The Regulation (EU) No 909/2014, the so-called CSDR, provides that entities which settle securities transactions internally, that is, without transmitting them to a central securities depository, a central counterparty or another intermediary, are to be considered settlement internalisers.

Settlement internalisers must report, within 10 working days from the end of each quarter, January-March, April-June, July-September and October-December, aggregated data on internalised transactions to the competent authority of the European Union country in which they are established.

Settlement internalisers with their head office in Italy, as well as Italian branches of entities established in non-European Union countries, must therefore submit their reports to Consob. Italian branches of settlement internalisers established in other European Union countries must instead report the data to the national authority of the European Union country in which their head office is located.

As stated in Communication No 9 of 11 April 2019, the obligation entered into force on 1 July 2019 with respect to data for the April-June 2019 quarter.

The content of the data is defined in Delegated Regulation No 2017/391 and in Implementing Regulation No 2017/393. Further clarifications are provided in the ESMA Guidelines of 28 March 2018, with which Consob will comply in carrying out its supervisory activity.

The data must be reported using XML files drawn up in accordance with an XSD schema approved by ISO, the so-called Report Schema, as provided for in the above-mentioned ESMA Guidelines, and must be sent to Consob through a dedicated data collection system.

In order to access the new system, the CSDR form attached to the Communication must be submitted to Consob.

The technical documentation concerning the new reporting obligation is made available below: