Thursday February 27 2014
News Source: Global Exchanges
Focus: Other
Type: General
Country: European Union
Link: http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141199.pdf
The Permanent Representatives Committee have approved, on behalf of the Council, an agreement reached with the European Parliament on new rules aimed at improving safety in the securities settlement system and at opening the market for central securities depositories (CSD) services.
The regulation needs to be in place for the European Central Bank’s “Target2-Securities” initiative to begin operating as planned in 2015.
The draft regulation introduces an obligation to represent all transferable securities in book entry form and to record them in CSDs before trading them on regulated venues. It harmonises settlement periods and settlement discipline regimes across the EU, introducing a common set of rules which address the risks of CSD’s operations and services.
Click on the above link for further details.