Regulatory Alerts2003-12-21
Instruction COSOB No. 03-02 of December 21, 2003: Specifications for Securities Account-Keeping and Safekeeping Agents
The COSOB issued Instruction No. 03-02 to define the mandatory specifications for securities account-keeping and safekeeping agents, covering both financial intermediaries and securities issuers. The regulation mandates strict requirements for human resources, IT infrastructure, accounting procedures, and internal control mechanisms to ensure operational integrity and client protection. It further establishes a standardized securities accounting framework, including a minimal chart of accounts and specific organizational structures for maintaining individual security records.
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