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Disclosure Framework -Study of integrative framework-

Disclosure Framework -Study of integrative framework-. September 2008 Japan Securities Depository Center, Inc. History of recommendation / disclosure framework requested to CSDs. G30 Recommendation （ 1989 ）. Central Bank Securities market regulators. Other. Securities market. 1997. FIBV

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Disclosure Framework -Study of integrative framework-

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  1. Disclosure Framework-Study of integrative framework- September 2008 Japan Securities Depository Center, Inc.

  2. History of recommendation / disclosure framework requested to CSDs G30Recommendation（1989） Central Bank Securities market regulators Other Securities market 1997 FIBV Clearing & Settlement Best Practice 1998 EMI (ECB)Standards for SSS Users （Custodians） 1999 CPSS/IOSCO Creation of the Task Force 2000 AGC Questionnaire2000-2007 US SEC Rule 17f-7 ISSA Recommendation 2000 2001 CPSS/IOSCO Recommendations for SSS Thomas MurrayDatabase Infrastructure（CSD） 2002 ECSDA Disclosure Framework project 2003 G30 Recommendation（2003） 2004 CPSS/IOSCORecommendations for CCP 2005 ECB/CESR Standards for Securities Clearing and Settlement Systems 2006 ACG Disclosure Framework 2007 EC/LCG Solutions to Legal Barriers related to Post trading within the EU 1 ※Source： VP “Inventory of CSD-related Questionnaires and Standards

  3. Recommendation / disclosure framework background & contents * CSDs include central banks which hold custody and book-entry transfer functions of government bonds.

  4. Basic Information：Company name, location, history... Legal Structure： Legal basis, regulators, capital, governance, audit, disclosure… Participant： Participant requirements, types (domestic/foreign), termination… Core Services: Account management, eligible securities, custody, clearing, settlement, matching, settlement cycle, central bank money, finality, reference data, settlement model (DVP / Gross / Net), dematerialization… New Services: Securities lending & borrowing, collateral management, tax, CA… Risk Management: Internal risk management, information security, BCP default / error monitoring… Linkage： Linkage with overseas CSDs… Components of Recommendations and Disclosure Frameworks AGC Q1,2,3,4,5,,,,, ACG Q1,2,3,,,, CPSS/IOSCO Rec1,2,3,,,, G30&ISSA Rec1,2,3,,, ECSDA Q1,2,3,,,, 3

  5. Contents of Recommendations / Disclosure Framework- Basic Information - 4

  6. Contents of Recommendations / Disclosure Framework- Legal Basis, Rules and Procedures - 5

  7. Contents of Recommendations / Disclosure Framework- Participants - 6

  8. Contents of Recommendations / Disclosure Framework Core Services - 7

  9. Contents of Recommendations / Disclosure Framework- New Services - 8

  10. Contents of Recommendations / Disclosure Framework- Risk Management - 9

  11. Contents of Recommendations / Disclosure Framework- Overseas Linkage- 10

  12. Contents of Recommendations / Disclosure Framework- Other - 11

  13. Comparison -ECSDA&ACG- • Different Approaches • ECSDA Disclosure Framework: Comprehensive, Detail-oriented Questions • ACG Questionnaire: Simple, Pragmatic, Yes/No Questions • But there are ManyCommon Terms between ECSDA Disclosure Framework and ACG Questionnaire… • Since ECSDA Disclosure Framework includes almost all questions of ACG Questionnaire, ACG Questionnaire can be blended into ECSDA Disclosure Framework

  14. Consensus on creation of integrative framework (CSDs & Requestors) Consideration of the ways to filter questions Idea A: Select only common questions from each questionnaire Idea B: Cover all the questions from each questionnaire Creation of framework + Reconciliation among those concerned Implementation of integrative CSD Disclosure Framework Steps and issues for integrative framework Establishment of integrative framework means… ・ Valuable source as worldwide CSDs’ joint property ・ Response to the need of requestors and reduced burden of disclosure by CSDs ISSA Recommendation 2000 ACG Questionnaire AGCQuestionnaire CPSS/IOSCO Recommendation G30Recommendation 2003 Other Questionnaires (e.g. Thomas Murray) ECSDA Disclosure Framework 12

  15. Thank You! Kazuhiro Nishimukai Japan Securities Depository Center, Inc.

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