Regulatory Alerts2013-04-25
Order ECC/680/2013 of 8 April authorizing the modification of Articles 11 and 12 of the Regulations of the Society for the Management of Securities Registration, Clearing and Settlement Systems, S.A.
The Spanish Ministry of Economy and Competitiveness issued Order ECC/680/2013 to authorize modifications to Articles 11 and 12 of the Iberclear Regulations, following favorable reports from the CNMV, the Bank of Spain, and relevant autonomous communities. The amendment exempts stock market trading members from the mandatory obligation to become direct participants in Iberclear, provided they appoint a participating entity as their clearing agent to assume settlement responsibilities. This change finalizes adjustments introduced by Royal Decree 363/2007 regarding the representation of securities and the clearing and settlement of stock market operations.
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