CDCP approves further amendements to the Operational Rules and Tariffs

UniCredit Bank Czech Republic and Slovakia, a.s., pobočka zahraničnej banky
The Central Securities Depository of the Slovak Republic (CDCP) updated its Operational Rules and Tariffs to comply with CSDR.
Wed, 06/09/2017

The CDCP informs on the latest changes to its Operational Rules and Tariffs. The Operational Rules and related Executory decrees will become effective on 11 September 2017. Some of the provisions will become effective on 1 January 2018 or on the date when CDCP will be granted its new license under CSDR.  Amendment to Tariffs will become effective starting 20 September 2017.

Major changes to Operational Rules of CDCP are as follows:

  • CDCP will offer its participants accounts segregation in accordance with Article 38 of CSDR - they may choose individual client segregation (owner’s account, client’s account) and omnibus client segregations (holder’s account).
  • Reconciliation obligation of the participants to reconcile their records with the data received from CDCP on a daily basis, and for linked depositories to reconcile their records in accordance with the Article 86 of Commission Delegated Regulation (EU) 2017/392.
  • CDCP formulates new rules on protection of Integrity of the issue.  Transfer of the issue will be allowed only upon consent of the securities owners/holders.
  • Opening and keeping of accounts - CDCP declares protection of securities of participants by keeping the registry of book-entry securities on accounts that enable, at any time and without delay, the segregation of the securities of a participant from those of any other participant, and if applicable, from the CDCP’s own assets.
  • CDCP shall constantly identify, monitor, and manage any operational risks imposed by the key participants in settlement system.
  • Persons with granted access will be obliged to participate in the testing of operational failure procedures and will be allowed to use alternative workplaces.
  • CDCP elaborates the procedures to actively manage the default of participant.
  • CDCP introduces rules for the calculation of matching tolerance for the cash value of settlement in foreign currency.

The latest amendment introduces only minor formal changes to Tariffs. It refers to classification of CDCP services, to main and additional, which will be available on their webpage upon receipt of the CDCP's new license in line with article 16 of CSDR.  Free of charge will be the statement of the basic data of a single issue and general extract from any issue registered by CDCP obtained through the information system of CDCP.  Free of charge will also be the statement of transactions.

Impact on investors: No direct impact on clients. CDCP participants, Central Depositories and other Market infrastructures will have to adhere to the changes in rules.