The market breathed a sigh of relief when the European Commission announced the latest delay to the CSDR mandatory buy-in regime in November 2021. ICMA’s Andy Hill, Secretary, ICMA Secondary Market Practices Committee, provides an update on the extensive work undertaken by ICMA to push for a review of the controversial regime, the expected next steps from ESMA and the Commission, and the future risks associated with any attempt to introduce a regulatory buy-in framework.