The Croatian CSD, Central Depository & Clearing Company Inc. (SKDD), together with consultants Ernst & Young and with the support of the European Commission (Structural Reform Support Service), launched the project of Compliance with Corporate Action Standards back in June 2019. The principle aim was the harmonization of the SKDD IT system and Croatian capital market with the European corporate actions processing standards including the following:
corporate actions processing standards defined by the Corporate Action Joint Working Group,
general meetings processing standards established by the Joint Working Group for General Meetings,
Shareholders Rights Directive II (2007/36/EC, 2017/828/EU) and Implementation of Regulation (EU) 2018/1212 (SRD II).
As SRD II has been transposed into Croatian regulatory framework with the Amendments to the Companies Act, effective as of 1 January 2021, SKDD has allocated the additional resources into the SRD II Project to amend its internal acts and upgrade its IT system and thus reach full compliance with the provisions of SRD II.
It has been officially confirmed that communication between SKDD and market participants will take place through the SKDD proprietary IT system (DEPRIN) and the content of the messages will be harmonized with the ISO20022 standards. Technical details and operational guidelines should follow at a later stage.
Impact on investors: SKDD works towards compliance with regulatory requirements, there is no direct impact on clients.
Related Newsflashes: Changes and amendments on Croatian Company Act