Local CSD to implement SCoRE standards
The Central Securities Depository of the Slovak Republic, a.s. (CDCP), has confirmed the commencement of work on the implementation of corporate event processing in accordance with SCoRE harmonization standards. In the initial phase, the CDCP intends to prioritize the most commonly used corporate events associated with debt securities, specifically income payment and principal repayment events denoted as INTR, MCAL, PCAL, and REDM. Currently, debt securities maintain varying record date calculations. The CDCP will only be able to accept fixed-income securities with a standardized record date, where Record Date equals Payment Date minus one. The internal deadline for technical implementation is set for January 1, 2024.
The primary objective of harmonization is to provide standardized information to security owners and holders concerning event particulars. This harmonization effort will also simplify procedures for security issuers, relieving them of the need to make individual payments to security owners manually. Through collaboration with its participants, the CDCP will oversee the disbursement of proceeds, principal repayment for bonds, and the retirement of the redeemed issue, marking it as written off from the securities accounts.
The CDCP is in the process of preparing three sets of changes to the CDCP Information System. These changes encompass ISO reports for Central Agents in line with standard requirements, modifications pertaining to static data at the issue level (including data necessary for payment and repayment scheduling), and various other adjustments related to payout and repayment processing.
The commencement of operations for governmental securities by the CDCP is contingent on negotiations and agreement with the State Debt Management and Liquidity Agency – ARDAL. Pending this agreement, the CDCP anticipates initiating operations for governmental securities on April 1, 2024, aligning with the ECMS Go Live scheduled for April 8, 2024.
Further details can be found on the following link (Slovak language version only):
