Euroclear Sweden has analysed the current account model in relation to the harmonisation and standardisation to European standards. In May, Euroclear Sweden published a document,Target Securities Account Model in Euroclear Sweden, proposing relevant changes to the existing services and processes on accounts. The intention is to adapt the account services to pave the way for the forthcoming business process harmonisation and to align services between the two legal account types (owner and nominee) to the extent possible.
The document contains with a description of the existing structure and legal basis regarding securities accounts. This is followed by a more detailed presentation of the proposed account model and finally describes Euroclear Sweden’s view of the implementation of these changes.
Euroclear Sweden is currently collecting feedback from the clients on the proposal. The roll out of the new model is intended to be made in incremental small steps, whereof many will be driven by business process harmonisation initiatives.