Beta Test Work Group Meeting

UniCredit Bank Hungary Zrt.
On 16 December 2015 KELER, the Hungarian Central Depository held a Beta Test Work Group meeting for the market participants.
Fri, 18/12/2015

Beta Test Work Group was formed by market participants to support KELER’s system change project. KELER’s new system, BaNCS is scheduled to go live on the 4th of July 2016.

At the Beta Test Work Group meeting, KELER informed market participants that the Beta test for the BaNCS system will start on 1 February 2016 while the market test is planned to start in  March/April. The BaNCS service description manual will be published by KELER at the beginning of January 2016 when the T2S settlement calendar and cut-off times are set to be published as well as those that are being discussed by the Board of KELER.

Furthermore, a new Corporate Action expert working group will be established in January with the aim of working on the following topics:

  • separation of the ownership identification process from the income collection process
  • extension of the nominee concept to all types of securities
  • introducing standardized income collection process via the CSD
  • identifying the applicable tax rate in the securities transaction process
  • simplifying the process of tax deduction, relief at source and tax reclaim as well as harmonizing them with the international standards
  • revision and optimisation of the data required to disclose by shareholders.

The next Beta Test Work Group meeting is planned to be held at the end of January.

Impact on investors: KELER will publish the BaNCS service description manual in January and that will be the basis of the Beta test and market test starting in March/April 2016. The new Corporate Action expert working group might reach significant enhancements in respect of standardisation of corporate action management in Hungary by improving the nominee concept, income collection process and tax procedures and reduced data reporting obligation for investors.