Euroclear has set up a User Committee in each country in which one of its Central Securities Depositories ("CSD") operates a securities settlement system.
The User Committee provides independent advice to the Board of the CSD, on key arrangements that impact the CSD’s members on the following matters:
- criteria for accepting issuers and participants;
- service level, including relevant significant developments needed to adapt to legal, regulatory, tax or other market changes impacting the way participants and/or issuers interact with the CSD; and
- review and/or testing of the default procedures of the CSD
The User Committee is composed of representatives of participants and issuers in the securities settlement system and functions fully independently from the CSD management.
Euroclear considers the User Committee as a vital and highly valued advisory body in the pursuit of its objectives as trusted financial market infrastructure.
ESA kept its existing Cross-border Market Advisory Committee.