Regulatory Alerts2015-06-26
Assessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs
The Belgian, Dutch, and French supervisory authorities jointly assessed the Euroclear Settlement of Euronext-zone Securities (ESES) Central Securities Depositories and Securities Settlement Systems against the 2012 CPMI-IOSCO Principles for Financial Market Infrastructures. The assessment found that most principles were observed or broadly observed, with specific recommendations issued to improve transparency in contractual frameworks, formalize risk reviews for international links, and enhance recovery plan compliance. Key actions required by end-2015 include gathering data on indirect participation, documenting outsourcing arrangements with Euroclear Bank, and establishing formal policies for updating legal opinions and testing default procedures.