Changes to the services provided by Customer Account Services – as from 21 June 2017
As part of the local implementation of the Central Securities Depositories Regulation (CSD Regulation), the new Act on the Book-Entry System and Clearing Operations will enter into force on 21 June 2017. This means changes to the services for the end-investors provided by Euroclear Finland’s account operator, Customer Account Services.
What will change?
The current act provides that Euroclear Finland provide safekeeping services free-of-charge for equity instruments to end-investors while the costs of the services are charged from the issuers. The new act no longer requires this. After the new act has entered into force we will:
- Cease accepting new issuers or new securities into Customer Account Services
- Cease opening new accounts into Customer Account Services
- Whole account transfers into Customer Account Services will no longer be performed
- New securities issued after 21 June 2017 can’t be transferred within the book-entry accounts in the Customer Account Services
- Existing securities, issued prior to 21 June 2017, can be transferred within the book-entry accounts in the Customer Account Services
- During the two years transition period our invoicing remains as-is towards current issuers
Customer Account Services