DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SITEME. Markets and Reserve Management Department

Size: px
Start display at page:

Download "DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SITEME. Markets and Reserve Management Department"

Transcription

1 DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SITEME Markets and Reserve Management Department SEPTEMBER 2004

2 DISCLAIMER This document comprises the answers given by Banco de Portugal (the Portuguese Central Bank and the owner of SITEME, one of the Portuguese Central Securities Depositories) to the Disclosure Framework questionnaire forwarded by the joint CPSS and IOSCO Working Group on Disclosure by Securities Settlement Systems. The nature of the Disclosure Framework questionnaire entails that SITEME (and Banco de Portugal) cannot accept responsibility for the completeness, accuracy or updating of the information stated therein or construed with respect thereto and that reference to other sources will be necessary. For further details and verification of the information given in the Disclosure Framework please contact: Banco de Portugal Markets and Reserve Management Department Av. Almirante Reis, 71 4º Lisboa Phone: Fax:

3 BANCO DE PORTUGAL ANSWERS TO THE BIS QUESTIONNAIRE 0. Introduction SITEME started operations in December 1998, replacing SISTEM. SITEME is not an autonomous entity, but simply a system used by the Portuguese Central Bank to settle its own operations, operations on behalf of the Portuguese Government Debt Agency (IGCP) related to Treasury bills, operations between credit institutions, and also any operations with money market securities deposited there. SITEME, as a Securities Settlement System is a notional entity owned by Banco de Portugal (managed by the Markets and Reserve Management Department), including a Central Securities Depository, whose legal framework is defined by the Decree-Law nº 22/99 of January, 28 th. Currently, Portuguese Central Bank paper and Treasury bills are the two types of securities deposited in SITEME. SITEME remains as the issuer SSS for issuances of Treasury bills. Commercial paper and other money market tradable securities may also be deposited in this CSD (including ECB debt certificates). I. Basic information. A. What is the name of the SSS? The name of the SSS is SITEME. B. Where and in which time zone is the SSS located? SITEME is situated in Lisbon. Address: Banco de Portugal 2

4 Markets and Reserve Management Department Av. Almirante Reis, 71 4º Lisboa Portugal The time zone is WET (West European Time) and the local time is GMT (summer = GMT+1). C. What functions does the SSS perform? SITEME provides central securities depository and securities settlement services for all securities deposited there. The main function of SITEME is the settlement of money market operations (including Eurosystem operations). 1. Does the SSS serve as a securities depository and/or provide securities settlement services? The SSS serves as a securities depository and provides securities settlement services. a) What types of instrument are eligible for deposit at the SSS(e.g. debt, equities, warrants, etc.)? SITEME is mainly directed to money market tradable securities, such as Central Bank paper, Treasury bills, Commercial paper, and other money market tradable securities. Currently, Portuguese Central Bank paper and Treasury bills are the two types of securities deposited there. b) What types of instrument are eligible for transfer within the SSS? Any money market tradable securities, namely Central Bank paper, Treasury bills, ECB debt certificates and Commercial paper. c) Please describe whether eligible securities are dematerialised, immobilised or transferred physically. 3

5 Eligible securities are dematerialised. However, the central is able to receive in deposit, register and dematerialise securities with physical existence. d) Does the SSS provide safekeeping for physical certificates? Not currently. It would be possible if needed, in the context of an operation of dematerialisation. In this case, it would be required that all securities belonging to the same issuance would be deposited. 2. Does the SSS provide cash accounts and/or provide funds transfers in conjunction with securities transfers? If so, in what currencies? SITEME provides funds transfers (via the Banco de Portugal s RTGS system) in conjunction with securities transfers and also securities transfers without funds transfers. The currency used is the Euro. 3. Does the SSS provide a trade matching service? Do others provide such services for securities settled at the SSS? Yes. No. 4. Does the SSS provide a trade netting service (as distinct from undertaking the settlement of securities transfers on a net basis)? Do others provide such services for securities settled at the SSS? In either case, what types of netting (bilateral or multilateral), if any, are performed? No. No. 5. Does the SSS offer a securities lending or borrowing programme? No. 6. Does the SSS provide custodial and/or related services such as the collection of interest, dividends, principal or withholding tax reclamations? Which types of service are provided? 4

6 SITEME provides some services, such as payment of interest and principal, as well as withholding tax services. 7. Does the SSS act as a central counterparty or principal to transactions with its participants? No. 8. Other? Please specify. No. D. What type of organisation is the SSS? SITEME is not an autonomous entity, just a system owned by Banco de Portugal (the Portuguese Central Bank) and used to settle its own operations, operations on behalf of the Portuguese Government Debt Agency (IGCP) related to Treasury bills, operations between credit institutions, and also any operations with money market tradable securities deposited there. E. Please describe and provide a diagram outlining the organisational and ownership structure of the SSS. See answer to D. 1. Who are the owners of the SSS? Banco de Portugal. 2. What entity or entities operate the SSS? Which functions of the SSS, if any, are outsourced to third parties? Banco de Portugal. No functions are outsourced to third parties. 3. Does the SSS have a Board of Directors? No. See answer to D. 5

7 F. Please describe the financial resources of the SSS. The SSS does not have own financial resources. However, services related to operations between participants are subject to fees, defined in a specific price list. G. Please describe whether the SSS or its operator is subject to authorisation, supervision or oversight by an external authority. SITEME is subject to internal audits by the Audit Department of Banco de Portugal and to its own Board of Auditors ( Conselho de Auditoria ). The scope of the audit is to control the observance of rules and procedures, and when needed, to propose changes on procedures. SITEME, as a service provided by Banco de Portugal (and Banco de Portugal as a whole), is also subject to the external audit of a specialised audit company (currently Price Waterhouse Coopers). II. Rules and procedures of the SSS A. Does the SSS maintain a complete list of the rules and procedures governing the rights and obligations of participants and the duties of the SSS? Yes. 1. How can participants obtain a copy of the rules and procedures? Consulting the Official Journal ( Diário da República ) where the decree-law ( Decreto-lei ) and the notice ( Aviso ) on SITEME have been published and consulting Banco de Portugal s regulations ( Instruções ) about SITEME, that are also disclosed to the public through the official bulletin of Banco de Portugal ( Boletim Oficial ) and the internet (www.bportugal.pt). Rules and procedures can also be given to institutions when they become participants in SITEME. 6

8 2. Does other documentation provided to participants (e.g. user guides) have the same status as the rules and procedures? Documentation such as the users manual of procedures and the help on line is also available to participants. However, they have a more operational status, compared to the rules and procedures. 3. Describe the process for changing rules and procedures, including any need for regulatory approval. Rules and procedures are changed by Banco de Portugal. a) What authority is required, and how does this differ depending on the type of change involved? The Board of Directors of the Banco de Portugal. b) How are participants notified of changes in rules and procedures? Changes on rules and procedures are included in Banco de Portugal s regulations ( Instruções ). Minor procedural changes may be transmitted by circular letter to participants. c) Is there a procedure for participants or others to comment on proposed rule changes? No. B. Are the rules and procedures binding on the SSS as well as its participants? Under what conditions and on whose authority can written rules and procedures be waived or suspended by the SSS? Yes. There are no conditions defined to waive or suspend the rules and procedures of SSS. The Board of the Banco de Portugal can decide on this matter, but any change to the rules and procedures shall only be enforced after having been communicated to all participants. 7

9 III. Relationship with participants A. Please describe the types of membership offered by the SSS There is only one type of membership of the SSS, i.e., the participant in the SITEME. B. Can participants establish accounts for their customers assets that are segregated from their own asset accounts at the SSS? Yes. C. Please describe participant requirements for each type of membership. Participants in the SITEME are institutions which have access to the monetary policy operations as well as others authorised by the Banco de Portugal. 1. Are participants required to be domiciled or resident in a particular jurisdiction? No. 2. Are participants required to be subject to a supervisory regime? If so, please describe. Supervision by Banco de Portugal to Monetary Financial Institutions (MFI) resident in Portugal. Non-resident MFI must register at Banco de Portugal s Banking Supervision Department. 3. Are participants required to hold an equity stake in the SSS? No. 4. Are there financial, economic, personal or other requirements (e.g. minimum capital requirements, fit and proper tests)? If so, please describe. There are no other requirements apart from those stated in C. 8

10 D. Does the SSS engage in oversight of its participants to ensure that their actions are in accordance with its rules and procedures? If so, please describe. The Banco de Portugal is responsible for the safety of the payment systems in Portugal and has an interest in the regular functioning of the securities settlement systems. In this context, participation in SITEME is covered by the oversight of the SSS. E. Under what conditions can participants terminate their membership in the SSS? Does this mark the end of all liabilities of the participant? If not, please describe what liabilities could remain. Participants can terminate their membership in SITEME whenever they wish, notifying Banco de Portugal about that decision. The end of liabilities of participants is not governed by established rules, but their responsibility remains as regards the operations that have been carried out. If a participant terminates its membership in SITEME the outstanding operations remain to maturity. F. Under what conditions can the SSS terminate a participant s membership in the SSS? Whenever a participant fails to comply with the regulations or becomes financially unsound. G. Please describe the scope of the SSS s liability to participants, including the standard of liability (negligence, gross negligence, wilful misconduct, strict liability or other), the force majeure standard, and any limitation to the scope of liability of the SSS (e.g. indirect or consequential damages). Where are these liabilities and their limitations set out (e.g. in statute or contract)? The general provisions on liability set out in the Portuguese Civil Code are applied. No clauses on exclusion, limitation or standards of liability are set out in the legal framework of SITEME. IV. Relationships with other SSSs and commercial intermediaries 9

11 A. Does the SSS maintain linkages (including sub-custodian or cash correspondent relationship) or other relationships with other SSSs? No. For the moment, SITEME does not have direct links with any other entities. Nevertheless, there are indirect links, with ICSDs, operated by Portuguese custodian banks. B. Does the SSS use securities custodians (other than the SSSs addressed in the previous question) and/or commercial cash correspondents? Please identify the custodians or cash correspondents used and the duties that each performs. Yes. Portuguese custodian banks hold accounts with the ICSDs that are mirror accounts of their accounts in SITEME (only for Treasury bills). C. Please describe the standards used in approving or reviewing relationships with other SSSs, custodians or cash correspondents, including any financial or operational requirements or the presence of insurance or public supervision. All banks holding accounts in SITEME are institutions covered by the Banco de Portugal Banking Supervision Department. D. Does the SSS advance funds or securities to or on behalf of other intermediaries such as issuing or paying agents? If so, please identify the circumstances in which such exposure could arise. No. E. Please describe measures in place to protect the SSS and its members against the failure of other SSSs or commercial intermediaries to meet obligations to the SSS, including risk controls, collateral or alternative sources of funds and securities. Not applicable. V. Securities transfers, funds transfers and linkages between transfers 10

12 A. Please discuss whether and how settlement instructions are matched between participants prior to processing by the SSS. For operations with financial settlement Each participant notifies the SSS by remote terminal (BP Net) of the conditions of the operation that they want to perform. When both notifications are received (and matched), the transaction is closed. Where Banco de Portugal is one of the parties (in monetary policy operations) the Bank either accepts or refuses the operations that are proposed to it by its counterparties. For operations with securities settlement only (with no cash leg) Each participant notifies the SSS by remote terminal (BP Net) of the conditions of the operation that they want to perform. The recipient of the securities must accept the delivery of the securities previously done by the transferor. 1. Is matching required for all transactions without exception? Yes, but with differences according to the type of operation (with or without cash leg). 2. What procedure is used when instructions do not match? Both participants are contacted (by phone) to solve the mismatch. 3. Are matched settlement instructions binding on participants? Yes. In addition, settled instructions are final and irrevocable. a) If so, please describe the consequences of failure by participants to meet obligations (e.g. forced settlement, penalties, short positions). Participants can incur in penalties, namely, warnings, suspensions or even the termination of their membership. 11

13 b) Please describe whether this is a feature of the SSS s rules and procedures or of national law or regulations. This is a feature of the rules of the SSS. c) Please provide a time line indicating the points at which matched instructions become binding, as well as any pre-matching process that takes place. Matched instructions become binding when the second transmission is matched with the first one, by the computer system. B. Are securities transferred within the SSS registered? No, securities are recorded in SITEME as bearer securities. 1. Who is the registrar? Not applicable. 2. Is it normal practice to register the securities in the name of the SSS(or its nominee) or in the name of the beneficial owner? Are there instances in which securities housed within the SSS are registered to neither the SSS (or its nominee) nor the beneficial owner? Not applicable. 3. If the SSS offers custodial services, will it hold securities registered in the name of the beneficial owner? Not applicable. 4. Under what circumstances does the SSS initiate registration of securities in the buyer s name? Not applicable. 12

14 5. How long does the registration process typically take? Are participants notified when registration is complete? Not applicable. 6. Can securities be transferred within the SSS before registration in the buyer s name is complete? If so, do the rules and procedures of the SSS provide for an unwind or reversal of such transfers in case of bankruptcy or other events which result in the buyer s name not being entered on the register? Not applicable. C. Please describe how securities transfers are processed within the SSS. In the securities accounts opened with SITEME in the name of the securities owners, the operations relating to these securities are processed through transfers and the rights of ownership are also recorded. 1. Please indicate whether the transfers are processed as debits and credits to members accounts or via some other method. Securities transfers are made from the seller to the buyer upon debit of the settlement account of the former and credit to the buyer s account opened with SITEME. 2. On a continuous (real-time) basis, or in one or more batches? On a continuous (real time) basis. 3. If continuous, during what hours does the processing occur? If in batches, at what time or times is the processing initiated and completed? From 7:00 a.m. to 5:30 p.m. (local time). 6:00 pm on the last Eurosystem business day of a minimum reserve maintenance period. 13

15 4. Do securities settlements occur daily? Please identify securities for which settlement occurs only on specific days of the week or month. Yes, securities settlements occur every Eurosystem business day. D. Please describe whether final funds transfers in conjunction with the SSS are made as debits and credits to balances held at the SSS, at one or more commercial banks, at the central bank, or via some other method. The cash leg of all operations with financial settlement carried out in SITEME is settled in central bank money. Final funds transfers are made in conjunction with SSS as debits and credits to balances held at Banco de Portugal. 1. Does the SSS maintain cash accounts for its participants? Are these accounts equivalent to deposit accounts at a commercial or central bank or do they serve only as cash memorandum accounts? No, in SITEME there are only securities accounts (cash accounts are held in Banco de Portugal s books). 2. On what entity (SSS or other) does the participant bear cash deposit risk? The participant that sells securities does not bear any cash deposit risk, because settlement accounts (in central bank money) are held with Banco de Portugal (Portuguese Central Bank). 3. Under what circumstances does the SSS provide credit extensions or advances of funds to its participants and thereby expose itself to credit risk? The SSS does not provide any credit extensions or advances to its participants. 4. How long can such credit extensions last? How long do they typically last? See answer to 3. 14

16 E. Is the SSS a DVP system? If so, please describe the DVP model used according to the models outlined in the DVP Report (see the Introduction). Please also provide a diagram indicating the timing of events in the processing of securities and funds transfers in the SSS. Where the SSS provides more than one alternative for settlement processing, please provide a response for each alternative and indicate the relative importance of each alternative. Yes, SITEME is a Model 1 DVP system. Real time DVP. 1. Are funds transfers and securities transfers processed within the same system or in different systems? If different how are they linked? Funds transfers and securities transfers are processed within different systems. They are linked by an electronic communication channel. a) Please describe whether each securities transfer is linked to a specific funds transfer on a trade-by-trade basis or a net basis or via some other method. On a trade-by-trade basis through the Portuguese RTGS system. b) Does the SSS split large transactions into multiple transactions or require participants to do so? No split is needed or required to participants. 2. When do securities transfers and funds transfers become final? Securities and funds transfers become final after the buyer of securities is successfully credited, and the receiver of the funds (for operations with financial settlement) is successfully credited. a) At what time do securities transfers become final? After what event or events? 15

17 At any time during the opening hours of the market (in real time), after the buyer of securities is successfully credited (and the cash leg completed for operations with financial settlement). b) At what time do funds transfers become final? After what event or events? Does this timing allow for same-day retransfer of funds received in exchange for securities? Funds transfers become final when the receiver of funds is successfully credited. Yes, this timing allows for same-day retransfer of funds. c) If final delivery of securities precedes the final transfer of funds, can participants dispose freely of such securities prior to funds finality? If so, what actions will be taken if funds are not received? No, securities will be blocked until final transfer of funds. d) If final delivery of funds precedes the final transfer of securities, can participants dispose freely of such funds prior to securities finality? If so, what actions will be taken if securities are not received? Final delivery of funds can never occur before the final delivery of securities. e) Does the timing of finality differ depending on the type of security transferred or the currency in which payment is to be made? Please describe. The timing of finality does not differ for any type of security settled in SITEME. 3. Please discuss whether participants are notified of securities or funds transfers while they are still provisional, only when they are final, or both. 16

18 Participants can be aware of the state of the operation during the process of settlement. F. Does the SSS itself guarantee funds or securities transfers? No, SITEME does not guarantee the funds or securities transfers but the system guarantees that the securities involved in the generation of the financial settlement are delivered. 1. Under what circumstances and at what point are transfers guaranteed by the SSS? Not applicable. 2. What actions does the guarantee obligate the SSS to take? Not applicable. 3. Please indicate whether the guarantee is a feature of the SSS s rules and procedures or of national law or regulations. Not applicable. VI. Default procedures A. Please discuss the events or circumstances that would constitute default of a participant under the rules and procedures of the SSS or that would lead the SSS to make use of exceptional settlement arrangements or unwind procedures. Events of default (what could only happen for the second leg of a repo operation in case of insolvency or bankruptcy) would be the lack of funds in the cash settlement account of the institution buying the securities or the lack of delivery of the securities by the seller. Failure in payments or deliveries of securities are facts that have never occurred. 17

19 1. Failure by a participant to meet a test of its solvency under the applicable laws of its jurisdiction? No tests of solvency for SSS reasons have been carried so far. 2. Failure to make payments or deliveries of securities within the time specified? If the transfer of funds does not occur in the time specified, the operation is not accepted by SITEME, until the problem is solved. If the transfer of securities does not occur in the specified time (due to the blockage of securities could only happen for the second leg of a repo operation) the participant will be in default. 3. To the extent that the rules and procedures grant discretion in the determination of the use of default or other exceptional procedures, please discuss where the authority to exercise such discretion resides and the circumstances in which this authority would be used. The authority to exercise such discretion resides in the Central Bank Organic Law; this authority would be used in case of a failure in payment or securities transfer. B. What procedures are followed by the SSS once has determined that a default event has occurred or that exceptional settlement arrangements are to be employed? Should a problem in settlement occur the failure participant would be contacted by telephone, to try to solve the problem; if the problem would not be solved, a written notification would be sent to state the default, and identify the consequences. 1. How and at what point are participants notified that this has occurred? 18

20 In the event of default, the operation is suspended and the participants in the operation are informed. The defaulting participant may be forced to terminate its participation in SITEME. 2. Would the SSS be expected to continue to meet all its obligations to participants under these circumstances? Please discuss the resources in place to ensure that this would occur (e.g. collateral, participants fund, insurance, loss-sharing arrangements, etc.). SITEME is not participating in the settlement as a counterpart, therefore all remaining obligations are procedural. There are no resources in place to guarantee the settlement in case of a failure of a participant. 3. Please describe and provide a time line indicating the order in which these resources would be used as well as the timing of participant notifications and important deadlines (e.g. when the SSS s obligations to participants would be met, when participants would need to cover their loss-sharing obligations). Not applicable. 4. Please describe all conditions under which provisional transfers of securities or funds could be unwound by the SSS. Our current system does not consider provisional transfers of securities, all transfers are final. 5. Can bankruptcy or insolvency be declared retrospectively in the SSS s jurisdiction (e.g. under a zero-hour rule), and could this cause provisional securities or funds transfers to be unwound? No, it can t. 6. Please describe any circumstances in which transfers of securities or funds that were defined as final in response to question V.E.2 above would ever be unwound. 19

21 Not applicable. C. Has a participant in the SSS ever been declared in default or become insolvent? Yes. Only one participant has been declared insolvent (in the previous system, i.e., SISTEM), but no losses have occurred to its counterparts as a result of operations settled via the SSS. VII. Securities overdrafts, securities lending and back-to-back transactions A. Is it possible for debit positions (overdrafts) in securities accounts at the SSS to arise? As short selling is not allowed, debit positions in securities accounts are not possible. B. Under what circumstances does the SSS provide for the lending of securities to ensure settlements? The SSS does not provide for the lending of securities. As SITEME is a DVP system without short selling, every institution who wants to sell securities has to hold them previously in its securities account in SITEME. C. 1. Under what conditions are delivery instructions by participants receiving and redelivering securities on the same day under back-to-back transactions settled for same-day value? All transactions in SITEME allow for same-day retransfer of securities. So, the only condition to the seller of securities is to hold them in its account. 20

22 2. Please describe limits or controls in place with respect to any of the above arrangements for the settlement of back-to-back transactions, including limits on amounts involved or related to the liquidity of the underlying securities. The automatic control in place, after the acceptance of the order for the operation, verifies the existence of the securities on the account of the seller. As the system is a real time DVP one and no short selling is allowed, no other limits or controls are necessary. 3. Under what conditions are payment instructions by participants in the SSS under back-to-back transactions settled for same-day value? Can participants use the proceeds of an ondelivery of securities without the need for an extension of credit? Always, since payment instructions relies on a real time gross settlement system. Yes, after the transfer, funds become immediately available. VIII. Risk control measures A. Please describe the roles and responsibilities of those areas of the SSS responsible for risk management and control. As transfers of securities are final and based on securities accounts holdings, whose existence is previously verified, risks are minimised, so there is no specific risk management policy in SITEME. B. Please describe any internal or external audits or supervisory/regulatory examinations that are performed with respect to the SSS. For each such audit or examination, please address the following questions. SITEME is subject to internal audits by the Audit Department of Banco de Portugal and to its own Board of Auditors ( Conselho de Auditoria ). The scope of the audit is to control the observance of rules and procedures, and when needed, to propose 21

23 changes on procedures. SITEME, as a service provided by Banco de Portugal (and Banco de Portugal as a whole), is also subject to the external audit of a specialised audit company (currently Price Waterhouse Coopers). 1. Who performs the audit or examination? The Audit Department of Banco de Portugal, and also the Board of Auditors and an external audit company (currently Price Waterhouse Coopers). 2. What is the scope of the audit or examination? The general objective of the supervision is to control the observance of rules and procedures and the security requirements, and when needed, to propose changes on procedures. 3. What is the frequency of the audit or examination? At least once a year. 4. Are audit or examination reports available for review by participants? No. C. Please discuss whether the SSS has the capacity to value (i.e. mark to market) the securities that it holds. The SSS does not hold securities in its own name. However, the SSS provides such services to the Central Bank for its credit operations as well as for the holders of securities. D. Please discuss whether the SSS has a lien on the securities held in or transferred through it. The SSS does not have a lien on the securities held in or transferred through it. E. Please discuss the circumstances in which the SSS requires collateral to limit or mitigate risks. 22

Disclosure Framework for Securities Settlement Systems. Rejestr Papierów Wartościowych (Securities Register)

Disclosure Framework for Securities Settlement Systems. Rejestr Papierów Wartościowych (Securities Register) Disclosure Framework for Securities Settlement Systems Rejestr Papierów Wartościowych (Securities Register) Domestic Operations Department Warszawa, April 2014 Compiled in: Domestic Operations Department

More information

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS. Central Register of Short-term Securities maintained by the National Bank of Slovakia

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS. Central Register of Short-term Securities maintained by the National Bank of Slovakia DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS Central Register of Short-term Securities maintained by the National Bank of Slovakia Introduction The following document comprises the answers formulated

More information

Bulgarian National Bank DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS. Fiscal Services Department December 2008 B N B G S S S

Bulgarian National Bank DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS. Fiscal Services Department December 2008 B N B G S S S DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS B N B G S S S Fiscal Services Department December 2008 7, Positano St., 1301 Sofia, Bulgaria Telex: 067 24090; Fax: +359 2 9802425 INTRODUCTION The

More information

Barcelona Stock Exchange Clearing and Settlement Service SCLBARNA. Disclosure Framework for Securities Settlement Systems

Barcelona Stock Exchange Clearing and Settlement Service SCLBARNA. Disclosure Framework for Securities Settlement Systems Barcelona Stock Exchange Clearing and Settlement Service SCLBARNA Disclosure Framework for Securities Settlement Systems February, 2014 0 Table of contents Disclosure framework SCLBARNA I. Basic information...

More information

SERVICIO DE ANOTACIONES EN CUENTA Y COMPENSACION Y LIQUIDACION DE VALORES DE LA BOLSA DE BILBAO DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS

SERVICIO DE ANOTACIONES EN CUENTA Y COMPENSACION Y LIQUIDACION DE VALORES DE LA BOLSA DE BILBAO DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SERVICIO DE ANOTACIONES EN CUENTA Y COMPENSACION Y LIQUIDACION DE VALORES DE LA BOLSA DE BILBAO DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS March 2014 Table of contents I. BASIC INFORMATION...

More information

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS February 1997 Response updated as of 31 December

More information

S.D. INDEVAL S.A. DE C.V. (CENTRAL SECURITIES DEPOSITORY FOR THE MEXICAN SECURITIES MARKET) DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS

S.D. INDEVAL S.A. DE C.V. (CENTRAL SECURITIES DEPOSITORY FOR THE MEXICAN SECURITIES MARKET) DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS S.A. DE C.V. (CENTRAL SECURITIES DEPOSITORY FOR THE MEXICAN SECURITIES MARKET) DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS ENERO 8, 1998 INDEX I. BASIC INFORMATION 1 II. RULES AND PROCEDURES

More information

COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR

COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR CADE PLATFORM JANUARY 2014 - 2 - Table of contents Disclosure framework I. Basic

More information

Central Securities Depository of Lithuania

Central Securities Depository of Lithuania Central Securities Depository of Lithuania Answers to the questionnaire included in the Disclosure Framework for Securities Settlement System prepared by the Committee on Payment and Settlement Systems

More information

Securities Settlement System. Cash - iesecu

Securities Settlement System. Cash - iesecu Securities Settlement System Cash - iesecu February 2012 DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS 1 THE SECURITIES SETTLEMENT SYSTEM of the National Bank of Belgium NBB-SSS February 2012

More information

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS MALTA STOCK EXCHANGE PLC DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS March 2015 Page 1 of 34 Introductory Note The following constitutes the response of Malta Stock Exchange Plc, as operator

More information

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Premise Monte Titoli is Italy s central securities depository (CSD). It manages the securities

More information

Disclosure Framework for. Securities Settlement Systems

Disclosure Framework for. Securities Settlement Systems Disclosure Framework for Securities Settlement Systems Updated version December 2014 Table of Contents Introduction... 3 I. Basic information... 4 II. Rules and procedures of the SSS... 13 III. Relationships

More information

COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR

COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR SCLV PLATFORM JANUARY 2014 - 2 - Table of contents Disclosure framework I. Basic

More information

TAKASBANK Compliance to Securities Settlement Systems and CPSS-IOSCO Recommendations for Securities Settlement Systems-2008

TAKASBANK Compliance to Securities Settlement Systems and CPSS-IOSCO Recommendations for Securities Settlement Systems-2008 TAKASBANK Compliance to Securities Settlement Systems and CPSS-IOSCO Recommendations for Securities Settlement Systems-2008 This questionnaire addresses each of the joint CPSS-IOSCO recommendations relating

More information

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEM

DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEM DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEM I. Basic information A. What is the name of the SSS? Hong Kong Securities Clearing Company Limited (herein referred to as "Hongkong Clearing"). B.

More information

Central Counterparties and Settlement Systems

Central Counterparties and Settlement Systems Central Counterparties and Settlement Systems Greg Johnston Reserve Bank of Australia Workshop On Developing Government Bond Market in APEC Economies Shanghai National Accounting Institute, P.R. China

More information

Requirements for Clearing & Settlement Systems

Requirements for Clearing & Settlement Systems Requirements for Clearing & Settlement Systems Jan Woltjer De Nederlandsche Bank Why is the infrastructure for Clearing, settlement and custody so important? Europe ==> Key to integration of the financial

More information

The Association of Global Custodians Questionnaire 2012-2013

The Association of Global Custodians Questionnaire 2012-2013 The Association of Global Custodians Questionnaire 2012-2013 Lithuania - Central Securities Depository of Lithuania, plc. Name Lithuania - Central Securities Depository of Lithuania, plc. Contact Name

More information

Financial Stability Standards for Securities Settlement Facilities

Financial Stability Standards for Securities Settlement Facilities Attachment 4 Financial Stability Standards for Securities Settlement Facilities Introduction The Financial Stability Standards for Securities Settlement Facilities (SSF Standards) are determined under

More information

Dubai Financial Market Rules for DVP Clearing and Settlement. ( DVP Rules )

Dubai Financial Market Rules for DVP Clearing and Settlement. ( DVP Rules ) Dubai Financial Market Rules for DVP Clearing and Settlement ( DVP Rules ) 20/04/2011 Table of Contents DEFINITIONS... 3 1 CLEARING AND SETTLEMENT... 5 2 TRANSFERS OF SECURITIES ARISING FROM LATE CONFIRMATION...

More information

PAYMENT AND SETTLEMENT SYSTEMS IN SPAIN

PAYMENT AND SETTLEMENT SYSTEMS IN SPAIN Francisco Linares Payment Settlement Systems Unit Manager Jesús Pérez Bonilla Securities Settlement Systems Unit Manager Payments Week 2005 Madrid 20 June 2005 PAYMENT SYSTEMS DEPARTMENT AGENDA PAYMENT

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

Best practice guidelines for depositary banks in relation to the safekeeping of assets from UCITS funds held through the traditional custody network

Best practice guidelines for depositary banks in relation to the safekeeping of assets from UCITS funds held through the traditional custody network Best practice guidelines for depositary banks in relation to the safekeeping of assets from UCITS funds held through the traditional custody network The purpose of the following is to provide general principles

More information

The Warsaw Stock Exchange Rules

The Warsaw Stock Exchange Rules (text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.

More information

APPENDIX FOR U.S. SECURITIES TRADING

APPENDIX FOR U.S. SECURITIES TRADING APPENDIX FOR U.S. SECURITIES TRADING This Appendix applies in respect of securities trading services in U.S. Securities provided by ICBCIS to the Client. In the event that there is any inconsistency between

More information

The assessment report on the kdpw_stream s compliance with the ESCB-CESR recommendations for securities settlement systems

The assessment report on the kdpw_stream s compliance with the ESCB-CESR recommendations for securities settlement systems The assessment report on the kdpw_stream s compliance with the ESCB-CESR recommendations for securities settlement systems 1 I. Introduction General Presented assessment of securities settlement system

More information

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS A background paper for the 4th OECD/World Bank Bond Market Workshop 7-8 March 02 by Jan Woltjer 1 1 Introduction Settlement

More information

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity; CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed

More information

THE DEPOSITORY TRUST COMPANY RESPONSE TO THE DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS

THE DEPOSITORY TRUST COMPANY RESPONSE TO THE DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS THE DEPOSITORY TRUST COMPANY RESPONSE TO THE DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS JUNE 2002 Table of Contents Disclosure Framework Introduction...3 I. Basic Information...4 II. III. IV.

More information

CHAPTER 16 INVESTMENT ENTITIES

CHAPTER 16 INVESTMENT ENTITIES CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end

More information

Netherlands- Euroclear Nederland (registered tradename of Necigef)

Netherlands- Euroclear Nederland (registered tradename of Necigef) The Association of Global Custodians - Questionnaire Name Contact Name Address Country Netherlands- Euroclear Nederland (registered tradename of Necigef) Alain Muluwayi Herengracht 459-469, 1017 BS AMSTERDAM

More information

2013-03-01. Participation in Euroclear Sweden AB

2013-03-01. Participation in Euroclear Sweden AB 2013-03-01 Participation in Euroclear Sweden AB TABLE OF CONTENTS 1 INTRODUCTION... 3 2 CLEARING AND SETTLEMENT... 3 AM SUB-MARKET... 3 PM SUB-MARKET... 3 3 SAFEKEEPING... 3 OWNER- REGISTERED ACCOUNT...

More information

The Warsaw Stock Exchange Rules

The Warsaw Stock Exchange Rules The Warsaw Stock Exchange Rules (text according to legal condition at 1 June 2015)* *The Warsaw Stock Exchange Rules adopted in Resolution No. 1/1110/2006 of the Exchange Supervisory Board dated 4 January

More information

(Legislative acts) REGULATIONS

(Legislative acts) REGULATIONS 28.8.2014 Official Journal of the European Union L 257/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 909/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 23 July 2014 on improving securities

More information

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS STATUTORY INSTRUMENTS. S.I. No. )04, of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS S.I. No. (74 of 2015 CENTRAL BANK (SUPERVISION

More information

CHAPTER 11 NOMINEE SERVICES

CHAPTER 11 NOMINEE SERVICES 11/1 CHAPTER 11 NOMINEE SERVICES 1101. Scope and extent of nominee and similar services Subject to the Rules, applicable laws and applicable regulatory approval, in respect of Eligible Securities deposited

More information

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE OPERATING MANUAL

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE OPERATING MANUAL This is a free translation offered only as a convenience for English language readers and is not legally binding. Any questions arising from the text should be clarified by consulting the original in Portuguese.

More information

OPERATING RULES OF THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE. (Consolidated text reflecting amendments entered into force Jan, 19, 2015)

OPERATING RULES OF THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE. (Consolidated text reflecting amendments entered into force Jan, 19, 2015) OPERATING RULES OF THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE (Consolidated text reflecting amendments entered into force Jan, 19, 2015) Page 1 I. BASIC PROVISIONS 1. [1] The Central Securities

More information

COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010

COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010 Statutory Document No. 161/10 COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010 1 Title 2 Commencement 3 Interpretation INDEX THE GOVERNING BODY 4 Composition

More information

1.8. Invalidity or voidance of any provision of the conditions shall not result in invalidity or voidance of other provisions.

1.8. Invalidity or voidance of any provision of the conditions shall not result in invalidity or voidance of other provisions. 1. GENERAL PROVISIONS 1.1. Upon provision by Danske Bank A/S Estonia branch (hereinafter: Bank) to the Client of investment services and/or ancillary investment services (hereinafter collectively referred

More information

Bangladesh Payment and Settlement Systems Regulations, 2009

Bangladesh Payment and Settlement Systems Regulations, 2009 Bangladesh Payment and Settlement Systems Regulations, 2009 Payment Systems Division Department of Currency Management and Payment Systems Bangladesh Bank Table of Contents 1. Short Title and Commencement...

More information

THE RULES OF THE CENTRAL SECURITIES CLEARING SYSTEM

THE RULES OF THE CENTRAL SECURITIES CLEARING SYSTEM THE RULES OF THE CENTRAL SECURITIES CLEARING SYSTEM THE RULES DEFINITIONS Article 1 Unless the context requires otherwise, for all purposes of these Rules: "CSCS" means Central Securities Clearing System

More information

THE RULES ON THE SECURITIES SETTLEMENT SYSTEM OF THE CENTRAL SECURITIES DEPOSITORY OF LITHUANIA I. GENERAL PROVISIONS

THE RULES ON THE SECURITIES SETTLEMENT SYSTEM OF THE CENTRAL SECURITIES DEPOSITORY OF LITHUANIA I. GENERAL PROVISIONS APPROVED BY the CSDL Board meeting on October 19, 2007 Minutes No. 4 THE RULES ON THE SECURITIES SETTLEMENT SYSTEM OF THE CENTRAL SECURITIES DEPOSITORY OF LITHUANIA I. GENERAL PROVISIONS 1. The Rules on

More information

CENTRAL SECURITIES DEPOSITORY SYSTEM DEALING AGREEMENT BETWEEN BANK OF UGANDA AND

CENTRAL SECURITIES DEPOSITORY SYSTEM DEALING AGREEMENT BETWEEN BANK OF UGANDA AND CENTRAL SECURITIES DEPOSITORY SYSTEM DEALING AGREEMENT BETWEEN BANK OF UGANDA AND CENTRAL SECURITIES DEPOSITORY SYSTEM MEMBERSHIP FOR CSD DEALING SERVICE AN AGREEMENT made on the BETWEEN (1) THE BANK OF

More information

REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY

REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY 1 SENAF REGULATIONS TITLE I - GENERAL PROVISIONS Article 1. Object Article 2. Scope of application Article 3. Governing bodies Article 4. Applicable

More information

Rothschild Visa Card Terms and Conditions

Rothschild Visa Card Terms and Conditions Rothschild Visa Card Terms and Conditions These Rothschild Visa Card Terms and Conditions (June 2010 edition) are in addition to and supplemental to the Bank s standard Terms and Conditions (October 2007

More information

The Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION

The Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION The Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION November 2001 Table of Contents INTRODUCTION...1 LEGAL STRUCTURE...5 PARTICIPANTS...7 SYSTEM...10 ACCOUNTS...12 TRADING...17

More information

ACT ON PAYMENT SERVICES

ACT ON PAYMENT SERVICES 492 ACT ON PAYMENT SERVICES The full text of Act No 492/2009 Coll. on payment services and on amendments to certain laws, as amended by Act No 130/2011 Coll., Act No 394/2011 Coll., Act No 520/2011 Coll.,

More information

Terms and Conditions

Terms and Conditions Terms and Conditions 1. TABLE OF CONTENTS 1. TABLE OF CONTENTS 2. SERVICES OFFERED TO THE CUSTOMER 3. EXECUTION-ONLY ARRANGEMENTS 4. YOUR INVESTMENT OBJECTIVES 5. RESTRICTIONS ON TYPES OF INVESTMENT 6.

More information

Agreement on Account Management, Settlement and Collateralisation between... (name of the Bank) and. For Norges Bank

Agreement on Account Management, Settlement and Collateralisation between... (name of the Bank) and. For Norges Bank Page 1 of 13 Agreement on Account Management, Settlement and Collateralisation between. (name of the Bank) and Norges Bank Type of account (please mark one): Ordinary account Contingency account Oslo,

More information

EVLI SWEDEN EQUITY INDEX FUND

EVLI SWEDEN EQUITY INDEX FUND EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto

More information

DIRECTIVE 2014/9/EAC OF THE COUNCIL OF MINISTERS

DIRECTIVE 2014/9/EAC OF THE COUNCIL OF MINISTERS DIRECTIVE 2014/9/EAC OF THE COUNCIL OF MINISTERS of (Date of Approval by Council of Ministers) DIRECTIVE OF THE EAST AFRICAN COMMUNITY ON CENTRAL SECURITIES DEPOSITORIES Preamble: The Council of Ministers

More information

EXCHANGE Traded Funds

EXCHANGE Traded Funds EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...

More information

UBS Electronic Trading Agreement Global Markets

UBS Electronic Trading Agreement Global Markets UBS Electronic Trading Agreement Global Markets Version: 1.1 November 2014 I. UBS ELECTRONIC TRADING AGREEMENT 1.1 UBS Limited ( UBSL ) provides an electronic trading service, which enables certain clients

More information

Principles for financial market infrastructures

Principles for financial market infrastructures Committee on Payment and Settlement Systems Technical Committee of the International Organization of Securities Commissions Principles for financial market infrastructures April 2012 This publication is

More information

Terms and conditions of the smart + Trading Account from AXA Self Investor

Terms and conditions of the smart + Trading Account from AXA Self Investor Terms and conditions of the smart + Trading Account from AXA Self Investor Terms and conditions of the smart + Trading Account 02 Introduction These Terms and conditions of the smart + Trading Account

More information

"Nominee" means OCBC Bank Nominees Pte Ltd or any other nominee appointed by the Bank from time to time and its successor in title.

Nominee means OCBC Bank Nominees Pte Ltd or any other nominee appointed by the Bank from time to time and its successor in title. TERMS AND CONDITIONS GOVERNING CPF INVESTMENT ACCOUNT These Terms and Conditions govern the Customer's CPF Investment Account with the Bank and the services which the Bank may extend to the Customer under

More information

GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES

GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES Issued: 15 March 2005 Revised: 25 April 2014 1 P a g e List of Revision Revision Effective Date 1 st Revision 23 May 2011 2 nd Revision 16

More information

Swiss Master Agreement for Exchange-Traded Derivative Transactions

Swiss Master Agreement for Exchange-Traded Derivative Transactions Swiss Master Agreement for Exchange-Traded Derivative Transactions dated as of. between ( Client ) and...... ( Broker )... (each, a Party, and together, the Parties ) 1. Scope This Master Agreement for

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

Contents. Choosing the account that is right for you. Savings accounts. Fixed deposits. Current accounts/cheque. Foreign currency.

Contents. Choosing the account that is right for you. Savings accounts. Fixed deposits. Current accounts/cheque. Foreign currency. 1 2 3 4 5 6 7 8 9 10 11 12 13 Contents Choosing the account that is right for you Savings accounts Fixed deposits Current accounts/cheque Foreign currency Minimum balances Payments into accounts Payments

More information

COUNCIL OF THE EUROPEAN UNION. Brussels, 24 February 2014 (OR. en) 6828/14 Interinstitutional File: 2012/0029 (COD) EF 57 ECOFIN 179 CODEC 527

COUNCIL OF THE EUROPEAN UNION. Brussels, 24 February 2014 (OR. en) 6828/14 Interinstitutional File: 2012/0029 (COD) EF 57 ECOFIN 179 CODEC 527 COUNCIL OF THE EUROPEAN UNION Brussels, 24 February 2014 (OR. en) 6828/14 Interinstitutional File: 2012/0029 (COD) EF 57 ECOFIN 179 CODEC 527 "I" ITEM NOTE From: General Secretariat of the Council To:

More information

Rules of Alternative Trading System organised by the BondSpot S.A.

Rules of Alternative Trading System organised by the BondSpot S.A. Rules of Alternative Trading System organised by the BondSpot S.A. The Rules adopted by the Management Board by Resolution No. 103/2009 dated 4 November 2009, as amended by the Management Board: by Resolution

More information

(Unofficial translation by the Financial and Capital Market Commission)

(Unofficial translation by the Financial and Capital Market Commission) 1 (Unofficial translation by the Financial and Capital Market Commission) Law on Payment Services and Electronic Money (Title of the Law in the wording of the Law of 17 March 2011 that is in effect as

More information

OVERSIGHT STANDARDS FOR EURO RETAIL PAYMENT SYSTEMS

OVERSIGHT STANDARDS FOR EURO RETAIL PAYMENT SYSTEMS OVERSIGHT STANDARDS FOR EURO RETAIL PAYMENT SYSTEMS 1 Introduction The oversight of payment systems is an essential function of central banks and aims to ensure the smooth functioning of payment systems

More information

Member s Profile. KELER Ltd. (hereinafter referred to as: KELER) Total Shareholders Equity: USD 121 million

Member s Profile. KELER Ltd. (hereinafter referred to as: KELER) Total Shareholders Equity: USD 121 million Member s Profile Organization Name: KELER Ltd. (hereinafter referred to as: KELER) Country/ Region: Hungary Name of CEO: György Dudás Capital (US$): Total Shareholders Equity: USD 121 million Share capital:

More information

TERMS AND CONDITIONS GOVERNING THE OPERATION OF THE CURRENT ACCOUNT OF THE MERCHANT BANK

TERMS AND CONDITIONS GOVERNING THE OPERATION OF THE CURRENT ACCOUNT OF THE MERCHANT BANK TERMS AND CONDITIONS GOVERNING THE OPERATION OF THE CURRENT ACCOUNT OF THE MERCHANT BANK 1. Definitions and Interpretation In these terms and conditions, unless the subject or context otherwise requires,

More information

Evaluation of the Securities Settlement System

Evaluation of the Securities Settlement System of the Securities Settlement System September 2007 Introduction This note presents an evaluation of the securities settlement system managed by S.D. Indeval S.A. de C.V., Mexico s central securities depository,

More information

Description of business processes. ISO 20022 Securities dashboard - Description of business processes

Description of business processes. ISO 20022 Securities dashboard - Description of business processes of business processes ISO 20022 Securities dashboard - of business processes Securities of Business Processes Issuer Pre-Investment Decision This covers the information from the issuer to Edgar, etc. which

More information

GENERAL TERMS ANC CONDITIONS OF BROKERAGE SERVICES PROVIDED BY BZ WBK BROKERAGE S.A. (UNIFORM TEXT)

GENERAL TERMS ANC CONDITIONS OF BROKERAGE SERVICES PROVIDED BY BZ WBK BROKERAGE S.A. (UNIFORM TEXT) Appendix to the Resolution No. 17/2011 of the Management Board of BZ WBK Brokerage S.A. dated 25 February 2011 concerning adoption of the amended General Terms and Conditions of Brokerage Services Provided

More information

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX Australia Pty Limited ACN 160 659 290 AFSL 437734 Issue Date: 7 November 2015 Version 2.0 Table of Contents Section 1 Important Information

More information

Federal Reserve Policy on Payments System Risk

Federal Reserve Policy on Payments System Risk Federal Reserve Policy on Payments System Risk As amended effective January 11, 2007 INTRODUCTION RISKS IN PAYMENTS AND SETTLEMENT SYTEMS I. RISK MANAGEMENT IN PAYMENTS AND SETTLEMENT SYSTEMS A. Scope

More information

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner Entry into force: 29. April 2015 Version: 1.1 Published 27. April 2015 VPO NOK Rules Rules for the Central Securities Settlement in Norwegian Kroner This document is a translation from the original Norwegian

More information

Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies

Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies APPROVED by Latvian Central Depository Supervisory Board Meeting on February 27, 2004 AMENDMENTS APPROVED On 29.05.2007.;

More information

Operation of Intermediated Securities in Turkey: Best Practices and Challenges

Operation of Intermediated Securities in Turkey: Best Practices and Challenges Operation of Intermediated Securities in Turkey: Best Practices and Challenges M. Kubilay DAĞLI Chief Expert E-mail: Kubilay.dagli@spk.gov.tr November 2013, İstanbul Market Participants BORSA ISTANBUL

More information

Custodian Agreement. Butterfield Bank (Cayman) Limited , 200. as Client. and. as Custodian. Butterfield Bank (Cayman) Limited IS5-04

Custodian Agreement. Butterfield Bank (Cayman) Limited , 200. as Client. and. as Custodian. Butterfield Bank (Cayman) Limited IS5-04 Custodian Agreement, 200 as Client and Butterfield Bank (Cayman Limited as Custodian Butterfield Bank (Cayman Limited THIS AGREEMENT is made the day of,... BETWEEN (1 a company incorporated under the laws

More information

Bank of Jamaica. National Payments System. JamClear. Central Securities Depository. Participant Rules. Document FINAL Version: 017

Bank of Jamaica. National Payments System. JamClear. Central Securities Depository. Participant Rules. Document FINAL Version: 017 Bank of Jamaica National Payments System JamClear Central Securities Depository Participant Rules Document FINAL Version: 017 Kingston, Jamaica June 2011 TABLE OF CONTENTS 1. INTRODUCTION... 1 1.1 Document

More information

Reform of the Registry, Clearing and Settlement System

Reform of the Registry, Clearing and Settlement System Reform of the Registry, Clearing and Settlement System 13 May 2013 CONTENTS 0. INTRODUCTION I. MAIN CHANGES INTRODUCED BY THE REFORM II. CENTRAL COUNTERPARTY (CCP) FOR EQUITIES 1. INTRODUCTION 1.1. Integration

More information

Act on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds

Act on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative

More information

CLIENT AGREEMENT FOR CASH SECURITIES TRADING ACCOUNTS

CLIENT AGREEMENT FOR CASH SECURITIES TRADING ACCOUNTS CLIENT AGREEMENT FOR CASH SECURITIES TRADING ACCOUNTS IF YOU ARE IN ANY DOUBT ABOUT THIS DOCUMENT OR ABOUT THE SALE AND PURCHASE OF SECURITIES OR OTHERWISE, YOU SHOULD CONSULT YOUR BANK MANAGER, SOLICITOR,

More information

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE RULEBOOK

BM&FBOVESPA FOREIGN EXCHANGE CLEARINGHOUSE RULEBOOK This is a free translation offered only as a convenience for English language readers and is not legally binding. Any questions arising from the text should be clarified by consulting the original in Portuguese.

More information

NAB Equity Lending. Facility Terms

NAB Equity Lending. Facility Terms NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully

More information

Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor

Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor Terms and conditions of the smart + ISA 02 Introduction These Terms and conditions of the smart + ISA (also referred to as

More information

BASIC BANK ACCOUNTS. Lisbon, 2014 www.bportugal.pt http://clientebancario.bportugal.pt

BASIC BANK ACCOUNTS. Lisbon, 2014 www.bportugal.pt http://clientebancario.bportugal.pt BASIC BANK ACCOUNTS Lisbon, 2014 www.bportugal.pt http://clientebancario.bportugal.pt BASIC BANK ACCOUNTS Reissue 2014 Banco de Portugal Av. Almirante Reis, 71 1150-012 Lisboa www.bportugal.pt Edition

More information

CENTRAL BANK OF MALTA

CENTRAL BANK OF MALTA CENTRAL BANK OF MALTA DIRECTIVE NO 2 in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204) PAYMENT AND SECURITIES SETTLEMENT SYSTEMS Ref: CBM/02 DIRECTIVE NO 2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS

More information

These Stock Connect Terms are the terms and conditions governing trading of China Connect Securities through Shanghai-Hong Kong Stock Connect.

These Stock Connect Terms are the terms and conditions governing trading of China Connect Securities through Shanghai-Hong Kong Stock Connect. SEC343ci(YX) 1-28 10/14 E Stock Connect Terms These Stock Connect Terms are the terms and conditions governing trading of China Connect Securities through Shanghai-Hong Kong Stock Connect. 1. Authority

More information

Central Securities Depository Act, 2007 Act 733

Central Securities Depository Act, 2007 Act 733 Central Securities Depository Act, 2007 Act 733 Section ARRANGEMENT OF SECTIONS Establishment and functions of central securities depository 1. Establishment of a central securities depository 2. Application

More information

GENERAL TERMS OF ORDERS AND DEFINITIONS FOR A PROFESSIONAL INVESTOR. April 2007

GENERAL TERMS OF ORDERS AND DEFINITIONS FOR A PROFESSIONAL INVESTOR. April 2007 1 I. SCOPE OF APPLICATION OF THE GENERAL TERMS OF ORDERS AND DEFINITIONS 1 Purpose and scope of application of the Terms of Orders These Terms of Orders shall be applied to the Order Relationship on the

More information

Unofficial English translation

Unofficial English translation Annex 3.0. GENERAL DESCRIPTION OF THE TAX ASPECTS OF THE X/N SETTLEMENT SYSTEM Taxation rules for the operation of the settlement system mentioned in Article 1 (1) of the Law of 6 August 1993 on transactions

More information

ADDENDUM I REASONS FOR THIS ADDENDUM:

ADDENDUM I REASONS FOR THIS ADDENDUM: ADDENDUM I to the Programme of Leonteq Securities AG dated 5 October 2013 (the "Programme") regarding Triparty Collateral Management Secured Structured Products (TCM) REASONS FOR THIS ADDENDUM: Under the

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Terms and conditions of investment service

Terms and conditions of investment service 1 Terms and conditions of investment service May 2014 2 Contents 1. Purpose and scope of application of the terms and conditions of agreement... 4 2. Definitions... 4 Client... 4 Client s Representative...

More information

The Bermuda Stock Exchange

The Bermuda Stock Exchange The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock

More information

1. Terms and Conditions

1. Terms and Conditions TRADING AGREEMENT The Trading Agreement (hereinafter referred to as the Agreement ) is made and entered into by and between Simple Trading Corporation Limited (hereinafter referred to as Simple Trade )

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) NOTICE ON RISK BASED CAPITAL ADEQUACY REQUIREMENTS FOR HOLDERS OF CAPITAL MARKETS SERVICES LICENCES Monetary Authority of Singapore

More information

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day * APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the

More information

LAW ON PAYMENT SERVICES

LAW ON PAYMENT SERVICES LAW ON PAYMENT SERVICES Part I INTRODUCTORY PROVISIONS Subject matter Article 1 This Law regulates the conditions and manner of providing payment services, electronic money, payment systems and supervision

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information