The assessment of Euroclear Bank (ICSD)

to the ECSDA disclosure questionnaire which incorporatesquestions from the CPSS‐IOSCO disclosure framework.Recommendation 17 is observed.Regulation and oversightAs a securities settlement system, Euroclear Belgium isoverseen by the National Bank of Belgium. EuroclearBelgium has the status of settlement institution and, inthis respect, is subject to prudential supervision by theCBFA. The roles and tasks of the CBFA and the NBB,and their cooperation, are clearly defined in the relevantlaws and regulations on the supervision of the financialmarkets. Recommendation 18 (Regulation and oversight)is observed.Risks in cross-border linksRecommendation 19 (risks in cross-border links) statesthat CSDs that establish links to settle cross-border tradesshould design and operate such links to effectively reducethe risks associated with cross-border settlements. It prescribesa risk assessment of the link. Euroclear Belgiumhas established a scheme for regular self-assessments ofits link arrangements. However, it has not yet used thisformal risk-assessment procedure for analysing the designof each link. Therefore, the recommendation is onlybroadly observed. The NBB recommends that EuroclearBelgium applies its risk analysis to the relevant legal,operational and financial aspects of each link.100