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Equipo de trabajo
X General Assembly
Panama
February 20-22, 2008
Reports from Committees and Working
Groups


Achievements of 2007
Vision and Projects for 2008






Legal Committee
Communications Committee
Corporate Actions Working Group
ACSDA Leadership Forum Committee (ALF)
Risk and Auditing Working Group
CSD Links Working Group
Legal Committee Report
Achievements 2007
Update on the Unidroit Initiative:

The Legal Committee, taking advantage of some of their members
who have participated actively in this subject, committed itself to
inform the Association about new features and advances regarding
Unidroit during 2007.

In the ACSDA website, there is a link for: Publications of the Legal
Committee, in which there are documents that explain the main
aspects and matters that arose as a result of the 4th session of the
Governmental Committee of Experts in Rome, during May 2007.
Working Group on Securities Clearing and Settlement: Should
the Rules of Central Securities Depositories be Given
Recognition by the Convention?

In the Legal Committee section of the ACSDA website there is a link
to a document that discusses the inclusion of the rules relative to
CSDs in the Convention.
Achievements 2007
To prepare a "paper" that describes the Direct and Indirect Systems
of Securities Possession
The
Legal Committee decided to supply the members of ACSDA with
access to official information provided by Unidroit. The committee has
prepared a brief informatory document that introduces the subject, and
route to access to the Unidroit website.
Comparison of ACSDA Members Legislation
The
Legal Committee incorporated the responses of Indeval (Mexico) and
CDS (Canada). As a result, the document was updated and available to
all on the ACSDA Website, under the title Survey and Comparative Study
of the Legislation and Norms of Members’ Countries of ACSDA.
Legal Committee prepared a document that simplifies the matrix’s
information for easy consultation of ACSDA Members.
The
Achievements 2007

The Hague Convention Recommendation Letter


March–May 2007: Wrote and distributed a letter of recommendation
that ACSDA members and their respective countries analyze the
report by The Hague Convention regarding the Law Applicable to
Certain Rights with respect to Securities held with an Intermediary
World Bank Seminar in Salvador Bahía, Brazil

November 2007: Nora Rachman (CBLC-Brazil), represented ACSDA
and its Legal Committee by giving a lecture entitled: CrossCollateralization: Advances in the Context of the Hague and Unidroit
Conventions
Vision and Projects for 2008

Create a "paper" on the Importance of Integration of Securities
Clearing and Settlement Processes in America led by Deceval
(Colombia). The work done for the Comparative Study of Legal
Systems will be used as source for this document

Create a new document on "Principles of Corporate Governance
for Depositaries," led by Cavali (Peru)

Continue to update ACSDA Members about the Unidroit
initiative

Continue to update the Legal Comparative Matrix
Communication Committee
Report
Achievements 2007





Drafted a communication strategy for ACSDA which was
approved by the executive committee in November 2006
The communication committee produced the first ACSDA
newsletter as well as various subsequent editions including a
special edition for the SIBOS meeting and World Bank meeting.
Reviewed the content of the ACSDA website and provided inputs
and suggestions
Assisted with the promotion of the Association’s General
Assembly and other activities
Created a PowerPoint template for all ACSDA presentations
Vision and Projects for 2008

Continue to promote ACSDA within the region and internationally
increasing communication between ACSDA and its member countries

Attend The Central Securities Depositories meeting in Tokyo (Japan)
delivering the 2007-2009 ACSDA Members Profile

Produce quarterly newsletters for the Association

Promote the General Assembly and Seminar to members and the
relevant international community

Continue to provide input on the ACSDA website

Support ACSDA with an efficient communication regarding its
activities during 2008
ACSDA Slide Template
For 2008
Feedback from 2007
During 2007 the ACSDA Communication Sub Committee achieved
the following:
•
•
•
•
•
Drafted a communication strategy for ACSDA which was approved by the
executive committee in November 2006
The communication committee produced the first ACSDA newsletter as well as
various subsequent editions including a special edition for the SIBOS meeting and
World Bank meeting.
Reviewed the content of the ACSDA website and provided inputs and suggestions
Assisted with the promotion the Association’s General Assembly and other
activities
Devised a PowerPoint template for all ACSDA presentations
Vision and Plans for 2008
During 2008, the Communication Sub Committee aims to achieve the
following:
•
•
•
•
•
Continue to promote ACSDA within the region and internationally including
increasing communication between ACSDA and its member countries
Assist with the production of the 2007-2009 ACSDA Profile for the
Associations of Central Securities Depositories meeting in Tokyo (Japan)
Produce quarterly newsletters for the Association
Promote the General Assembly and Seminar to members and the relevant
international community
Continue to provide input on the ACSDA website
•
Support ACSDA regarding all communication regarding its activities
during
2008
Corporate Action Working
Group Report
Achievements 2007

With the support of regional leaders, Julio Obregon – Indeval,
Felipe Paiva – CBLC and David Hands – DTCC, the group
attended the The Global Securities Market Practice Group
(GSMPG) in Boston

At the 9th ACSDA General Assembly, the group presented the
advances made regarding their regional corporate action
matrix

Completed the initial questionnaire by comparing primary
questions to create a baseline from which the group is able
to determine its next activities

Sponsored the coffee break at the GSMPG session in Boston
to raise awareness of ACSDA

Both INDEVAL and DTCC are in the process of developing
and implementing Corporate Action systems using the
experience acquired by the work conducted by this group.
Vision and Projects for 2008

Create a working group page on the ACSDA website and
publish the questionnaire (this would require some
financing).

Continue to participate in GSMPG (Paris and Vienna).

Provide input to the next generation of ISO messages ISO20022.

Create a 'Corporate Actions Best Practice Guide' for
ACSDA members.

Create National Market Practice Groups in markets where
this kind of a group does not exist.
“ALF” ACSDA Leadership
Forum Committee Report
Achievements 2007
Leadership Forum (ALF) - October 8 - 10, 2007, at DTCC, New York
Presentations by DTCC and ACSDA Members:
 Clearing & Settlement
 Depository Services
 Risk Management
 Quality and Customer Satisfaction
 Cross-Border Settlement Panel
DTCC also presented:
 Other Business: Deriv/SERV, Mutual Funds, Insurance Services and
Global Corporate Actions
 US Corporate & Regulatory Compliance
Visits: NYSE and NY Fed
Achievements 2007
Who Attended ALF?


Approximately 50 high-potential leaders from ACSDA
Representatives of other regional CSD groups:



AMEDA: Kuwait Clearing Company (KCC) and Central
Depository Company of Pakistan (CDCP)
ACG: Japan Securities Clearing Corporation (JSCC), Taiwan
Depository & Clearing Corporation (TDCC) and Australian Stock
Exchange
ECSDA: Euroclear and Clearstream
Achievements 2007
Who Attended ALF?
Achievements 2007
Feedback Results
 Objectives: network, share information, encourage dialogue.

Translation, handouts, logistics and hospitality

Time dedicated to each topic was sufficient

Would recommend ALF for 2009 to co-workers
Recommendations:
 Comprehensive topics vs. single topic
 Electronic handouts vs. printed
 More time (4 or 5 days)
 Breakout sessions, encourage more discussion with attendees
Vision and Projects for 2008
Beyond ALF…
 Name: ACSDA Leadership and Development Committee
Mission:
 * Promote knowledge and information sharing
 * Increase knowledge compatibility among Member markets
 * Develop global-focused leaders within CSD Members
 * Facilitate networking, long-term relationships among those with
similar positions across Members
 * Search wider Member participation within ACSDA and its
committees
Vision and Projects for 2008
Beyond ALF…
Proposed Activities for 2008:




ACSDA Seminar Program – Support the ACSDA’s 2008
8th Seminar – Small meeting as part of the seminar
Identify services provided and topics of interest for each
Member
Promote ALF “graduates” to participate in ACSDA
Committees
Planning for the next ALF 2009
Risk and Auditing
Working Group
Achievements 2007
•
Experience
of
ACSDA
members
in
regards
to
the
recommendations of CPSS-IOSCO for the Securities Settlement
Systems , and the compliance degree. Risk and Audit Focus.
•
Review of Relevant Risk Management, Auditing and Operating
Practices and internal policies.
•
Summary about the Operational Risk activities for each member’s
CSD
•
Creation of a repository with all relevant technical information
regarding risk management in Central Securities Depositories
•
Creation and centralization of the main operative-statistical
information regarding each member CSD.
Vision and Projects for 2008
•
Main trends in the Securities Settlement Systems in regards the
international recommendations and local dispositions for risk
management
•
•
•
Members’ experience regarding their IT infrastructure evolution
New business lines and their effects in risk management
Enlargement of the information base in the repository containing
the relevant technical documents regarding risk management and
audit in CSD’s
•
Enlargement of the information base in the repository containing
the relevant statistics both for the operation data and for the risk
levels in CSDs
CDS Links Working Group
Achievements 2007
• The project of integration between the Brazilian and Mexican Stock
•
•
•
•
Exchanges and their correspondent CSD’s (CBLC, Indeval) is in standby
due to the current IPO process (Bovespa concluded, BMV due to April
2008)
The agreement between both is to continue with the integration process
immediately after the Mexican Stock Exchange IPO issuance
The integration process between Colombia (Bolsa de Bogotá and
DECEVAL), México and Brazil is also in standby and ready for the further
development
During the FIAB meeting in Caracas City on September, 2007 the
Federation decided to wait until the results of the pilot project between
Mexico and Brazil
The draft flyer of cross-border links developed by the working committee
has already been finished by CBLC, DECEVAL, DCV and INDEVAL.
Projects and vision for 2008
•
•
•
•
Upload the template for cross-border links to the ACSDA
website
Request and support the other working committee members
(CAVALI, LATINCLEAR y CAJA DE VALORES) to complete
the template and also to assist other members
Development of a overview matrix of the different legal,
operative, tax and fee practices in order to harmonize the
cross-border links.
In the moment of the process reactivation for the pilot
projects, the working committee will inform all the ACSDA
members the achievements
Thank you very much!

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