The Central Securities Depository of the Slovak Republic, CDCP, announced changes to its Operational Rules, approved by its Board of Directors on 13 June 2017 and coming into effect, together with the related executory decrees, on 3 July 2017.
The Operational Rules now detail the participants' technical options for communication with the information system of CDCP, including the related training, testing, and registration process agenda. They also describe the performance of CDCP services in case of a participant operational failure.
The document also stipulates new rules for issuers in respect of the transfer of an issue of securities from the issuer's register in the records of CDCP into the same issuer's register in records of another central depository. It establishes as well new identification codes, namely LEI for participants and central counterparties and MIC for trading venues.
Most importantly for CDCP participants, the updated document stipulates a procedure for filing access requests and a list of documents and information that have to be submitted by the party requesting the access. It provides also details related to the criteria for participation and the requirements in relation to the participation criteria evaluation process.
UniCredit Bank Czech Republic and Slovakia, a.s., Branch Office of a Foreign Bank, is in the process of preparing the required documentation to meet the participant accession criteria within the designated deadline, which CDCP set at 31 August 2017.
Impact on investors: No direct impact on clients. Existing CDCP members will have to meet the new participation criteria by the set deadline.