New facilities at the Central Depository under CSDR requirements

UniCredit Bank S.A.
The Central Depository Code of Rules was amended according to EU Regulation 909/2014
Mon, 23/12/2019

On December 18th, 2019, the Central Depository obtained the authorization according to EU Regulation 909/2014.

The CSDR implementation at Central Depository will be done in three stages:

1. Availability of a new securities account system – entering into force on January 6, 2020:

1a. Individual accounts – account opened in the name of the securities’ beneficial owner

1b. Global accounts – account in which are registered the securities belonging to different clients

1c. Omnibus individualized account – global account in which are registered the securities for a specific client of a participant


2. Implementation of technical processes required for the settlement discipline - estimated to go-live May 2020:

2a. Set up tolerance levels:

i.     2 EUR for settlement value up to EUR 100.000

ii.  25 EUR for settlement value exceeding EUR 100.000

2b. New matching fields such as: common reference of the counterparties

2c. Hold/Release mechanism and Linkages for RON transactions;

2d. Bilateral cancellation by participants;

2e. Gross settlement in RON to be allowed throughout the operation day.


3. Implementation of the settlement discipline according to CSDR - estimated to go-live November 2020:

3a. Recycle settlement instructions

3b. Possibility to send settlement instructions after the initial settlement date

3c. Implement measures to address settlement fails - apply cash penalty mechanism to participants that trigger fails at initial settlement date and new buy-in mechanism

3d. Implement new principles regarding guarantee fund and settlement limits

Impact on investors:  Central Depository amended its Code of Rules in order to be compliant with the EU CSDR