Regulatory Alerts2017-09-02
Royal Decree 827/2017, of September 1, amending Royal Decree 878/2015 on compensation, clearing, and registration of negotiable securities represented by book-entry, central securities depositories, central counterparties, and transparency requirements
The Spanish Ministry of Economy, Industry and Competitiveness issued Royal Decree 827/2017 to adapt the national securities clearing and settlement system to European standards and enable the integration of the central securities depository Iberclear into the TARGET2-Securities platform. The decree extends the book-entry system to fixed-income securities, introduces individual accounts for segregated client holdings, and removes administrative burdens such as the Spanish repo procedure and certain reporting obligations. It also updates legal references, regulates legitimacy certificates for guarantees held at the General Depository, and establishes rules for public service deposits.
Share