Update on SRDII implementation

UniCredit Bank Slovenija d.d.
Local CSD has provided an update on SRDII implementation.
Tue, 03/11/2020

Local CSD (KDD) has responded to the letter concerning SRDII, prepared by UniCredit Slovenia and addressed to the KDD through the Banking Association of Slovenia.

Response from KDD contains the following summary:

  • CSD is currently developing the required functionalities for the implementation of SRDII. Transition to the live environment is planned in March 2021 as part of the regular upgrade of the CRVP system. Technical documentation will be available to the CSD members in January 2021.
  • Testing with CSD participants is planned in February 2021.
  • Draft of updated legal documents (Rules, Regulations and CSD Tariff) is planned to be made available to CSD members in February 2021, while the start of the use of updated legal documents is planned only after the implementation of SRDII in the live environment in March 2021.
  • Workshops for CSD participants will be held in February 2021 as part of the training for testing.
  • CSD plans to charge for SRDII services.
  • CSD will collect the Notice of Participation sent by the intermediaries along the chain and forward it to the issuer; deadline for instructing participation will be in line with each specific General Meeting announcement.
  • CSD foresees that they will confirm the receipt of messages regarding the transmitted electronic votes immediately via Swift.
  • CSD foresees that the Notice of Participation should contain all required information in line with SRDII, including data on the ultimate beneficial owner.
  • For the Shareholder identification disclosure; CSD will use Option 1 whereby each intermediary in the chain will individually submit their response to the CSD, the latter will then pass the information to the issuer. However, CSD will also be able to collect the responses through the chain of intermediaries (Option 2).

The CSD provided the above timeline under the assumption that the Companies Act will be adopted by end of 2020.

Impact on investors: Additional information from the CSD related to SRDII implementation.