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Each issue of the monthly Capco Regulatory Monitoring Newsletter provides regular update on some of the most important regulatory changes – along with a Capco view on the implications of these changes. The newsletter is developed by industry experts in Capco’s European Regulatory Monitoring Team.

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PAST ISSUES

Regulatory Monitoring Newsletter (Ninth Issue of 2016)

  • TARGET2-Securities (T2S) - Successful Wave 3 Go-Live 
  • MiFID II: EU Commission adopts RTS 22 on transaction reporting 
  • PRIIPs: European Parliament rejects RTS
  • MAR: ESMA finalizes standards on sanctions and measures
  • MAR: ESMA publishes guidelines on market soundings and the delay of disclosure of inside information
  • Examination of Liquidity of the Secondary Corporate Bond Markets

 

Regulatory Monitoring Newsletter (Eighth Issue of 2016)

  • General Data Protection Regulation (GDPR): New rules on data protection appear in the industry's radar
  • Another milestone reached: 1 year into the T2S journey, Wave 3 goes live in September. Survey confirms, CSD links continue to be a decisive element, liquidity management a key benefit of T2S.
  • EMIR: ESMA issues consultation on the clearing obligation for financial counterparties with a limited volume of activity
  • MiFID II: Update on adopted standards
  • CSDR: Better stay alive: ESMA published responses on guidelines on participant default rules
  • PRIIPS: FCA's Consultation Paper on the Changes to Disclosure Rules in the FCA Handbook

 

Regulatory Monitoring Newsletter (Seventh Issue of 2016)

  • FRTB: The revised boundary
  • Proposed policy recommendations to address structural vulnerabilities from asset management activities
  • PRIIPS: Requirements and key implementation challenges
  • MiFIDII: ESMA issues opinion on ancillary activities in trading of commodity derivatives
  • MiFIDII: More clarity but not the end – EU Commission adopts technical standards

 

Regulatory Monitoring Newsletter (Sixth Issue of 2016)

  • MiFID II: EU Commission adopts Delegated Regulation supplementing MiFIR
  • MiFID II: EU Commission adopts Delegated Regulation supplementing MiFIR
  • MIFIR/EMIR – Indirect Clearing: waiting time is over, working time begins
  • MAR synchronization of reference data reporting postponed in line with MiFID II
  • HFT: ESMA publishes report on order duplication and liquidity measurement in EU equity markets
  • ESMA sheds light on UCITS share classes in its latest Discussion Paper
  • FRTB: The revised Internal Models Approach
  • Opinion of EBA on the application of CDD measures to customers who are asylum seekers from higher-risk third countries or territories
  • HKMA issues revised supervisory policy manual on Supervisory Review Process
  • SMA: Basel’s new approach for Operational Risk - a step backwards?

 

Regulatory Monitoring Newsletter (Fifth Issue of 2016)

  • First EU-wide CCP stress test performed and results provided by ESMA
  • EMIR: Draft technical standards on access to data and aggregation and comparison of data across TR under Art. 81 of EMIR
  • MiFID II: ESMA submits opinions on draft RTS 2 and 21 on non-equity transparency and position limits to the Commission
  • MIFID II: Delegated directive - shedding light but not illuminating the path
  • MiFID II: EU Commission adopts Delegated Regulation on organizational requirements and operating conditions for investment firms
  • ESMA brings clarity for collateral transfers reporting obligations under MiFIR

 

Regulatory Monitoring Newsletter (Fourth Issue of 2016)

  • EMIR - One-day margin period: Holy Grail or non-starter for the clearing business?
  • MIFID II - ESMA - No need to temporarily exclude ETDs from open access to trading venues and CCPs
  • UK - Implementation of MiFID II: part 1
  • EBA finalized the Regulatory Technical Standards (RTS) for PRIIPs - insights and impacts for the mandatory Key Information Document (KID)
  • MAR - ESMA consults on guidelines for additional criteria for the definition of inside information related to commodities derivatives
  • FRTB - The revised standardized approach

 

Regulatory Monitoring Newsletter (Third Issue of 2016)

  • EMIR – Report on CCP interoperability reveals modest cross-CCP clearing business
  • Final draft of technical standards on margin requirements for non-cleared derivatives published by the ESAs
  • SFTR – Recycling EMIR and MiFIR: ESMA consults on level 2 measures for securities financing transactions
  • BMR – Fighting benchmarks’ manipulations - ESMA consults on level 2 measures
  • FSB publishes report on possible measures of non-cash collateral reuse
  • The next important step in the T2S-journey: go-live of migration wave 2
  • EBA’s regulatory review of the IRB Approach (roadmap)
  • The new Minimum Requirements for Risk Management of Banks (MaRisk BA)

 

Regulatory Monitoring Newsletter (Second Issue of 2016)

  • MIFID II to be delayed by one year
  • MIFID II/MIFIR – European Commission prompted to touch up on cross-selling regulation
  • SFTR: New regulation on transparency of securities financing transactions entered into force
  • POG wakeup call
  • MAR: ESMA consults on draft Guidelines for persons receiving market soundings and on legitimate interests and omissions likely to mislead the public
  • CSDR – Will settlement finally become more disciplined?
  • CFTC proposes Fingerprinting Alternative for Foreign Natural Persons
  • Total Loss-Absorbing Capacity (TLAC)
  • Basel III: FINMA announces 2016 agenda for implementing Basel III regulations

 

Regulatory Monitoring Newsletter (First Issue of 2016)

  • New margin periods for European CCPs in discussion, will it help to compete?
  • ESMA publishes new technical standards for trade repository reporting
  • MIFID II - Shedding further light in the dark - ESMA published final draft ITS
  • MIFID II - ESMA published guidelines on cross- selling practices
  • MIFID II - ESMA published final guidelines on assessment of knowledge and competence
  • Government draft of the “Erstes Finanzmarktnovellierungsgesetz”
  • IFRS 9 - New impacts from late 2015: publications and possible future implications
  • Follow-up on 4th AML Directive: PEPs
  • EBA publishes final guidelines on sound remuneration policies and its opinion on the application of proportionality

 

Regulatory Monitoring Newsletter (Ninth Issue of 2015)

  • MIFID II – A year’s delay of MiFID II seems inevitable
  • ESMA published responses to Consultation Paper on ITS under MiFID II
  • EMIR – Central clearing for Norwegian, Polish and Swedish Interest Rate Swaps proposed
  • Impact of the US Prudential Regulators uncleared OTC margin regulation
  • TARGET2-SECURITIES – Thoughts on the most likely scenario for the Target2-Securities (T2S) migration schedule following Euroclear’s delay
  • Treatment of CVA under SREP

 

Regulatory Monitoring Newsletter (Eighth Issue of 2015)

  • EMIR – Index CDS added to central clearing obligation
  • EMIR – Consultation on EMIR standards related to liquidation period
  • MIFID II/MIFIR – Indirect Clearing: quiet before the storm instead of quietly fading out
  • Further insights into ESMAS final draft RTS
  • MIFID II and CSMAD to become national law: 1st draft of the German FimanoG published
  • TARGET2-SECURITIES – Opportunity for market participants, cornerstone of the Capital Markets Union and “hot topic” at this year’s Sibos event
  • Towards an internet news-based credit rating early warning system
  • ESAs publish draft of Risk Factor Guidelines
  • 4th Anti-Money Laundering Directive

 

Regulatory Monitoring Newsletter (Seventh Issue of 2015)

  • MiFIDII/ MiFIR – ESMA publishes second final report of technical standards
  • ITS – ESMA published consultation paper on ITS ESMA update on waivers in MiFID pre-trade transparency obligations
  • PRIIPS – technical discussion paper and market view published
  • FinfraG – update
  • T2S – Italy is live: a challenge for the T2S platform?
  • EBA publishes final version of its updated report on the monitoring of Additional Tier 1 capital instruments
  • Chances created due to an effective product oversight and governance arrangements
  • Interest Rate Risk in the Banking Book: new BCBS recommendations
  • Comply or die – the cost of non-compliance

 

Regulatory Monitoring Newsletter (Sixth Issue of 2015)

  • EMIR - Extension to ETD in interoperability arrangements for CCPs
  • EMIR - ESMA Publishes Responses To Consultation On Clearing Obligation
  • EMIR - EU Commission approves IRS clearing
  • CFTC Cross Border Proposals
  • MIFID II/MIFIR - Market view on complex products published
  • ESMA publishes part of final Draft RTS on MIFIR/MIFID II
  • MIFID II - Responses published concerning assessment of knowledge and competence
  • Kleinanlegerschutzgesetz published
  • CSDR: ESMA delays draft technical standards on level 2 standards
  • CSDR: ESMA publishes consultation paper on the operation of the buy-in process
  • Blockchain Applied: FinTech startups set to go after market infrastructures
  • Rogue Trading - Prevention and Detection
  • BCBS292 - Review of the Principles for the Sound Management of Operational Risk
  • BCBS issues new consultative document on interest rate risk in the banking book (IRRB)
  • EBA Consultation on Draft ITS on the mapping of ECAIs’ credit assessments for securitization positions under Art 270 CRR (EBA/CP/2015/08)

 

Regulatory Monitoring Newsletter (Fifth Issue of 2015)

  • Reputation risk in the age of social media
  • Insurance & Cyber Risk – Attractive future business line?
  • Basel III Monitoring - Update for regulatory leverage and liquidity ratios based on 30th of June 2014
  • IFRS 9 and BCBS d311 - Regulatory guidance on accounting for expected credit losses - results from comment letters
  • Inaccuracies in Risk Management – 2 - Input- related inaccuracies (requirements)
  • MiFID II / MiFIR - ESMA takes stakeholder input serious and gives an outlook over the next months
  • BCBS 261 – Update June 2015

  • T2S goes live after nine years: what’s next?
  • AEOI (Automatic Exchange of Information) – Switzerland and EU sign agreement

 

Regulatory Monitoring Newsletter (Fourth Issue of 2015)

  • MIFID II – Assessment of knowledge and competence
  • Kleinanlegerschutzgesetzt adopted
  • MiFID II - Improved process results in 3-month delay of level 2 texts
  • EMIR - Centralised data projects launched
  • Risk assessment of the European Banking System
  • Basel III Monitoring - Update for regulatory capital ratios
  • Upcoming changes to the internal ratings based approach
  • BCBS 239 - Inaccuracies in risk management
  • IFRS 10 - Consolidation of borrowers
  • Updated regulatory guidance on accounting for expected credit losses and interaction with IFRS 9
  • European Savings Directive (ESD) - Proposal of the EU Commission
  • T2S - Preparing for the T2S-launch on 22 June

 

Regulatory Monitoring Newsletter (Third Issue of 2015)

  • CRR – EBA advises on the definition of eligible capital
  • BCBS 261 - Update
  • CYBER-CRIME – Impact on financial institutions
  • Integrated capital allocation as a foundation for a value-based bank management
  • T2S – On the finish line: the start of the Community Testing phase


Regulatory Monitoring Newsletter (Second Issue of 2015)

  • MiFID II & MiFIR - ESMA shifts up a gear in the legislative process
  • MiFID II & MiFIR - ESMA publishes consultation responses
  • MiFIR- Non-equities transparency regime
  • MiFID II & MiFIR - ESMA asks for market views on complex problems
  • Basel III Monitoring - Regulatory capital ratios
  • SREP - Supervisory review and evaluation process
  • EBA - Final guidelines on disclosure requirements
  • Consequences of hedge accounting under IFRS 9 on the operating model of banks
  • T2S - Production environment ready
  • Derivatives regulation - Swiss Financial Market Infrastructure Act (FMIA)
  • Swiss withholding tax reform - Consultation paper

 

Regulatory Monitoring Newsletter (First Issue of 2015)

  • ESMA provides implementing rules for MiFID II & MiFIR
  • BCBS 261 – Possible timeline revision for margin requirements for uncleared derivatives
  • EMIR – Amended draft RTS on the clearing obligation
  • EMIR – Feedback statement of ESMA on the clearing obligation for Non-Deliverable Forwards
  • T2S – CSDs and central banks of migration wave 1 started multilateral interoperability testing
  • CSDR – ESMA published consultation papers and provides 18 month respite to CSDR discipline regime
  • BCBS consultation on outstanding issues in the Fundamental Review of the Trading Book (FRTB)
  • IT-outsourcing, governance and accounting
  • New IDW exposure draft for accounting principles for property valuation
  • Results of the comprehensive assessment in Germany
  • Misconduct by banks regarding data protection laws – complaints by German supervisory authorities

 

Regulatory Monitoring Newsletter (Tenth Issue of 2014)

  • BCBS 261 - Intensive lobbying activity
  • AEOI - The fight on a global level against tax evasion has started
  • AIFMD - Call for evidence regarding EU passport published
  • Operation Risk - Revision of the simple approaches by the Basel committe
  • Single Supervisory Mechanism - Should banks fear or welcome the new role of the ECB?
  • T2S - One step closer: Successful completion of the T2S wave 1 migration rehearsal

 

Regulatory Monitoring Newsletter November 2014

  • Mandatory Margin for Uncleared Swaps - CFTC release of proposed rules
  • Liquidity Coverage Ratio - Delegated act
  • AMA - Technical standards on assessment methodologies
  • T2S - Quick snapshot of T2S progress and T2S latest special series issue
  • CSDR - A very smooth transition to T+2
  • Best Execution - MIFID and Swiss banking code of conduct

  

Regulatory Monitoring Newsletter September 2014

  • EMIR - A busy month for the clearing obligation
  • Margin Requirements for Uncleared Derivatives - BCBS 261 update
  • Dodd Frank - CFTC triumphs in industry lawsuit over extra-territorial application
  • Million Credit - Update
  • AnaCredit - Outlook
  • Harmonized definitions and templates of funding plans
  • CRR - Immovable property losses
  • UCITS V - Directive enters into force; first level 2 consultation paper published
  • T2S - Eurosystem ready for user testing and T2S was hot topic at SIBOS in Boston
  • Financial Institutions Act (FINIA)

 

Regulatory Monitoring Newsletter Summer 2014

  • MIFID II / MIFIR - Final texts published
  • Margin Requirements for Uncleared Derivatives - Update
  • EMIR - Clearing deadlines to be set soon
  • FINAV - Risk Bearing Capacity information
  • German Life Insurance Reform Act (LV-RG) - Stabilizing the Life Insurance market?
  • RRPS - Consultation on draft RTS on the content of Resolution Plans and the assessment of resolvability
  • The Swiss Financial Services Act (FFSA)- Update on the Swiss finish of MiFID
  • T2S - Moving closer to production: so far, so good
  • CSDR - Market is preparing for the T+2 update on October 6th

 

Regulatory Monitoring Newsletter June 2014

  • MIFID II / MIFIR - Final texts published
  • Dodd Frank Act - SEC cross-border rules
  • AIFMD - ELTIFs to provide new opportunities for growth
  • Leverage Ratio - EBA finalized draft ITS on leverage ratio disclosure
  • T2S - Status of the Eurosystem acceptance testing
  • Asset Encumbrance - Implementation timeline
  • Reduction of the Influence of External Ratings
  • FINFRAG - Swiss financial infrastructure law - the Swiss counterpart to EMIR

 

Regulatory Monitoring Newsletter May 2014

  • MIFID II / MIFIR - Consultation and discussion paper on MIFID reforms published
  • EU-Wide Stress Test - EBA publishes further details on methodology and adverse scenario
  • Solvency II - Long-term guarantee products
  • The Consolidation Package - New standardized approach for measuring CCR exposures
  • FATCA - Change of deadlines
  • FTT - UK’s legal challenge on the FTT rejected while EU 10 intends to introduce the tax by 2016
  • T2S - Eurosystem acceptance testing progressing in line with the plan
  • CSDR - Responses to the ESMA discussion paper on the CSDR recieved
  • Swiss Market Conduct Rules- Update

 

Regulatory Monitoring Newsletter April 2014

  • MIFID II / MIFIR - Approval by European Parliament and next steps
  • EBA, ESMA and EIOPA - Joint consultation paper on draft RTS on risk mitigation techniques for non-centrally cleared derivatives under EMIR
  • The Volcker Rule - Demystified
  • SA-CRR - New standardized approach for measuring CCR exposures
  • Basel III Monitoring - A survey on the impact of the new standards
  • RRD - The single resolution mechanism and the banking RRD are law
  • AVA - EBA finalized the RTS on prudent valuation
  • T2S - New issue of T2S Online focused on Eurosystem acceptance testing and programme update
  • CSDR - Adoption by the European Parliament
  • European Savings Directive (ESD) - Closing loopholes

 

Regulatory Monitoring Newsletter March 2014

  • EMIR - Updated ESMA Q&As add further question marks (Henner Brüner)
  • FTT - EU Lawyers consider taxing Forex transactions legally possible (Veronika Muzikova)
  • UCITS V - Final compromise text adopted (Ton Metselaar)
  • T2S - Fourth T2S Harmonisation progress report has been issued (Roeland Adriaensen)
  • CSDR - ESMA launches discussion paper on CSDR (Jennifer Liu, David Gest)
  • RRD - European Banking Union closer after agreement on single resolution mechanism (Markus Hammerschlag, Nicholas Madden)
  • OECD - Global standard for automatic exchange of information (Thomas Weiser, Christoph Protz)
  • Asset Quality Review - ECB published manual for phase 2 (Stephanie Marek)
  • Asset Encumberance - (Manuela Gebauer)
  • Leverage Ratio - EBA reports on revised definitions (Nicolas Jomin)
  • MIFID II - An Update (Jeroen van der Eerden)

 

Regulatory Monitoring Newsletter February 2014

  • DFA – Title VII / Measure to promote trading on a SEF and "Package Transaction" relief
  • DFA – Title VII / Relief for cross-border trading of swaps on qualifying multilateral trading facilities in the European Union
  • EMIR – A look back on the reporting start date
  • MIFID II / MIFIR – Council publishes MiFID II / MiFIR text
  • EU FTT – Germany and France agreed on the main points to push the tax initiative forward
  • AIFMD – ESMA publishes Q&A document
  • T2S – Tests for the certifications of T2S actors are published
  • Basel III – Leverage ratio framework and disclosure requirements
  • CRR – Update on large exposures
  • CRR – EBA report on definition and operational requirements for the Liquidity Coverage Ratio (LCR)
  • EU-Wide Stress Test – Comprehensive assessment
  • Fundamental Review of Trading Book (FRTB) – Industry response
  • FINMA Circular Operational Risks at Banks – Detailed quality requirements for the handling of electronic client data in Swiss banks
  • The European Volcker Rule – Proposal for a regulation on structural measures improving the resilience of EU credit institutions

 

Regulatory Monitoring Newsletter January 2014

  • DFA – Title XIV/Mortgage Reform and Anti-Predatory Lending Act
  • DFA – The Trading Mandate has arrived
  • DFA – CFTC extends cross-border rules exemption
  • EMIR – How to report On-Exchange derivatives
  • MIFID II/MIFIR – Trialogue reaches agreement
  • RRD Made Official – EU Council confirms agreement with Parliament
  • EU FTT – Proposed scope exceptions contradict the initial justification
  • FSB & IOSCO – Consultation on ‘Too Big to Fail’ asset managers
  • CSDR/T2S – EU agrees CSDR settlement reforms and ECB is connected to T2S platform

 

Regulatory Monitoring Newsletter December 2013

  • UCITS V – Updated compromise text published
  • Dodd Frank – CFTC guidance on cross border ruling
  • EMIR – First trade repositories registered by ESMA
  • EMIR – ESMA issues draft regulatory technical standards on extraterritoriality
  • FTT – Green light for the EU FTT in Europe's largest economy
  • RRD – UK and Switzerland up the ante while the EU Parliament announces a one-month delay
  • T2S – Readiness activities are taking up
  • ECB - Comprehensive assessment requirements
  • EBA - Implementing Technical Standards (ITS) on supervisory reporting on forbearance and non-performing exposures

 

Regulatory Monitoring Newsletter November 2013

  • AIFMD – Final reporting guidelines published by ESMA
  • Dodd Frank – CFTC broadens the scope of U.S. person definition
  • ESMA – Work program 2014 published
  • FRENCH FTT – Proposal to tax intra-day trades rejected
  • RRPS/RRD – Challenges, new opinions and other shortcuts
  • CSDR/SLL/T2S – Successful completion of tests for the T2S VAN connectivity; 31 CSD participants declared intentions to become a directly connected party (DCP) in T2S

 

Regulatory Monitoring Newsletter October 2013

  • Money Market Funds – Extension to UCITS and AIFMD proposed
  • EMIR – Delayed reporting go-live
  • EMIR – ESMA advises Commission on equivalence of non-European derivatives rules
  • BCBS IOSCO – Final report on margin requirements for non-centrally cleared derivatives
  • FTT – Setup proceeds in spite of a negative opinion from the EU Council Legal Service
  • T2S – Full steam ahead
  • Basel III Package – Own funds requirements for exposures to a central counterparty
  • Ring Fencing – Strategies for European banks to avoid separation
  • Banking Statistics – Securities issues statistics

 

Regulatory Monitoring Newsletter September 2013

  • AIFMD – ESMA amends draft RTS
  • UCITS – Draft law approved by European Parliament
  • EMIR – Proposed delay for ETD reporting under EMIR
  • EMIR – The third version of ESMA’s Q&A provides further clarification of the EMIR requirements, but the impact is profound and uncertainty remains
  • RRPs/RRD – FSB brings financial markets infrastructures (FMIs) participants into the spotlight
    „Ring Fencing“ – Liikanen report and German legislation
  • CSDR – Harmonized cycle of T + 2 in Europe
  • Basel III package – New requirements on own funds (regulatory capital)
  • FINREP – Delay in application date and new tables

 

Regulatory Monitoring Newsletter August 2013

  • AIFMD - The Regulation as been implemented; the next steps emerge
  • EMIR - Reporting start date for IRS and CDS delayed
  • EMIR - Reporting start date for IRS and CDS delayed
  • EMIR, Dodd-Frank - CFTC offers no-action relief on cross border trades and a common path forward
  • FTT - Delayed by at least 6 months
  • FATCA - Timeline pushed back
  • RRPs/RRD - FSB leads the way
  • RRPs, "Ring Fencing" - Germany moves ahead of EU and passes law
  • CSDR - General text not yet adopted
  • T2S - Connectivity: dedicated link solution will not be developed
  • T2S - Information session on user testing and migration
  • CRD IV Package in Europe from 2014 - Basel III and beyond
  • CRD IV Package - Disclosure requirements for banks
  • New amendment of the German foreign trade regulations

 

Regulatory Monitoring Newsletter July 2013

  • MiFID II/MiFIR – Agreement in the European Council
  • UCITS – Plenary debate scheduled in the European Parliament
  • EMIR – ESMA publishes Q&A update
  • FTT – Delayed introduction of the Italian FTT (IFTT) on Derivatives and HFT
  • RRPs/RRD – Reaching a compromise?
  • CRD IV/CRR – Publication in the Official Journal
  • CSDR – Key principles for harmonising CSD settlement discipline
  • T2S – Clarification is needed on the Directly Connected Participants

 

Regulatory Monitoring Newsletter June 2013

  • AIFMD – HM Treasury explains application procedure and transitional provisions
  • FATCA – FFI Registration
  • EMIR – Delays become apparent from ESMA’s new timeline for EMIR
  • Dodd Frank Act – CFTC voted to finalize SEF rules
  • Dodd Frank Act – SEC Cross Border Rules
  • FTT – Growing criticism on FTT with 200 days left and more questions than answers
  • RRPs – Drafting Regulatory Technical Standards
  • Target2Securities – New CSD signing the T2S Framework Agreement

 

Regulatory Monitoring Newsletter May 2013

  • AIFMD – ESMA clarifies some of the loose ends
  • FTT – Questions to the Commission & the UK legal challenge
  • MIFID II / MIFIR – New compromise text has been released
  • Dodd Frank Act – Mandatory reporting for some market participants postponed
  • Dodd Frank Act – CFTC finalizes interaffiliate clearing exemption
  • Basel III/CRD IV/CRR I – The way for Basel III in Europe has been fully cleared
  • RRPs – Increasing the pressure
  • CSDR/SLL/T2S – CSDR ESMA Level II text expected in Q4 2013

 

Regulatory Monitoring Newsletter April 2013

  • AIFMD - Will all the required details come in time?
  • UCITS - ESMA consolidated guidelines came into force
  • EMIR - ESMA publishes Q&As on EMIR implementation
  • FTT - Draft bill to introduce US Financial Transaction Tax
  • RRPs - Extending the scope
  • T2S - Third T2S Harmonization Progress Report

 

Regulatory Monitoring Newsletter March 2013

  • MiFID II / MiFIR - Significant amendments
  • EMIR – Additional delays averted
  • IOSCO/BCBS - Second consultative paper on margin requirements for non-centrally cleared derivatives published
  • FTT – Enhanced cooperation in the area of financial transaction tax approved by the EU bodies
  • RRP – Recovery and Resolution Plans picking up speed
  • CSDR/SLL/T2S - Final version of CSDR proposal