 a security to initiate a buy-in process. This creates risks for liquidity providers, investors and securities lenders, and has a negative impact on market efficiency and stability. Therefore, the timing for the implementation of CSDR mandatory buy-ins should be carefully managed to cushion its impact and provide space to review the provisions before they have unintended and potentially irreversible consequences."  As of January 0000 the European Commission was still reviewing the draft RTS for CSDR mandatory buy-ins (published in February 0000 - see below). ESMA has proposed a 00 month implementation period once the RTS is finally passed into law.