Regulatory Alerts2016-08-17
Modification of the Bylaws of the Society for the Management of Securities Registration, Clearing and Settlement Systems, S.A.U. (BOE August 18, 2016)
The Society for the Management of Securities Registration, Clearing and Settlement Systems, S.A.U. has modified Articles 32 and 33 of its Bylaws to regulate and define a special optional procedure for financial intermediary transfer orders. The amendments establish that this procedure applies to professional clients of EU-authorized investment firms and credit institutions, subjecting their transfer orders to the irrevocability and finality rules of Article 31. Furthermore, the modification clarifies the accounting relationships between special and individual intermediary accounts when client securities are not registered at the close of the settlement process.
Share