Amended KDD Rules

UniCredit Bank Slovenija d.d.
Summary: 
The Slovene CSD - KDD amended its Rules due to recommendations of the Bank of Slovenia and the Securities Market Agency.
Mon, 04/05/2015

The amendments of KDD Rules were published in the Official Gazette on 24 April 2015 and will be valid as of 9 May 2015.  The main changes and clarifications are as follows:

• Additionally to already specified functions, registry or settlement members may manage dematerialised securities account in order to perform central counterparty functions and functions of investor central depository.

• A new type of security account – an escrow account which will be managed by KDD – is established. The transfer of securities to/from the escrow account will be executed upon a court order. The escrow account is implemented in line with the future abolishment of registry securities accounts.

• Ease of conditions for handling disclaimed securities regarding time schedules and persons who/which could acquire disclaimed securities.

 

The amended Rules are published on the KDD’s web page in Slovenian: http://www.kdd.si/

 

Impact on investors: The implementation of the Bank of Slovenia’s and Securities Market Agency’s recommendations clarify functions for which securities accounts could be opened, ease conditions for handling of disclaimed securities and for the implementation of escrow accounts.