Issuers of financial instruments other than shares
From 1 October 2026, the simplified requirement will apply to issuers of financial instruments other than shares, provided that the following conditions are met:
- The Issuer is legally incorporated within the EU/EEA; and
- The Issuer uses either its national CSD or intends to use Euroclear Sweden as Issuer CSD when applying for affiliation and for its financial instruments to be recorded in book-entry by Euroclear Sweden.
If these conditions are not met, the issuer must continue to submit one or more legal opinions together with the application. This applies to issuers that:
- are legally incorporated outside the EU/EEA; or
- are legally incorporated within the EU/EEA but use neither its national CSD nor intend to use Euroclear Sweden as Issuer CSD.
Issuers of shares
From 1 January 2027, the simplified requirement will apply to issuers of shares, provided that the following conditions are met:
- The issuer is legally incorporated within the EU/EEA; and
- The issuer uses its national CSD as Issuer CSD when applying for affiliation and for its shares to be recorded in book-entry by Euroclear Sweden (as Investor CSD).
If these conditions are not met, the issuer must continue to submit one or more legal opinions together with the application. This applies to issuers that:
- are legally incorporated outside the EU/EEA; or
- are legally incorporated within the EU/EEA but use an Issuer CSD other than their national CSD.
Background to the change
The decision forms part of Euroclear Sweden’s ongoing efforts to support growth and development in the securities market across the EU and EEA.
Jurisdictions where CSD links already exist
The simplification does not change the jurisdictions from which Euroclear Sweden currently offers CSD links. These are:
- Canada
- Denmark
- Finland
- Ireland
- Luxemburg
- Norway
- Poland
- Switzerland
- United Kingdom
In addition, each new issuer affiliation remains subject to a separate approval decision based on independent and objective criteria.
Contact for further information
For more information on how to affiliate as an issuer and have financial instruments recorded in book-entry with Euroclear Sweden, including the rules and conditions that apply, please contact our Equity Services or Fixed Income Services team at: issuerorder.vpc@euroclear.com.
Best regards
Euroclear Sweden
Related news: Euroclear Sweden Reopens CSD Links for New issuers of shares - Euroclear
