Page 40 - 期貨和衍生品行業(yè)監管動(dòng)態(tài)（2024年3月）
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期貨和衍生品行業(yè)監管動(dòng)態(tài)
the EU.
? Respondents identified a wide range of both potential costs and benefits of a
shortened cycle, with some responses supporting a thorough impact
assessment before deciding.
? Respondents provided suggestions around how and when a shorter settlement
cycle could be achieved, with a strong demand for a clear signal from the
regulatory front at the start of the work and clear coordination between
regulators and the industry.
? Stakeholders made clear the need for a proactive approach to adapt their own
processes to the transition to T+1 in other jurisdictions. Some responses
warned about potential infringements due to the misalignment of the EU and
North America settlement cycles, that ESMA is currently assessing.
Next steps
ESMA will continue assessing the responses received, including the demands for
regulatory/supervisory guidance. ESMA aims at including lessons learnt from the
North American move to T+1 as well as any further feedback received from
stakeholders in the APAC region, from small and medium market participants and
retail investors and their representatives.
ESMA intends to deliver its final assessment to the European Parliament and to
the Council before 17 January 2025.
https://www.esma.europa.eu/press-news/esma-news/t1-feedback-report-shows-mixed-
impacts-shortening-settlement-cycle-eu
11. 關(guān)于修訂后的《歐盟金融工具市場(chǎng)條例》規則手冊的過(guò)渡安排（2024 年 3
月 21 日）
27
