X General Assembly Panama

X General Assembly Panama

February 20-22, 2008

Reports from Committees and Working Reports from Committees and Working

GroupsGroups

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

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 2007Achievements 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.

The Legal Committee prepared a document that simplifies the matrix’s information for easy consultation of ACSDA Members.



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: Cross-Collateralization: Advances in the Context of the Hague and Unidroit Conventions

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

Vision and Projects for 2008Vision and Projects for 2008

Communication Committee Report

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


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 TemplateFor 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

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.


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

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


Who Attended ALF?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



Who Attended ALF?Who Attended ALF?

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


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


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

• 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.


• 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

• 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.


• 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

Projects and vision for 2008Projects and vision for 2008

Thank you very much!

X General Assembly Panama

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