European banking sector contributes to EU Clearing & Settlement Arrangements

14 April 2005

The European Credit Sector Associations (ECSAs) and the European Central Securities Depositories Association (ECSDA) have been made responsible for leading the process of the removal of Barrier 3 which was identified by the Giovannini group and applies to the differences between Member States in the rules governing corporate actions, beneficial ownership and custody. The Giovannini Group advocates harmonization by the market of the various national rules and calls for information requirements and deadlines for the removal of the barrier.

The ECSAs have formed the Corporate Actions Task Force (CATF), to identify the obstacles that prevent efficiency in processing cross-border corporate actions and to make recommendations with regard to their removal.

In a three-stage approach, they will analyse corporate action processing and make relevant recommendations for the removal of obstacles; they will coordinate and promote the implementation of these recommendations at national level, through their member associations and banks; and finally, will monitor progress in the implementation of the measures at national level by means of annual reviews.

Press release
Annex

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