Consultation Paper High level description, Nordic CSD Corporate ...
Consultation Paper High level description, Nordic CSD Corporate ...
Consultation Paper High level description, Nordic CSD Corporate ...
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arriers are monitored closely by the high-<strong>level</strong> CESAME group chaired by<br />
the Commission. The CESAME group was established to advise and assist<br />
the Commission in the integration of EU securities clearing and settlement<br />
systems.<br />
In addition to the CESAME Group, the Commission works in several streams<br />
with respect to Clearing and Settlement in the EU:<br />
• Legal Certainty (LCG) tackling the legal barriers<br />
• Fiscal Compliance (FISCO) examining the removal of the fiscal barriers<br />
• Regulatory Impact Assessment (RIA) examining the costs of the present<br />
fragmented system and the benefits of further integration.<br />
• Sector investigation conducted by DG Competition.<br />
3.2 European Central Securities Depositories Association, E<strong>CSD</strong>A<br />
The Giovannini Group has addressed Barrier 7 (opening hours), Barrier 4<br />
(intra-day settlement finality in all SSS links) and Barrier 3 (harmonisation of<br />
<strong>Corporate</strong> Actions) to E<strong>CSD</strong>A. For the removal of barrier 3 the mandate was<br />
given to both E<strong>CSD</strong>A and the European Credit Sector Associations (ECSA).<br />
The ECSAs have formed the <strong>Corporate</strong> Actions Task Force (CATF), with the<br />
aim of identifying the obstacles that prevent efficiency in processing crossborder<br />
corporate actions and making recommendations with regard to their<br />
removal. This Task Force is comprised of expert practitioners from banks, as<br />
well as ECSA representatives.<br />
E<strong>CSD</strong>A’s work is carried out in separate working groups. Work Group 5<br />
focuses on <strong>Corporate</strong> Action harmonisation. E<strong>CSD</strong>A published standards on<br />
mandatory distributions in May 2005. This spring E<strong>CSD</strong>A will publish<br />
standards on market claims and continue with creating standards for<br />
mandatory distributions with options and finally reorganisation proceedings.<br />
Both ECSA and E<strong>CSD</strong>A have produced recommendations to remove<br />
Giovannini Barrier 3.. These recommendations have been coordinated<br />
together as well as with other interested parties. Both associations have also<br />
taken a coordination role in the adoption of the proposed recommendations at<br />
national <strong>level</strong>.<br />
As an E<strong>CSD</strong>A member N<strong>CSD</strong> is committed to implementing E<strong>CSD</strong>A<br />
standards. The <strong>Corporate</strong> Action Working Group has also analysed the<br />
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