KDD workshop on SCoRE standards and ECMS project

UniCredit Bank Slovenija d.d.
Thu, 15/06/2023
The Slovene CSD (KDD) presented the first details on the implementation of the SCoRE Corporate Actions Standards in the workshop held on 14 June 2023. 
The AMI-SeCO goal of the implementation of the CA standards is to harmonise the processing of corporate actions through the CSDs across Europe and establishing a single, unified European market.
Workshop participants were presented with the requirements set by the Eurosystem Collateral Management System (ECMS) on the adoption of the standards and the implementation deadlines.
The following topics were addressed:
  • The provisions of the SCoRE standards will apply to all types of securities (shares, fixed income securities and investment funds).
  • CSD expects compliance with the standards will go live on 8 April 2024 (assuming that ECMS launch is not delayed).
  • Exception is the mandatory use of Swift ISO 20022 (SCoRE standard 15) which is expected to be implemented in two steps:
                        - 1st step: 8 April 2024 for communication between ECMS, applicable counterparties of the Eurosystem and the European CSDs.
                        - 2nd step: November 2025 for KDD members. 
  • Even though the go live for Swift ISO 20022 corporate actions communication between KDD and its members is planned for November 2025, the KDD will offer to all interested members the below listed processes and workflows for corporate actions according to SCoRE standard 1 via Swift ISO 20022 already with April 2024:
                       - Notify (Notification, Update, Cancellation)
                       - Instruct (Instruction, Cancellation, Status)
                       - Advise (Entitlement, Cancellation)
                       - Confirm (Confirmation, Payment, Status)
                       - Reverse (Advise, Payment, Confirmation) will be supported at a later stage.
KDD will provide more details on the above topic on their next workshop held for the members, which is planned for Autumn 2023.
Impact on investors: For information purposes