ES-OSL obtained on the 28 January approval from the Norwegian FSA (NFSA) to operate as a Central Securities Depository in accordance with EUs Central Securities Depositories Regulation, (CSDR), see letter from the NFSA below (only in Norwegian).
An overriding purpose of the regulation is to promote a secure, efficient and well-functioning securities settlement and recording of financial instruments.
CEO of Euronext Securities Oslo, Audun Bø, comments; «This is an important milestone for Euronext Securities Oslo. The CSDR license ensures our ability to offer a secure, transparent and efficient infrastructure with associated services to the Norwegian capital market, for the benefit of issuers, investors and market participants from all over the world.”
ES-OSL is authorized to perform the following core services:
• Initial recording of securities in a book-entry system (“notary service”);
• Providing and maintaining securities accounts at the top tier level (“central maintenance service”)
• Operating a securities settlement system (“settlement service”).
In addition, ES-OSL can continue to offer a wide range of ancillary services.
ES-OSL will implement CSDR from 1 March this year. From this date, new ES-OSL Rules (the Registration Rules and the VPO NOK Rules) will enter into force. The set of Rules are available on ES-OSL’s website together with other relevant CSDR information.
From the same date, transitional rules will be introduced for non-Norwegian issuers of shares that have recorded shares in ES-OSL’s register according to the so-called Singel Securities Link method. This includes instruments where the Issuer Account Operator acts as ES-OSL’s nominee through being recorded as the holder in the issuer’s Register of Members, enabling the recording in ES-OSL. The transitional period will expire 31 December 2022.
In connection with the introduction of CSDR, the NFSA has set a condition that Account Operators shall publish their prices (point C. in the permit from the NFSA). ES-OSL will include this condition in the Registration Rules from 1 June this year.
ES-OSL confirms that CSDR settlement discipline will be introduced from 1 March.
ES-OSL wants to thank all Account Operators and Settlement Participants for their cooperation in the implementation phase of CSDR.