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:
o Cease accepting new issuers or new securities into Customer Account Services
o Cease opening new accounts into Customer Account Services
o Whole account transfers into Customer Account Services will no longer be performed
o New securities issued after 21 June 2017 can’t be transferred within the book-entry accounts in the Customer Account Services
o Existing securities, issued prior to 21 June 2017, can be transferred within the book-entry accounts in the Customer Account Services
o During the two years transition period our invoicing remains as-is towards current issuers
The Finnish Central Securities Depository (CSD), as an account operator, offers safekeeping services for:private investors and Communities.
You can find the price list, brochure, account terms and account agreement here. Note that you can only hold securities that are issued in the Finnish book-entry system.