Updates on KELER’s Service Development Program

UniCredit Bank Hungary Zrt.
Service Description and Gap Analysis of new account management system published by CSD.
Tue, 16/07/2019

KELER, the Hungarian CSD, shared further details related to its system enhancement program.  As previously informed, KELER revised  and redesigned the former Strategic Modernization Program and decided to follow a new approach by implementing the developments through functionally well-defined, automous, but strictly cooperative modules.  The new project, called KELER Service Development Program (KSDP), will gradually replace the current system, implementing the project goals in several phases. Phase one of the implementation will focus on CSDR and T2S compliance, furthermore shall include enhancements related to the Shareholder Rights Directive.  

In order to better understand the content of the KSDP, KELER made available the following documents on 15 July 2019:

- Service Description – containing details on the developments of the program.

- Gap Analysis – comparing the previous service description of Strategic Modernisation Program with the planned improvements of the KSDP.

Both documents will be available in English in due course.  The mandatory marketwide tests will start in Q4 2020, the target implementation date of the first milestone is expected to be 31 March 2021.

Original announcement can be found on the following link:   https://english.keler.hu/kelernews/?id=955583

Impact on investors: The review and analysis of the published documents is on-going, investors and impacted parties will receive detailed information on KSDP at a later phase.