Brussels, 06/03/2012 (Agence Europe) - EU Internal Market Commissioner Michel Barnier will unveil draft legislation on Wednesday 7 March to harmonise rules for central securities depositories (CSD), access to them and interoperability. CSD provide a crucial service to the financial markets by registering, storing and settling securities, and in an ever more computerised environment the Commission says it is time to introduce European CSD rules.
The draft legislation will: - improve security of delivery and settlement of securities, particularly those crossing borders, by ensuring buyers and sellers receive their certificates and money on time and at least risk (a maximum settlement time will be introduced); - introduce a genuine internal market in CSDs; - make CSDs safer by ensuring they apply strict prudential rules in line with international standards. We understand that the private offices of Commissioners Oettinger, De Gucht, Reding and Hahn have lifted their reservations to measures concerning the separation of CSDs' settlement business and banking business. (MB/transl.fl)