Dear Client,
On 10 June 2014 the CDAD announced its plans to extend the timeframe for the parallel functioning of the old and new IT system. The main reason behind it is the lack of readiness of most market participants to operate only on the new IT system. The new system went live as of 2014 and was scheduled to function in parallel with the old IT system for a period of six months, until the end of June 2014, providing time for market participants to adapt their IT infrastructure and procedures to the new CDAD requirements. The newly proposed extension is three months. As of 1 October 2014, the CDAD will entirely decommission the old system and will start operating only on the new one.
The final decision for the extension will be taken by the Board of Directors of CDAD.
Impact on investors: Final go-live date for the new CDAD IT infrastructure to be postponed.
Related Newsflashes:
CDAD Provides Implementation Schedule for Amended Rules and Regulations and New IT System