GSS Newsletter February 2016 - Issue 178

Dear Clients, Partners and Friends,

Among other wisdoms presented in the movie “The Big Short”, we also hear that, prior to the 2008 financial crisis, Wall Street had switched to a level of terminology so absurd that none dared to ask what was behind it.

Instead of talking in riddles, we see our role in helping our clients understand the background of the legislative updates in our markets. The year ahead will act as a litmus test for T2S implementation in Europe and we expect numerous updates in local legislations across CEE.

As is the custom, the GSS Team of UniCredit will keep you informed and up to date!

Susanna Scheffold
Global Head of Securities Services


New appointment
Günter Bauer is the new Head of Operations at UniCredit GSS in Austria. By Günter Schnaitt, Head of GSS Austria
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Migration postponed
Austria has rescheduled its T2S migration to wave 4 that takes place in February 2017. By Tina Fischer, Senior Relationship Manager, GSS Austria
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Legal work ahead
The MiFID II regulatory framework is going to be transposed into Czech legislation. By Alena Kalasova, Relationship Manager, GSS Czech Republic
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Skimming off the banks
The new Polish government hastened to impose a tax on financial institutions. By Krzysztof Pekrul, Relationship Manager, GSS Poland
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Fight against crime
The Russian legislation on money laundering and terrorism financing has been updated. By Yuliya Shibukova, Relationship Manager, GSS Russia
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League leader
UniCredit confirmed its dominant position on the Slovak capital market in 2015. By Rastislav Rajninec, Relationship Manager, GSS Slovakia
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Market news

› Bulgaria
A working group formed by the Bulgarian Ministry of Finance shall prepare and establish trading in government securities on the regulated market


› Romania
The Romanian Financial Supervisory Authority published its “2016 Work Programme and the strategic objectives for the period 2016 – 2018


› Russia
Moscow Exchange switches to a T+2 settlement cycle for on-exchange trading in Eurobonds


› Russia
A DTT agreement with Hong Kong should make investments in Russian assets more attractive for Asian investors


› Russia
The tax relief on investments in high technology and innovative sector companies in Russia was prolonged for another six years


On 1 January, the amendments to the Tax Code signed by the President of Uzbekistan came into force


Market statistics

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