On March 11, ISDA and 14 other trade associations sent a letter to the European Commission and the European Securities and Markets Authority highlighting the industry’s concern with respect to implementation of the settlement discipline regime under the Central Securities Depositories Regulation (CSDR) and the mandatory buy-in requirements. A key concern for members is that the current legislative timetable requires market participants to proceed with a major implementation exercise without any indication of the scope or timing of the CSDR review process, which is not expected to be finalized sufficiently before the implementation date of the settlement discipline regime in February 2022.