Euroclear Finland gets the green light to operate under CSDR
22 August 2019 Helsinki
Image: Shutterstock
Euroclear Finland can now operate under the EU’s Central Securities Depositories Regulation (CSDR) following authorisation from the Finnish Ministry of Finance.
Since initially coming into force in September 2014, CSDR’s main objectives are to create a consistent regulatory framework and a level playing field for CSDs and further support competition between depositories in Europe.
As of Q1 2019, CSDs and their participants were required to comply with CSDR requirements upon receipt of their authorisation.
In order to obtain the licence, Euroclear Finland and other CSDs had to have submitted applications for authorisation to their national competent authorities by September 2017 and then extensively review their entire CSD Core system.
According to Euroclear Finland, this is not something many CSDs have completed yet.
Euroclear Finland clients will now benefit from streamlined processes and in the future gain easy access to the European Target2-Securities (T2S) platform.
A spokesperson for Euroclear Finland said: “We have consolidated the different legacy systems into one single CSD system, which is standards-based and is a project we have done together with market participants.
“As Europe is establishing a level playing field for CSDs, we have made sure that our systems are up to the correct requirements. We see the opportunities in this as the competition is opening up, and with the new CSD system and operating licence we stand ready to better serve our clients.”
Since initially coming into force in September 2014, CSDR’s main objectives are to create a consistent regulatory framework and a level playing field for CSDs and further support competition between depositories in Europe.
As of Q1 2019, CSDs and their participants were required to comply with CSDR requirements upon receipt of their authorisation.
In order to obtain the licence, Euroclear Finland and other CSDs had to have submitted applications for authorisation to their national competent authorities by September 2017 and then extensively review their entire CSD Core system.
According to Euroclear Finland, this is not something many CSDs have completed yet.
Euroclear Finland clients will now benefit from streamlined processes and in the future gain easy access to the European Target2-Securities (T2S) platform.
A spokesperson for Euroclear Finland said: “We have consolidated the different legacy systems into one single CSD system, which is standards-based and is a project we have done together with market participants.
“As Europe is establishing a level playing field for CSDs, we have made sure that our systems are up to the correct requirements. We see the opportunities in this as the competition is opening up, and with the new CSD system and operating licence we stand ready to better serve our clients.”
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