A new meeting was held by the Issuer Working Group (IWG) of the Market Implementation Group (MIG) together with KELER and the custodian banks. The meeting has been scheduled in line with KELER's project plan for the Strategic Modernisation Program that was launched last year with the aim of replacing its almost 20-year-old account management system by October 2014 and at the same time ensuring that the new application is fully compliant with T2S functionalities by September 2016.
The regular meetings of IWG provide a platform for active communication, not only among issuers but also other market players such as custodians, with respect to issuer related corporate actions topics. The present meeting comprised discussions on a number of topics, among which:
· the impact and the opportunities created by the upcoming new Civil Code (coming into force on 15 March 2014)
· the definition of corporate actions standards for the market such as standardisation of:
- corporate actions information
- key dates
- entitlement
- documentary requirements
- terms of corporate events
· the Christmas Tree Model, where the main goal is for the corporate actions information announced by the issuers to reach the investors as soon as possible through the predetermined information channels
· the possible new services of KELER to the issuers
IWG aims at providing a formal framework for a market-wide professional dialog and information sharing, making it possible to discuss and assess the expected tasks and issues that can affect the clients and the other market participants. The working group has already had three meetings, with a further session of consultations taking place in-between.
Impact on investors: IWG will continue its work in order to find a common understanding with the other affected market participants on the forthcoming legislative changes. Due to the efficient cooperation and harmonised work, clients will receive all appropriate information in a timely manner and will be able to prepare for the expected changes.
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