The Central Securities Depository published the internal rules applicable in the event of a financial default of a participant in the CSD system, in accordance with the provisions of art. 41 of the EU Regulation no. 909/2014.
The procedure covers aspects such as:
- the legal framework applicable to the insolvency and default of the participants;
- the applicable rules in the event of the default of a participant comprising the measures and actions to be adopted by the CSD, communication of the taken measures to the relevant entities;
- periodic testing and review of the procedure in the event of a participant's default
The procedure may be accessed on the following link taken from the Central Depository’s website: https://www.roclear.ro/Download?ID=6798&Lang=en-US
Impact on investors: Direct Participants of the CSD should make note of the new rules and procedures.