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CSDR: New CSD authorisation required

CSDR update

Euroclear Finland will apply for authorisation under the new Central Securities Depositories Regulation (CSDR). The same process applies to all central security depositories. 

It is still uncertain when we will receive the new authorisation, as it depends on when the European Securities and Markets Authority’s (ESMA) Regulatory Technical Standards are published. 

“The aim is to send the application for authorisation to the Financial Supervisory Authority in the end of 2016, and a preliminary estimation is that we will then receive the new license in the summer of 2017”, says Kati Honkajuuri-Kokkonen, the Head of Nordic Legal and Public Affairs.

After receiving the new license, amendments to the Financial Instruments Accounts Act will be enforced. 

Guide on client impacts available
A guide on client impacts has been published on our website.

Later on this year we will organise local information meetings to discuss the impact of CSDR for you and how it will affect your organisation. Separate invitations will follow after the schedule has been agreed.

New data requirements
As part of the implementation of the new regulation, we will also need to retain certain data from you in order to be compliant with CSDR. Among others, we will need to collect the following information: 
Legal Entity Identifier (LEI) 

We will get back to you with more detailed information in the coming months. 

 

This article was originally published on the July 2016 issue of the newsletter entitled "Market readiness in focus".

 

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