Amendment to the Rules of Operations of the Central Securities Depository

Slovakia
UniCredit Bank Czech Republic and Slovakia, a.s., pobočka zahraničnej banky
Summary: 
Amendment to the Rules of Operations of CDCP came into effect on July 4, 2015. Changes concern the process of registration of an issue in the Issuer’s Register maintained by CDCP.
Tue, 07/07/2015

By decision of the National Bank of Slovakia No: ODT-7311/2015 of  July 1, 2015, that became lawful and enforceable on  July 3, 2015, the Amendment to the Rules of Operation of Central Securities Depository of the Slovak Republic (CDCP) of  June 22, 2015 has been approved, and entered into force on  July 4, 2015.

The amendments concern mainly Part III – the Rules of Registration of Issues:
- The issuers must submit requests for ISIN cancellation to CDCP concurrently with the conclusion of the agreement on cancellation of the Issue registration.
- In case of changes of the form of issued securities (bearer/registered), the issuers must apply for allocation of a new ISIN and conclude an annex to the agreement on registration of the Issue concurrently with the request for cancellation of old ISIN.
- When signing an agreement on cancellation of an issue  concluded in book-entry form, the issuers must at the same time request cancellation of the ISIN.
- Requests for a change of data in an issuer’s registry must be submitted on a form published on CDCP’s web page.
- CDCP is entitled to set a securities issue to “technological state” (to block) for a period necessary for the execution of changes in registration of an issue.

Operational rules further detail the data which must be included in the issuer’s application for the registration of an issue of book-entry securities in the Issuer’s Register and specify the process of registration of an issue of investment certificates.

Another change relates to the registration of pledge. Until now, the instruction to register the establishment of a pledge in the Pledge Register maintained by CDCP contained the number of units of securities that the pledge referred to. As per the new Rules, the quantity or volume of pledged securities can be quoted on the instruction.

Impact on investors: The Changes to the Rules of Registration of Issues impact the Issuers of securities, and should streamline the process of registration/amendment/cancellation of an issue of securities in the Issuer’s Registry maintained by CDCP. Changes in the instruction to register the pledge were made with aim to standardize the expression of quantity of financial instruments.