Item 6.1 Corporate Actions Subgroup Status Report
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1 Item 6.1 Corporate Actions Subgroup Status Report Advisory Group meeting 28 November 2012 T2S CASG T2S Programme Office European Central Bank Item /2012/
2 2 Table of contents CASG Gap Analysis Report 2 Next steps 3 Additional members of T2S CASG
3 2012 CASG Gap Analysis Report Background All 20 T2S markets provided responses by mid September - altogether 21 entries This is evidence the organisation set-up for this year gap analysis decided in March AG worked extremely well Market status assessment done at 8 October CASG meeting with the help of CASG contact persons for their respective markets Results incorporated in Third T2S Harmonisation Progress Report 3
4 CASG Gap Analysis Report Summary of findings All markets have forum to discuss compliance with T2S CA Standards However, results show for most markets the rate of compliance has not changed; all markets are still at below 50% level Full year gone without material progress in most markets Particular emphasis in 2012 gap analysis on necessity of legal/tax/regulatory changes Misunderstandings remain regarding interpretation of individual standards and how they apply to markets Therefore, market status assessments mostly deteriorated
5 CASG Gap Analysis Report Compliance for Market Claims Market Claims (% compliance for each market in 2012)
6 CASG Gap Analysis Report Compliance for Transformations Transformations (% compliance for each market in 2012)
7 2012 CASG Gap Analysis Report Measuring compliance for Buyer Protection 7 Only one market reported compliance with some Buyer Protection standards from the perspective of manual BP Other markets seem to comply with manual buyer protection standards but reported non-compliance as they thought BP standards refer only to automatic BP March 2012 AG explicitly mentioned T2S CA BP standards apply also for manual BP
8 CASG Gap Analysis Report Evolution of compliance with T2S CA Standards Comparison of compliance with T2S CA standards (2010 to 2012)
9 2012 CASG Gap Analysis Report Risk Assessment per market/csd 9 T2S Market Status Assessment dependent on: - degree of current compliance with the standards; - trend of compliance since the previous year; - severity of barriers to implementation (in particular the need for legislative amendments or changes in tax policy are given a strong weighting e.g. DE downgraded to HIGH due to no progress on RD despite good compliance); and - national market s plans and commitment to implement the standards.
10 2012 CASG Gap Analysis Report Summary of Risk Assessment 10 Risk Assessment for all markets LOW: Belgium (Euroclear), France, Italy, Netherlands and Portugal MEDIUM: Belgium (NBB-SSS), Greece (BOGS), Luxembourg (LUX CSD), Luxembourg (VP Lux), Spain and Switzerland HIGH: Austria, Denmark, Estonia, Finland, Germany, Hungary, Lithuania, Malta, Romania, Slovakia and Slovenia
11 2012 CASG Gap Analysis Report Finalisation 11 T2S CASG invites AG members: - To approve 2012 T2S Standards gap analysis report - To ask NUG chairmen to raise awareness and facilitate efforts on passing necessary legislative/tax/regulatory changes, where required, on time for national markets compliance with T2S CA standards.
12 12 Table of contents CASG Gap Analysis Report 2 Next steps 3 Additional members of T2S CASG
13 Next steps of T2S CASG T2S CASG plans to: - Update T2S CA Standards based on revised 2012 CAJWG Standards (once endorsed) on time to be approved by AG for the next year s gap analysis - Stress the requirement for T2S markets to comply with T2S CA standards by the start of user testing and provide further clarifications on the individual standards via: Q&A deliverable on T2S CA standards Further clarifications at various T2S forums Publication of T2S Special Series on T2S CA Standards Dedicated workshop on T2S CA Standards in Repeat the gap analysis exercise in
14 Next steps of T2S markets T2S markets to: - Realise that all parties in national markets are to engage to achieve compliance with T2S CA standards on time - Prioritise compliance work on standards requiring legislative/tax/regulatory changes - Raise awareness with public authorities on deadline of compliance - Provide clarifications to market actors regarding achieving compliance with individual standards Can always rely on help from T2S CASG/T2S PO!!! 14
15 15 Table of contents CASG Gap Analysis Report Next steps 3 Additional members of T2S CASG
16 Additional members of the T2S CASG AG members proposed additional members for T2S CASG: - Irene de Miguel, Iberclear - Jyrki Leppänen, Interbolsa - Franziskus Heidkamp, Commerzbank Essentially they were members of old T2S CASG AG invited to approve the additional members of T2S CASG 16
17 17 Thank you for your attention
18 CASG Gap Analysis Report Risk assessment per market/csd 1 Market/CSD MCs TFs BPs Risk assessment Main rationale for risk assessment Low rate of compliance and few details on implementation plan; legislative AT Austria 7% 0% 39% HIGH or market practice change required for introducing a Record Date; legislative change needed to address the information flow between issuers/issuer agents BE - Belgium (EoC) 48% 29% 0% LOW and the AT CSD. Good current compliance. Progress is being made, in cooperation with other ESES markets. No standards will require legislative change. BE Belgium (NBB) 0% 0% 0% MEDIUM No standards are met, but corporate action types and volumes expected to be limited. Furthermore, introduction of new software is in progress which should resolve inconsistency with the standards by December Good current compliance. All non-fulfilled standards deemed straightforward CH Switzerland 37% 14% 0% MEDIUM to implement. Good implementation plan exists;; however, its timely implementation may be jeopardised due to continued discussions on the market. Good but declining rate of compliance since last year. Legislative changes DE Germany 52% 50% 0% HIGH required for introducing a Record Date; furthermore, the implementation of this change is uncertain and not scheduled.
19 CASG Gap Analysis Report Risk assessment per market/csd 2 Market/CSD MCs TFs BPs Risk assessment Main rationale for risk assessment DK Denmark 0% 0% 0% HIGH No standards are currently met and the exact implementation plan has yet to be agreed with the market. No standards currently met, and while there are concrete plans to implement EE Estonia 0% 0% 0% HIGH the standards and their implementation is considered mostly straightforward to implement, there are still issues to be resolved with tax authorities. ES Spain 59% 57% 0% MEDIUM Good rate of compliance. Legislative changes have been implemented; however, lower rank legislation is needed to fully comply with the standards. No standards currently met. Furthermore, there are dependencies with regards FI Finland 0% 0% 0% HIGH to changes of the tax legislation and the exact timeline for the implementation plan has not been provided. Good compliance reported. MIG is active and good progress is being made, FR France 48% 29% 0% LOW in cooperation with other ESES markets; no standards would require GR Greece (BOGS) 30% 0% 0% MEDIUM legislative changes. Corporate action types and volumes expected to be limited. BOGS has committed to comply with the standards on time and sees no significant issues in that respect.
20 CASG Gap Analysis Report Risk assessment per market/csd 3 Market/CSD MCs TFs BPs Risk assessment Main rationale for risk assessment No standards implemented, and although Hungarian NUG is now actively HU Hungary 0% 0% 0% HIGH working on corporate actions and shows a high level of commitment, there is no concrete plan how to address significant changes that need to be implemented also with respect to legislation. IT Italy 59% 36% 0% LOW Good compliance reported. The market confirmed that no legislative changes are needed to fully implement the standards. LT Lithuania 0% 0% 0% HIGH No standards are implemented. Implementing standards would require major technical, market practice and legislative changes. LU Luxembourg (LUX CSD) 0% 0% 0% MEDIUM The LUX CSD has reported that it is currently not compliant with the CA standards but sees no problem in implementing them by the time of joining T2S. The LUX market has confirmed that would be straightforward to implement. LU Luxembourg (VP Lux) 0% 0% 0% MEDIUM The VP Lux has reported that it is currently not compliant with the CA standards but sees no problem in implementing them by the time of joining T2S. The LUX market has confirmed that would be straightforward to implement.
21 CASG Gap Analysis Report Risk assessment per market/csd 4 Market/CSD MCs TFs BPs Risk assessment Main rationale for risk assessment MT Malta 70% 0% 0% HIGH Good compliance with market claims. Some standards may require legal or regulatory changes. NL Netherlands 74% 57% 0% LOW Very good and increasing compliance reported. Implementation plans do not preview need for legislative changes and are coordinated at ESES level. Very good level of compliance reported and a clear implementation plan is PT Portugal 85% 43% 0% LOW on-going. A minor issue is to be solved with tax authorities to be fully compliant. RO - Romania 0% 0% 0% HIGH No standards are currently implemented. Furthermore, changes to the legislation are needed in some cases. SI Slovenia 0% 0% 0% HIGH No standards are currently implemented. Legislative changes as well as major changes in market practice will be required to comply. SK Slovakia 0% 0% 0% HIGH No standards are implemented. Legislative changes may be needed for processing CA in T2S in a standard way.
22 2012 CASG Gap Analysis Report Summary assessment per market 22 Market claims Transformations Buyer protection Total Trend Austria 26% 7% 7% 0% 0% 0% 0% 0% 39% 12% 3% 15% Belgium (EoC) 37% 48% 48% 29% 29% 29% 0% 0% 0% 24% 29% 29% Belgium (NBB) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Switzerland 15% 33% 37% 36% 21% 14% 0% 0% 0% 15% 20% 20% Germany - 81% 52% - 64% 50% - 0% 0% - 53% 36% Denmark 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Estonia 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Spain 59% 56% 59% 43% 50% 57% 0% 0% 0% 37% 37% 41% Finland 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% France 37% 48% 48% 29% 21% 29% 0% 0% 0% 24% 27% 29% Greece (BOGS) 0% - 30% 0% - 0% 0% - 0% 0% - 14% Hungary 33% 0% 0% 0% 0% 0% 0% 0% 0% 15% 0% 0% Italy 52% 52% 59% 57% 57% 36% 0% 0% 0% 37% 37% 36% LU (LUX CSD) - - 0% - - 0% - - 0% - - 0% LU (VP Lux) - - 0% - - 0% - - 0% - - 0% Lithuania 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Malta - 67% 70% - 0% 0% - 0% 0% - 31% 32% Netherlands 37% 48% 74% 29% 29% 57% 0% 0% 0% 24% 29% 47% Portugal 89% 85% 85% 0% 43% 43% 0% 0% 0% 41% 49% 49% Romania 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Slovenia 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Slovakia 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
23 2012 CASG Gap Analysis Report Finalisation (in case of comments) 23 T2S CASG invites AG members to: - Provide feedback on the draft gap analysis to T2S CASG by 7 December 2012 to T2S-CASG@ecb.int
24 Decision on CR T2S_0368_SYS -Easier retrieval of the ex/cum indicators for market claims T2S_0368_SYS - Easier retrieval of the ex/cum indicators for market claims (Requestor Euroclear) Description of the CR: The Change Request aimed at modifying a query response message in order to include the Ex/Cum indicator for market claims. Discussion in CRG: - Even though it was acknowledged that there was a gap in the messaging, e.g. the query response does not contain the ex/cum indicators, it was also recognised by the CRG that the workaround to use multiple queries to retrieve the information was viable. - Furthermore, it was also mentioned that CSDs have probably the information in their system, should they have received copies or sent instructions for their ICPs. - It is also to be taken into consideration that T2S first release will run using the currently published version of the ISO messages, therefore changes to ISO messages are not foreseen until the 2nd release of T2S. CRG decision: The CR is discarded for release 1 and potentially considered for a future release of T2S. 24
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