The Serbian Central Securities Depository and Clearing House (referred to below as CSD) issued a statement that on 2 February 2018 it received the consent of the Republic of Serbia Securities Commission to put in place certain amendments and supplements to its Operating Rules and Tariff Rulebook.
The most important change relates to the introduction of FISN (Financial Instrument Short Name) codes according to ISO 18774 and the associated fees for their assignment by the CSD.
The CSD also introduced a special fee applied to OTC transactions settled after the market cut-off time. Subject to the CSD's prior approval to perform OTC settlement after the market cut-off time, a CSD member would be allowed to enter such settlement order in the CSD platform by 16:30 CET. Such specially approved OTC settlement order entry after the market deadline for clearing and settlement would be charged RSD 5,000 (not including VAT) per settlement order (approximately EUR 42 at current exchange rates). Additionally, the transfer of funds to the member's cash account after the deadlines defined in the CSD rules would also be charged RSD 5,000 (not including VAT).
The above fees will be passed from the respective CSD member on to its client instructing or funding any trade settlement after the CSD member's cut-off times.
These amendments and supplements to the CSD Operating Rules and Tariff Rulebook will apply as of 13 February 2018.
The English versions of the amended and supplemented Operating Rules and Tariff Rulebook will be available after their publication on the website of the CSD.
Impact on Investors: The amended and supplemented Operating Rules and Tariff Rulebook of the Serbian CSD, applicable as of 13 February 2018, introduce special fees for late settlement of OTC transactions (subject to prior CSD approval) and for settlement funding after the market cut-off time. Such fees, charged to the CSD's members, will be automatically passed on to their respective underlying clients.