Read the CySEC Circular C797
Memo #47-2026
CySEC Circular No: C797
Date: 27/08/2026
Subject: ESMA’s Public Statement regarding T+1 preparations in relation to Regulation (EU) No 909/2014, as amended – key deadlines and action points
Purpose: To draw the attention of Regulated Entities to the Public Statement on T+1 preparations issued by the ESMA.
In Summary:
CySEC has issued the Circular C797 on 26/08/2026 to inform the 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 that the European Securities and Markets Authority (‘ESMA’) issued the Public Statement on T+1 preparations (‘the Public Statement’).
This Circular C797 is published following CySEC’s Circular C780, published in May 2026, in relation to the shortening of the standard securities settlement cycle in the European Union (‘EU’).
The Public Statement highlights key deadlines and action points required to support the transition to a T+1 settlement cycle in EU financial markets, including the first regulatory milestone of 7 December 2026 for allocations and confirmations processes.
CySEC notes that Regulated Entities should take into account both the recommendations issued by the EU T+1 Industry Committee and the amended regulatory requirements under the settlement discipline framework, while accelerating all necessary operational, technological and organisational preparations to ensure full compliance with the applicable requirements within the prescribed deadlines.
CySEC further notes that Regulated entities should assess not only their own readiness but also that of all relevant parties across the trading and settlement chain, including clients, brokers, custodians, CSD participants, CSDs, CCPs, trading venues, vendors and outsourcing providers. Early end-to-end testing will be important to identify deficiencies, address interdependencies and reduce the risk of disruption when T+1 becomes effective.
In addition, CySEC informs that it expects Regulated Entities falling within the scope of the T+1 transition to continue prioritising their implementation programmes and allocating sufficient resources to ensure timely compliance with the forthcoming regulatory requirements and the successful transition to the T+1 settlement cycle.
The ESMA's Public Statement on T+1 preparations can be found on the following link:
Read the CySEC Circular C797
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