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ADVISORY GROUP Bucharest 30 June-1st July 2011 Yvon LUCAS Chairman

ADVISORY GROUP Bucharest 30 June-1st July 2011 Yvon LUCAS Chairman. Towards a simplified gateway for users and efficient cross-border central asset servicing for CSDs once harmonization is achieved. Modèle 1. Modèle 2. Modèle 3. CUSTODIAN. CUSTODIAN. CUSTODIAN. Back office 1.

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ADVISORY GROUP Bucharest 30 June-1st July 2011 Yvon LUCAS Chairman

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  1. ADVISORY GROUP Bucharest 30 June-1st July 2011 Yvon LUCAS Chairman

  2. Towards a simplified gateway for users and efficient cross-border central asset servicing for CSDs once harmonization is achieved. Modèle 1 Modèle 2 Modèle 3 CUSTODIAN CUSTODIAN CUSTODIAN Back office 1 Central back office Central back office CSD 1 Back office 2 CSD 2 Local custodian CSD 1 in T2S Local custodian ? CSD Back office 3 CSD 3 CSD 2 in T2S Local custodian CSD 3 in T2S T2S Markets AG meeting 2011062930

  3. Harmonisation Steering Group - Current Status - • The Harmonisation Steering Group (HSG) has been created following the decision taken by the Advisory Group in March 2011 and has had two meetings (05/05 and 17/06) since it has been set up. • The rolling list of harmonisation activities has been stabilised subject to the validation of the Advisory Group. It defines the objectives, the status of the monitoring and implementation. AG meeting 2011062930

  4. Harmonisation Steering Group - Current Status - • « High priority » activities (essential for the T2S launch) • T2S Message • T2S Operationalday • Smooth cross-CSD settlement • Corporate actions on flows • Legal harmonisation (location of securitiesaccounts, settlementfinality, IT outsourcing) • Settlementmarket practices • Settlement cycles AG meeting 2011062930

  5. Harmonisation Steering Group - Current Status - • « Lowpriority » activities (essential, however non blocking for the launch of T2S) • Corporate actions on stocks • Legal harmonisation (place of issuance) • Taxprocedures • Cross boardershareholdertransparency • Investmentfundssettlements AG meeting 2011062930

  6. Harmonisation Steering Group - Current Status - • A letter to the European Commission (DG MARKT) issubmitted to the Advisory Group, aimingatunderlining essential topics to beharmonised for a successfullaunch of T2S - and subsequentrisks if not harmonised. • This letter to be sent by the Chairman of the Advisory Group would help the Commission in the perspective of legislative plans (CSD Rules, SLD). • The HSG has elaboratedits first Progress Report to the AG whereby a status update has been drawn up for each harmonisation activity. AG meeting 2011062930

  7. Harmonisation Steering Group - Current Status - • All questions and issues being compiled, the implementation of harmonisation is now a challenge for all markets which will have to get even more involved. • Each central bank and market regulator will have to play a key role to foster the implementation of harmonisation. NUGS will be fully involved in the monitoring of the harmonisation implementation. • The HSG offers to elaborate a list of harmonisation issues per market in collaboration with the local NUG. AG meeting 2011062930

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