T2S Preparations in Bulgaria – Updates

UniCredit Bulbank AD
The European Central Bank has confirmed the TARGET2-Securities (“T2S”) migration date for the Bulgarian National Bank and Central Depository AD
Mon, 24/04/2023

On 21 April 2023 the Bulgarian National Bank (“BNB”) informed its CSD participants that the European Central Bank has confirmed 11 September 2023 as the migration date to T2S for both BNB and Central Depository AD (“CDAD”).

BNB has further announced that testing with CSD participants shall take place in the period 19 June - 18 August 2023. Further details, including specific test dates and scenarios shall be announced separately.

At the same time, Central Depository AD has announced a new T2S Spotlight seminar with market participants which is to be held on 9 May 2023. The seminar is expected to provide updates on CDAD’s forthcoming joining to T2S such as:

  • Formatting changes in the templates of settlement instructions and client registration

  • Testing schedule for CDAD members

  • Harmonization and standards for corporate actions

Impact on investors: For information purposes