2 Internasjonale anbefalinger

Verdipapirsentralen

Alle anbefalinger er tatt inn i engelsk versjon. De er gjengitt i kronologisk rekkefølge.

2.1 FIBV's anbefalinger fra rapporten «Improving International Settlement Report of the task force appointed by the FIBV« fra 1989

Recommendation 1:

Adoption of international settlement conventions

• Trade confirmation/matching

• Settlement period

• Central Securities Depositaries

• Delivery versus payment

• Securities lending

• Standardised securities messages and codes.

Recommendation 2:

Cross-border settlement links

Provided there is a business need and sufficient transaction volume, all national and international Central Securities Depositaries should establish links with each other, based on specific agreements, for as wide a spectrum of services and internationally traded securities as possible.

Link model 1:

Cross border custody link, with free of payment delivery between two CSDs, but without any linked settlement/payment facilities.

Link model 2:

Cross border custody link, including 'against payment' delivery facilities, between two CSDs.

Link model 3:

Cross border clearing link between two clearing organisations, providing for trade accounting, securities settlement, custody and settlement payment facilities. Each of the two national clearing organisations is linked to its national CSD

Recommendation 3:

Securities immobilised in the country of the issuer and transferred by book entry.

Physical documents of title to securities listed and/or traded on a foreign stock exchange as well as their home stock exchange should remain in their home country and should be immobilised in their original form at the CSD which effects securities transfers by means of book entry, i.e. by debiting the delivering securities account and crediting the receiving securities account, without any movement of sertificates. Automated book-keeping and data communication systems should be in place to permit efficient ordering execution and confirmation of book entry transfers of immobilised (physical and dematerialised) securities not only domestically but also across borders and continents.

Recommendation 4:

Listings abroad in original form

Stock exchanges which list or trade foreign securities should stipulate that good delivery of such securities can be accomplished by a book entry credit authorised and made by a designated CSD in each security's home country or by an international central depositary. The underlying securities shall be held by the designated CSD in the home country in accordance with Recommendation 3.

2.2 Lamfalussy-anbefalingene fra «Report of the comittee on interbank netting schemes of the central banks to the group of ten countries», utgitt av BIS (Banks for International Settlements) i november 1990

Minimum standards for netting schemes

2.3 Anbefalinger fra rapporten «Cross-border Clearance, Settlement, and Custody: Beyond the G30 Recommendations», utgitt av Euroclear i 1993

Recommendation 1:

Each CSD should (a) complete its initial processing cycle during the evening before the settlement date; (b) have at least one additional daylight processing cycle on each settlement day; and (c) if cost-justified, move to real-time processing of transactions.

Recommendation 2:

Each CSD should encourage early matching and eliminate or refrain from adopting forced settlement rules.

Recommendation 3:

Each national payment system should (a) complete its initial processing cycle as early as possible on value day; (b) have at least one additional daylight processing cycle on each value day; (c) achieve finality upon the completion of each processing cycle; and (d) if cost-justified, provide real-time processing with payment finality on a continuous basis throughout each value day.

Recommendation 4:

Each country should modernize its securities ownership and transfer laws to (a) ensure that holders of securities through multi-tiered systems have property rights in such securities; and (b) include categorical choice-of-law rules to ensure the validity and finality of transfers at each tier of a multi-tiered holding system, including tiers governed by foreign law.

Recommendation 5:

Each country should modernize its securities pledging laws to (a) facilitate pledges of securities held through multi-tired securities holding systems; including cross-collateralization; and (b) include categorical choice-of-law rules assuring respect og the validity of pledges at each tier of a multi-tiered holding system, including tiers governed by foreign law.

Recommendation 6:

Each market should establish a public database for the centralization of corporate events and other custody-related information and require issuers to provide such information to the database in standardized formats suitable for automation.

Recommendation 7:

Each country should streamline its procedures for withholding tax reclamation.

Recommendation 8:

Each CSD should provide basic custody services with respect to securities issued in its market.

Recommendation 9:

Each country should (a) subject CSDs to appropriate wholesale regulation only; and (b) refrain from asserting extraterritorial jurisdiction over CSDs based in other countries; even if they establish links with local CSDs.

2.4 ECSDAs minimumsstandarder fra 1999 for etablering av toveis-forbindelser mellom nasjonale verdipapirregistre i Europa

MS1

Each ECSDA member should:

• operate a computer-based system for the safekeeping and administration of securities either represented by certificates or in dematerialised form,

• operate a book-entry system for the settlement of both free of payment and delivery versus payment transactions,

• be able to settle in central bank money the cash leg of delivery versus payment transactions for those participants eligible to participate in the payment system managed by its national central bank.

MS2

Each ECSDA member should be supervised by one or more national supervisory authority(ies).

MS3

Each ECSDA member should give other members clear information about the rules and regulations in effect in its country concerning the law applying to ownership of the securities it manages, and the way its system provides entitlement to that ownership, including specific provisions concerning the way insolvency procedures may affect ownership.

MS4

No ECSDA member shall transfer securities balances that are in any way of a provisional nature.

MS5

In general, each ECSDA member should have a technical system with adequate capacity and facilities to ensure operational reliability and shall conduct its operations with minimum risks for its participants.

In particular, each ECSDA member should:

• provide back-up facilities to resume communication in case of interruption, without loss of data and within 4 hours,

• be able to resume settlement within 4 hours and without loss of data in the event of serious breakdown,

• put in place measures for preventing unauthorised access to the communication system, settlement system and safe-keeping/securities administration systems, as well as mechanisms to check the authenticity, integrity, confidentiality and verifiability of instructions and messages.

MS6

In general, each ECSDA member should control extremely carefully any risk that it takes in the services it provides.

In particular, each ECSDA member should:

• provide for handling safeguards against custody risks arising from operational failures,

• put in place mechanisms to avoid the risk of securities and unauthorised cash overdrafts,

• ensure that neither the safety of the securities nor the realisation of their participant's assets can be affected by any losses incurred by the CSD.

MS7

• Each ECSDA member should be open to the establishment of links with other CSDs, providing a sufficient business case exists for each party.

• No member should attempt to restrict artificially the securities to be included in the link.

• No member shall discriminate against another member in its pricing of services in connection with a link.

• Each member shall be prepared to build and operate links substantially in accordance with ECSDA standards.

• Each member shall co-operate with a member to whom it has linked in the handling of corporate actions.