Wednesday March 11 2015
News Source: Global Exchanges
Focus: Short Selling
Type: General
It has been reported that as of 14 September 2015, the CSD function in the Austrian market will be provided by a new legal entity called OeKB CSD GmbH.
In September 2014, the new CSD Regulation (CSDR) went into force. This regulation defines which services can be offered by a CSD. In Austria, the CSD function is currently provided by a department of Oesterreichische Kontrollbank AG (OeKB). Since OeKB offers services that are not allowed for CSDs according to CSDR, the CSD function has to be outsourced into a separate legal entity that will be run as a 100% subsidiary of OeKB. The new entity will be called OeKB CSD GmbH and will have a banking licence which is limited to the giro and safekeeping business. This enables the company to act as Central Depository in the Austrian market. OeKB CSD GmbH will be officially registered after close of business on 11 September 2015 and will start its activity on 14 September 2015.
It is not expected that the outsourcing of the CSD function from OeKB AG will have any direct impact on clients.
This information will be updated as soon as further details become available