership. Any adjustment to the regulation governing them, even if technical in nature, can have direct consequences for the internal compliance procedures of these entities.

The correction published on 2 July 2026 rectifies errors detected in Delegated Regulation (EU) 2017/392, which develops the technical regulatory standards derived from Regulation (EU) No 909/2014 (known as CSDR, by its acronym). The latter is the reference European regulatory framework for CSDs.

What does this regulation establish?

Delegated Regulation (EU) 2017/392 develops technical regulatory standards in three major areas for CSDs:

• Authorization: requirements and procedures for an entity to obtain the status of central securities depository in the EU.
• Prudential requirements: capital requirements, risk management and financial soundness that CSDs must comply with.
• Operational requirements: rules on operations, business continuity, outsourcing and incident management.

The correction published in July 2026 does not modify the regulatory substance of any of these areas. It is a rectification of material or drafting errors detected in the original text published in the Official Journal of the EU (L 65, 10 March 2017). This type of correction is common in European legislation and aims to ensure the coherence and precision of the legal text.

The corrected regulation does not introduce new obligations or eliminate existing ones. However, CSDs must check whether the rectified errors affect the interpretation they have been applying in their internal procedures.

Economic and operational impact

As this is a technical correction without change to the regulatory substance, the direct economic impact is limited. No new fees, sanctions or capital thresholds are introduced. However, the operational impact may be relevant in the following cases:

• Review of internal procedures: if any corrected error affected the interpretation of an operational or prudential requirement, the entity must update its manuals, policies or internal controls.
• Compliance cost: documentary review and possible update of procedures involves hours of work by compliance and legal teams, with associated indirect costs.
• Reputational and supervisory risk: failure to adapt procedures to the corrected version of the regulation could generate discrepancies in a CNMV inspection or by competent European authorities.

Supervision of CSDs in Spain is the responsibility of the CNMV, in coordination with competent European authorities. Any misalignment between internal procedures and the corrected text of the regulation may be subject to supervisory observation.

Who does it affect?

• Central securities depositories (CSDs): in Spain, mainly Iberclear, which manages the settlement and registration of securities in Spanish markets.
• Financial entities participating in CSDs: banks, brokers and other entities that access CSD services and must align with the operational requirements of the regulation.
• Capital market supervisors: the CNMV and competent European authorities that use the regulation as a reference for their supervisory activities.
• Compliance and legal teams: responsible for keeping internal regulatory compliance procedures updated in affected entities.
• Advisors and consultants in capital markets: who provide regulatory compliance services to entities in the sector.

Practical example

Suppose the compliance team at Iberclear has documented an internal authorization procedure based on the original wording of Delegated Regulation (EU) 2017/392, published in March 2017. If one of the errors corrected in July 2026 affects an article that regulates, for example, the documentation required in the authorization process, the internal procedure could be based on incorrect wording.

In that case, the compliance team must:

1. Identify the articles affected by the correction.
2. Compare the corrected wording with the one being applied.
3. Update the internal procedure if there is a discrepancy.
4. Document the change to demonstrate compliance to the CNMV in a potential inspection.

This process, although it does not imply a direct economic cost, does represent an operational burden for the legal and compliance teams of the affected entities.

What should companies do now?

1. Access the corrected text: download and read the correction published in the Official Journal of the EU on 2 July 2026 to identify exactly which articles have been rectified.
2. Compare with internal procedures: review whether current regulatory compliance procedures are based on the original or corrected wording, and identify possible discrepancies.
3. Update internal documentation: if differences are detected, update manuals, policies and internal controls to align with the corrected text.
4. Inform the teams involved: communicate the changes to the compliance, legal, operations teams and, if appropriate, to CSD participants.
5. Document the review process: keep written record of the review carried out and the conclusions obtained, to demonstrate diligence to the CNMV or European authorities in case of inspection.
6. Consult with the CNMV if in doubt: if the correction generates uncertainty about the interpretation of any requirement, it is advisable to consult with the supervisor before adopting a position.

Official source

Consult complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=OJ:L_202690540