UniCredit Bank S.A.
Summary:
Updates on the measures taken for a smooth migration to the systems’ segregation and T+2 settlement cycle
Fri, 26/09/2014
Dear Client,
In the context of the systems’ segregation and migration to the T+2 settlement cycle, announced by Central Depository (Depozitarul Central, DC) for 6 October 2014, UniCredit Tiriac Bank S.A. provides you the latest DC Board Decisions taken in 25 September 2014
- The penalties referring to illicit acts related to the participants who caused the postponing of a settlement (i.e. compensation due to the counterparty, the equivalent of the commission due to the DC representing the replacement cost of a postponed trade etc.), initially suspended for two weeks according to the Board Decisions taken in 19 September 2014, are now proposed to be postponed for two months starting from 6 October 2014
- The penalty of 500 RON, applicable by DC for late settlement instructions (received in settlement date), is proposed to be suspended for two months starting from 6 October 2015
These decisions were taken based on the Central Bank's letter addressed to the DC as result of the lobby actions conducted by custodian banks.
Impact on investors: DC Board decisions related to the migration the segregation of platforms and T+2 settlement cycle