15.

ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards to specify: the details of the system monitoring settlement fails and the reports on settlement fails referred to in paragraph 1; the processes for collection and redistribution of cash penalties and any other possible proceeds from such penalties in accordance with paragraph 2; the details of operation of the appropriate buy-in process referred to in paragraphs 3 to 8, including appropriate time-frames to deliver the financial instrument following the buy-in process referred to in paragraph 3. Such time-frames shall be calibrated taking into account the asset type and liquidity of the financial instruments; the circumstances under which the extension period could be prolonged according to asset type and liquidity of the financial instruments, in accordance with the conditions referred to in point (a) of paragraph 4 taking into account the criteria for assessing liquidity under point (17) of Article 2(1) of Regulation (EU) No 600/2014; type of operations and their specific time-frames referred to in point (b) of paragraph 4 that renders buy-in ineffective; a methodology for the calculation of the cash compensation referred to in paragraph 7; the conditions under which a participant is deemed consistently and systematically to fail to deliver the financial instruments as referred to in paragraph 9; and the necessary settlement information referred to in the second subparagraph of paragraph 10. ESMA shall submit those draft regulatory technical standards to the Commission by 18 June 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.