EUROPEAN COMMISSION
Internal Market and Services DG
FINANCIAL SERVICES POLICY AND FINANCIAL MARKETS
Financial markets infrastructure
Brussels, 26 January 2007
MARKT/G2 - CESAME/pdf - op. conclusions
Subject:
pdf-table - Collection of Standards, Recommendations and other documents pertaining to Giovannini barriers
Giovannini
Barrier
Barrier 1
Standards/Recommendations
Other documents
Titel: Elimination of Giovannini Barrier One, Final Protocol recommendation
Title: Preliminary Observations from the
Barrier 1 Protocol Gap Analysis
Link: http://www.swift.com/index.cfm?item_id=61064
Date: 27 Dec.2006
Diversity of IT Link: http://www.swift.com/index.cfm?item_id=58219
platforms/interface Date: March 2006
s
Barrier 2
Restriction
on
location of C&S
Barrier 3: Different rules governing corporate actions
[Common deliverables]
3.0
3.1
Title: ECSDA's Response to the Giovannini Report, Barrier 3, Corporate Actions – Part 1 Title: Report of WG 5 on cross-border
Mandatory Distributions
Link:https://www.ecsda.com/attachments/publications/wgspublications/harmonisation/ECSDA%20final%20Report%20of%20WG%205%20on
Commission européenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) 299 11 11.
Office: SPA2 3/45. Telephone: direct line (32-2) 292 13 79. Fax: (32-2) 299 30 71.
http://ec.europa.eu/internal_market/
E-mail: Doris.Kolassa@ec.europa.eu
corporate actions and events processing
Link:
Giov.Barrier
Standards/Recommendations
Other documents
%20barrier%203-%20Giovannini%20Corporate%20Actions.pdfb 1
https://www.ecsda.com/attachments/working_group
s/harmonization_(wg5)/ca_reportnov2002[1].pdf
Date: 30 June 2005
Date: updated November 2002, issue 6.0
3.2
Title: Harmonisation of corporate Actions Processing in Europe, Cash Dividends (ECSAs)
Link:
http://www.fbe.be/DocShareNoFrame/Docs/2/DLODPGABPMENIEIKBKLNFLCGR9YTQDY6S96K46564DUKM6U95TG49YBD23BD7NB3B
Y9LTE4Q/EBF/docs/DLS/Barrier3cashdividendfinaECSA-2005-00960-01-E.pdf 2
Date: March 2005 (23.04.2005)
3.3
Title: Harmonisation of corporate Actions Processing in Europe, Interest Payments and Maturity
Redemption
Link:
http://www.fbe.be/DocShareNoFrame/Docs/1/AMHKCJNAEEDHHNCHHDIKBFFJF6U9YGUOHTHNV8BO8TQOVJHL4PADUKBOQHUN6A
UDB19YBD23BYT1G3BY9LTE4Q/EBF/docs/DLS/FinalInterestMaturityRecommendationsJune05-2005-01754-01-E.pdf
Date: June 2005
3.4
Title: Harmonisation of Corporate Actions Processing in Europe, Events including Securities
Distribution
Link:
http://www.fbe.be/DocShareNoFrame/Docs/3/OHMILMPBMGIJGKMNGNCKOCDP5NFAVHS4166O4HSHHT66/EBF/docs/DLS/EBFStockDist
At ECSDA's website (www.ECSDA.com) search under "Working Groups/Harmonisation (WG5)/[left side menue – hyphens below WG5]/removal barriers-Giovannini group" (not
under publications)
2
At FBE's website (www.fbe.be) look under "documents" (not "publications"), then scroll down do "Securities Services" – both to be found in boxes at the right hand side
1
2
Giov.Barrier
Standards/Recommendations
Other documents
docversionApr2006-2006-02037-01-E.pdf
Date: April 2006 (N.B. on the EBF-Website, the date mentioned is 18-10-2006)
3.8 & REVISED Version of August 2006
3.10. Title: Abstract of proposals to harmonise and standardise key corporate actions processes
Link: http://www.eurosf.com/frame_navigation_publications.htm# 3
Date: 7 August 2006
ESF Corporate
Actions Abstract Standards revised version 7Aug061.pdf
3.11.
Title: ESFs Abstract of proposals to
harmonise and standardise key corporate
actions processes
Link: - no longer posted on ESF's website
Date: 15 February 2006
ESF Corporate
Actions Abstract Standards 15Feb06[1].pdf
Title: The ECSDA's response to the Giovannini report, Barrier 3 – corporate actions, part 2, market
claims
Link: https://www.ecsda.com/attachments/publications/wgspublications/harmonisation/WG5%20Report%20%20response%20Giovannini%20Report,%20barrier%203%20-%20Claims.pdf
Date: July 2006
COM Directive proposal on Shareholders' Rights
Date: 5 January 2006
3.18
3
It is not possible to directly link to documents on ESF's website (www.eurosf.com); on ESF's website look under "publications"/"ESF documents"
3
Giov.Barrier
Barrier 4
Absence
intra-day
settlement
finality
Standards/Recommendations
Other documents
Title: The ECSDA's response to the Giovannini Report [recommendations on specific standards]
of Link: https://www.ecsda.com/attachments/working_groups/harmonization_(wg5)/first_ecsda_response_to_the_second_giovannini_report.pdf
Date: April 2004
1st annual status report (29/4/05): see
barrier 7
2nd annual status report (July 2006)
http://ec.europa.eu/internal_market/financialmarkets/docs/cesame/giovannini/20060612-ecsdareport_en.pdf
WG5 2nd status
report on B 4&7 July 2006.pdf
Barrier 5
ECB-Website:
http://www.ecb.int/paym/pol/secover/escbcesr/
html/index.en.html;
Impediments to
remote access
CESR-Website:
http://www.cesreu.org/contenu_groups.php?id=36
Barrier 6
Differences
standard
settlement
periods
Title: [ESF's and ECSDA's] Proposals to harmonise and standardise pre-settlement date matching
in processes throughout Europe
Link: currently not accessible through ESF (publications) or ECSDA (WG3/matching
Standards) website
Date: 5 October 2006
4
Giov.Barrier
Standards/Recommendations
Other documents
ESF ECSDA Matching
Standards Oct06.pdf
Barrier 7
Different
operating
hours/settlemen
t deadlines
Title: The ECSDA's response to the Giovannini Report
Link:
https://www.ecsda.com/attachments/working_groups/harmonization_(wg5)/first_ecsda_response_to_the_second_giovannini_report.pdf
Date: April 2004
ECSDA 1st annual status report
(29/4/05) – only on CESAME
webpage
http://ec.europa.eu/internal_market/financialmarkets/docs/cesame/giovannini/ecsdareport_en.pdf
2nd report: see barrier 4
BARRIER DISMANTLED
Barrier 8
Differences
securities
issuances
ISO background document on S&P
licensing fees
in
N_631_SC4_Chair
Background_ISO6166.pdf
The LCG initial advice
Link: http://ec.europa.eu/internal_market/financial-
Barrier 9
Restrictions on
location
of
securities
markets/docs/certainty/advice_final_en.pdf
Date: 11 August 2006
5
Giov.Barrier
Standards/Recommendations
Other documents
Barrier 10
The Economic and Financial Committee (EFC) Sub-Committee of national debt managers report
Primary dealer Link: http://ec.europa.eu/internal_market/financial-markets/docs/cesame/ec-docs/20060612-barrier-10_en.pdf
restrictions
Date:29 May 2006
EPDA (European Primary Dealers
Association), ICMA (International
Capital
Market
Association4,
AMTE (Association Marchés Taux
Euro)
N.B. The Sub-Committee found that this barrier is to be treated within Barrier 2
Barrier 11 - Restrictions on withholding agents and Barrier 12 - Restrictions on tax collection
Title: Fact Finding Study on Fiscal Compliance Procedures related to Clearing and
Settlement within the EU [First FISCO Report]
Link: http://ec.europa.eu/internal_market/financial-markets/docs/compliance/ff_study_en.pdf
Date: 2006
Barrier 13
4
The Legal Certainty Group (LCG) initial advice
a merger of the International Securities Market Association (ISMA) and the International Primary Market Association (IPMA) in July 2005)
6
Giov.Barrier
Standards/Recommendations
Other documents
Absence of EU- Link: http://ec.europa.eu/internal_market/financial-markets/docs/certainty/advice_final_en.pdf
wide framework Date: 11 August 2006
of laws
Financial Collateral Directive (FCD)
Barrier 14
Legal treatment
of netting
Barrier 15
Conflict of laws
Title: The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Settlement Finality Directive (SFD)
Held with an Intermediary
Link: http://www.hcch.net/index_en.php?act=conventions.text&cid=72&zoek=Securities
Date: 5 July 2006
Text of the Convention
Financial Collateral Directive (FCD) –
see barrier 14
Outline of the Convention
Other documents – not directly related to the Giovannini Barriers
7
Giov.Barrier
Standards/Recommendations
Other documents
Title: Cross-Border Clearing and Settlement Through CSD Links – Report by ECSDA WG3
Link: https://www.ecsda.com/attachments/working_groups/settlement_links_(wg3)/WG3%20report%20Vs.%201-0.pdf
Date: October 2006 (Version1.0)
Contact:Doris KOLASSA, Telephone:(32-2) 292 13 79, Doris.Kolassa@ec.europa.eu
8