ICELAND: Nasdaq CSD Iceland Prepare Changes to its Rules

Tuesday July 18 2017

Nasdaq CSD Iceland has been preparing certain changes to its rules.

The changes are done to clarify the current rules and add relevant definitions.  The most important changes are included in Section 5 of the rules where requirements for settlement of transactions have been clarified and additional requirements have been included to align the rules with the designation of the securities settlement system in accordance with provisions of Act No. 90/1999  respecting the Security of Transfer Orders in Payment Systems, which implements the European Settlement Finality Directive.

In relation to those changes section 5.5 has been added to provide additional description of events occurring in relation to the bankruptcy of an account operator.  Consultation or comments on the changes have been requested and should be submitted to Nasdaq CSD Iceland by 25 August.

The new rules are expected to enter into force on 1 October, 2017.

Please click on the above link for more information.