Recital 7

(7)The rules introduced by Regulation (EU) No 909/2014 include, in particular, reporting requirements, a cash penalties regime and mandatory buy-ins. Currently, only the reporting requirements and the cash penalties regime apply. The accumulated experience in applying the cash penalties regime as well as the development and specification of the settlement discipline framework, in particular in Commission Delegated Regulation (EU) 2018/1229 ⁶ , have allowed all interested parties to better understand that framework and the challenges its application gives rise to. In particular, the scope of the cash penalties and of the mandatory buy-in process set out in Regulation (EU) No 909/2014 should be clarified. In order to distinguish the requirements relating to cash penalties from those relating to mandatory buy-ins, such requirements should be laid down in separate articles.