Read the CySEC Circular C780
Memo #30-2026
CySEC Circular No: C780
Date: 21/05/2026
Subject: Transition to T+1 Settlement under Regulation (EU) No 909/2014, as amended – Impact on Regulated Entities and Readiness Surveys
Purpose: To draw the attention of Regulated Entities to recent developments in relation to the shortening of the standard securities settlement cycle in the European Union.
In Summary:
CySEC has issued the Circular C780 on 20/05/2026 to draw the attention of Cyprus Investment Firms, Cyprus UCITS Management Companies and Self-Managed Cyprus UCITS, Cyprus Alternative Investment Fund Managers and Self-Managed AIFs, including Cyprus sub-threshold AIFMs and Self-Managed AIFs, UCITSs’ and AIFs’ Depositaries, Trading Venues and Central Securities Depositories, to recent developments in relation to the shortening of the standard securities settlement cycle in the European Union.
The Circular C780 is issued following Circulars C702 and C741.
As already emphasised in Circulars C702 and C741, on 11/10/2027, the requirement to shorten the standard securities settlement cycle from T+2 to T+1 will enter into force pursuant to Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (“CSDR”), as amended by Regulation (EU) 2025/2075.
This requirement applies to transactions in transferable securities executed on trading venues and falling within the scope of Article 5 of CSDR, as amended by Regulation (EU) 2025/2075.
On 13/10/2025, the European Securities and Markets Authority (“ESMA”) published draft amendments to Commission Delegated Regulation (EU) 2018/1229 (“Draft Settlement Discipline Rules”) concerning settlement discipline mechanisms, introducing additional regulatory requirements associated with the transition to T+1. The European Commission (“EC”) is expected to adopt the amended text in due course.
The Circular C780 also refers to entities impacted by the move to T+1 and key areas of impact. It also provides information on a National competent authorities’ survey and the EU T+1 Industry Committee (‘EUIC’) second readiness survey.
The CySEC encourages Regulated Entities to participate in the National competent authorities’ survey that aims to enable each national competent authority (“NCA”) to obtain greater visibility regarding the state of preparedness within its respective Member State and to facilitate discussions on areas requiring further attention:
The EUIC second readiness survey can be found at the following link:
The Draft Settlement Discipline Rules can be found at the following link:
Read the CySEC Circular C780
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