Response by Sveriges Riksbank to ESMA’s consultation paper on the technical standards under the CSD Regulation

Central banks take a particular interest in CSDs operations due to the CSDs importance for well-functioning securities settlement. In CSDR, the definition of "Relevant authority" is crucial for central banks' rights to participate in cooperation arrangements regarding supervision and authorisation of CSDs and for securing access to information regarding CSDs operations. The Riksbank welcomes the opportunity to comment on the consultation paper. We restrict our comments to question 19 regarding the determination of the most relevant currencies, which is linked to the determination of Relevant authority. In our view, ESMA's proposal regarding determination of most relevant currencies in the consultation paper is too narrow. As a consequence, non-euro central banks in the Union will in many cases be excluded from participating in the cooperation arrangements for a CSD that settles securities in their currencies. The Riksbank in its response therefore advocates a more inclusive approach for determining the most relevant currencies.