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Disclosure Framework Comparison Matrices in Sibos 2008 - AMEDA

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Disclosure Framework Comparison Matrices in Sibos 2008 - AMEDA Powered By Docstoc
					ECSDA Disclosure Framework(1)
Ⅰ BASIC INFORMATION
The purpose of this section is to identify the Depository and outline its main activities, and the
nature of its business.

F: Fill-able Question    M: Multiple-choice Question       Y/N: Yes/No Question
                               ECSDA                                                                  ACG                                                      AGC                                     CPSS-IOSCO                                                           ISSA
 Form                                Item                                Form                              Item                      No.                           Item         No.                              Item                              No                            Item
         1. Depository
   F        Name                                                           F     Name of Organization
   F        First year of operation                                        F     Date of Establishment                               7     Date of operation
   F        First year of operation in current ownership structure                                                                   5     Owner shipment
   F        Comments (e.g. history fo mergers)                                                                                       6     Date of establishment
         2. Addresses
   F        Main office                                                    F     Address
   F        Other offices
   F        Mailing address
   F        Time zone
         3. Contact information
          (concerning this questionnaire)
   F        Contact person/department
   F        Telephone
   F        Fax
   F        E-mail
   F        Web site
         4. What type of entity is the depository?
           (Choose all that apply)
   M        Private company                                                M     Status of Organization Private
   M        Public company                                                 M     Status of Organization Public/Cetralbank SEX        3     Legal entity
   M        Limited company                                                M     Listed or Unlisted or Ohters(specify)
   M        For profit                                                     M     For Profit                                          4     Non Profit or Porfit Organization
   M        Non-profit                                                     M     Not for profit
   M        Bank                                                           M     Status of Organization/Public/Central Bank
   M        Affiliated to stock exchange                                   M     s. coulum of shareholders / stock exchange %
   F        Other, please describe                                         M     Semi-Public Regulator
         5. Legal basis
                                                                                                                                                                                       Does applicable law support appropriate choice of law
                                                                                                                                                                                       provisions in contracts executed between the system
            Describe the legal framework for establishment and                                                                                                                         operator, direct system participants and indirect
   F        operation of the depository                                                                                              3     Legal entity                         1-4
                                                                                                                                                                                       system participants to permit operation of the
                                                                                                                                                                                       securities settlement system in accordance with the
                                                                                                                                                                                       system's rules?
         6. Internet address of annual report
   F                                                                     Y/N     Do you publish an annual report ?
         (if published)
         7. Financial resources
         (if annual report is not published on the internet)
             (Please specify the denomination of the currency and
             the date of data relevance)
   F         Share capital
   F         Reserves                                                                                                                14    Annual Financial Report Disclosure
   F         Retained earnings
   F         Guarantees
   F         Insurance policies
   F         Credit lines/letters of credit
   F         Other, please specify
         
         8. Services provided by the depository
             Indicate with an X if service is provided. Names of other
             national providers should be specified below.
            Service
            (National level, International level, Other national
            Providers?)
   M           Securities account management
   M           Cash account management and funds transfers
   M           Trade matching                                             M      Matching/Trade/Settlement
   M           Central counterparty                                      Y/N     Introduction of CCP
   M           Netting                                                   Y/N     Finality(Settlement cycles per day)
   M           Settlement                                                 M      Settlement Method / DVP/FoP
                                                                                                                                                                                       Do entities the provided the clearing , settlement and            Does the depository or the market have securities
                                                                                                                                                                                       custodial infrastructure of securities markets make               lending and borrowing schemes in place, and are
   M           Securities lending                                        Y/N     secruities lending                                                                                    clear disclosures to market participants about their        4-1
                                                                                                                                                                                17-1                                                                     these open to all market participants and their
                                                                                                                                                                                       rules, regulations, relevant laws, governance                     settlement agents?
                                                                                                                                                                                       procedures, risks, steps taken to mitigate risks, and the
   M           Collateral management                                     Y/N     collateral management                                                                                 rights and obligations of participants?
               Custody services
                                                                                                                                                                                                                                                         Are all voluntary corporate actions advised through a
               -Corporate actions                                                Announcement of General Meeting, Proxy Voting and
   M                                                                     Y/N M                                                                                                                                                                     4-9   central mechanism assuring consistent information to
               -Withholding tax claims                                           Withholding Tax Service
                                                                                                                                                                                                                                                         all investors?
               -Other (please specify below)
   M           Tax assistance                                            Y/N     Withholding tax service
                                                                                                                                                                                              rules, regulations, relevant laws, governance
                                                                                                                                                                                              procedures, risks, steps taken to mitigate risks, and the
                                                                                                                                                                                              rights and obligations of participants?


                            ECSDA                                                                ACG                                                         AGC                                              CPSS-IOSCO                                                            ISSA
Form                               Item                               Form                            Item                         No.                           Item                   No.                             Item                              No                             Item
 M     1. Depository
             Safekeeping
             Information                                                     Announcement of General Meeting/Proxy
                                                                                                                                                                                                                                                                 Is proxy voting permissible in the market and can
             -Corporate meetings and proxy voting                            Voting/Date of Notice(Record,Ex,Payment
 M                                                                    Y/N                                                                                                                                                                                 4-7    such proxies be lodged by post or other remote
             -Distribution of new issues                                     Date)/Dividends/Interestpayment/ Subscription
                                                                                                                                                                                                                                                                 delivery method?
             -Other (please specify below)                                   Rights
          Other services (please specify below)
 F           Other national providers
 F           Other custody services
                                                                             General Meeting, Record, Ex and Payment Date/
 F           Other information                                         M
                                                                             Dividends & Interest Payments info
 F            Other services                                           M     Confirmation of outstanding balance of participants
       9. Outsourcing
          Are any of the Depository services outsourced to third
                                                                             Settlement of cross-border transactions/ account in
 F        parties? If yes, list the services and the names of the     Y/N                                                          43    Third Party Activites on behalf of Authority
                                                                             other CSDs
          third parties.
           the Depository assume full responsibility for
          Does
          losses that may arise due to the actions of the third
 F        parties providing services to the Depository? If not, how
          does the third party bear the responsibility?
       
       10. Other entities and systems
          Please list other entities and systems to which the
          Depository might be connected to provide services to
 F        its participants, such as Stock Exchange, Clearing
          House, Central Bank etc.
       
       11. Currencies
          What currencies are admitted to the system for
 F        settlement and/or payment of corporate actions or
          funds transfers.
       
       12. Compulsory or voluntary use
          Is the use of the depository compulsory? If so, for which
          services are the use of the depository compulsory, and
          is this required by law or by market practice?
          Service (Compulsory by law, Compulsory by market
          practice, Voluntary)
 M            Securities account management
 M            Cash account management and funds transfers
 M            Trade matching
 M            Central counterpart
 M            Netting
 M            Settlement
 M            Securities lending
 M            Collateral management
              Custody services
                                                                                                                                                                                                                                                                 Are double tax agreements simple to apply, and do
              -Corporate actions
 M                                                                                                                                                                                                                                                        7-4    foreign investors receive promptly their full
              -Withholding tax claims
                                                                                                                                                                                                                                                                 entitlement to dividends and interest payments?
              -Other (please specify below)
 M            Tax assistance
 M            Safekeeping
                                                                                                                                                                                                                                                                 Are all voluntary corporate actions advised through a
                                                                                                                                                                                                                                                                 central mechanism assuring consistent information to
                                                                                                                                                                                                                                                                 all investors?
             Information
             -Corporate meetings and proxy voting                                                                                                                                                                                                          4-9
 M                                                                                                                                                                                                                                                               Is information on corporate actions available
             -Distribution of new issues                                                                                                                                                                                                                  4-10
                                                                                                                                                                                                                                                                 electronically, and is the minimum lapsed time for
             -Other (please specify below)
                                                                                                                                                                                                                                                                 responding to such actions sufficient to enable all
                                                                                                                                                                                                                                                                 domestic and foreign investors to respond in a timely
                                                                                                                                                                                                                                                                 and considered fashion?
 F           Other services (please specify):
       
       13. Securities admitted
          What types of securities are admitted to the depository
          for deposit and settlement operations?
          Securities Type (Accepted for deposit, Accepted for                Eligible Securities - Domestic Equites; Eligible
          settlement)                                                        Securities -Domestic bonds Mutual Funds
 M           Shares i.e. common/ordinary                              Y/N    Shares; Registered / Bearer /Listed/Umlisted
 M           Preferred shares
 M           Convertible shares                                       Y/N    convertible bnods/Registered/Listed/Certificated
 M           Unit trusts/mutual funds                                 Y/N    Eligible Securities - Mutual Funds
 M           Bonds                                                    Y/N    Pablic Bonds/Government/Municipal/Gov't agency
 M           Convertible bonds                                         F     Others(specify)
 M           Bonds with warrants attached
 M           Medium-term notes
 M           Money market instruments
 M           Allotment rights
 M           Subscription rights                                      Y/N    Custody Corporate Action/Subscription Rights
 M           Warrants
 M           Call options
                             ECSDA                                                                ACG                                     AGC               CPSS-IOSCO                              ISSA
Form                              Item                                 Form                            Item      No.                           Item   No.         Item   No                              Item
 M     1. Depository
             Put options
 M           Financial futures                                         Y/N    Futures/Derivatives
 M           Commodities futures
 F           Others (please specify)
 F           Other types of securities admitted by the depository
 F           Comments:
       14. Exclusiveness
                                                                                                                                                                               Is there one or more depository or settlement
          Is the Depository an exclusive one in the market for                                                                                                                 system in the market?
                                                                                                                                                                         6-2
 F        those securities listed in question 13? If not, which
                                                                                                                                                                         6-3
          entities may accept securities for deposit?                                                                                                                          If there are several, has a consolidation been
                                                                                                                                                                               considered? If yes, by when?
       15. Types of securities accepted                                Y/N    Certificated or Uncertificated
          Type of security (Accepted, Not accepted)
                                                                                                                                                                               Is the depository scrip-less, and, if not, is it working
 M           Dematerialised securities                                 Y/N    Uncertificated                     32    Handling Type of securities                       5-5
                                                                                                                                                                               to enable scrip-less settlement?
 M            Physical securities                                      Y/N    Certificated
 M            Fungible securities
 M            Non-fungible securities
       16. Physical securities
          If physical securities exist -how are they handled?                 Certificated or Uncertificated ?
Y/N           Immobilised
Y/N           Transferred physically
Y/N           Kept as one global certificate
Y/N           Kept as individual certificates
 F            Comments:
       17. Treatment of securities
          Have registered and bearer securities equal treatment
Y/N       in the depository? If not -please describe the               Y/N    Registered / Bearer
          differences.

          In particular, are all securities of a particular class or
          series of any issuer that are deposited in the depository
Y/N       treated as fungible, and can they be transferred or
          pledged by bookkeeping entry without physical delivery
          of the securities? If no – then please explain

          Are assets of foreign investors held by custodians as
          participants in the depository held under safekeeping
Y/N       conditions no less favourable than the conditions that
          apply to other participants? If no – then
          please explain
       18. Identification of securities
          How are securities identified?
                                                                                                                                                                               Does the market use ISIN as the primary securities
Y/N          ISIN code                                                                                                                                                   3-1
                                                                                                                                                                               identification code?
Y/N          Local code
Y/N          Other code (please describe)
Y/N          Comments:
       19. Securities outside depository (Yes/No)
          May securities in one company be partly held outside
Y/N       of the depository?
Y/N       May securities certificates be held outside
          Do securities held outside have same ownership
Y/N       rights as securities held through the depository?
Y/N       Can securities held outside be traded?
Y/N       Can securities held outside be settled?
          Can securities held outside have ownership
Y/N       transferred without being deposited back to the
          depository?
          Can dematerialised securities be converted into
Y/N
          certificated form?
          Where are securities held in safekeeping when outside
 F
          of Depository?
 F        Comments:
ECSDA Disclosure Framework(2)
II -LEGAL BASIS, RULES AND PROCEDURES
The purpose of this section is to assess the legal basis of the operations carried out by the Depository, and the rules and
operational procedures applied.

F: Fill-able Question    M: Multiple-choice Question        Y/N: Yes/No Question
                            ECSDA                                                              ACG                                                       AGC                                                   CPSS-IOSCO                                          ISSA
Form                              Item                             Form                            Item                        No                              Item               No                                    Item                                  No      Item
       1. Legal foundation of the Depository                          Y/N   Do you have a Legal Section in your company ?
  F       
          Who is the regulating authority of the Depository                                                                     9   Competent Authority                                  Are jurisdictions other than the jurisdiction in which system is
  F       
          What type of entity is the regulating authority                                                                      10   the name of authority                                established relevant for determining the adequacy of the legal
                                                                                                                                                                                  1-5
                                                                                                                                                                                         framework? How as this been determined? Has the legal
          
          Are the regulatory authorities doing periodic
 Y/N                                                                                                                           11   Periodic examination by autority                     framework been evaluated for the other relevant jurisdictions?
          examinations?
          
          Are there enforcement actions available to the
 Y/N                                                                                                                           12   Enforcement action by authority                      Has a court in your jurisdiction ever failed to enforce a contract
          regulatory authorities?
                                                                                                                                                                                  1-6    concluded through an Securities Settlement System(SSS)? If so,
          Has the Depository been subject to enforcement                                                                                                                                 what contract and for what reason?
  F                                                                                                                            13   Enforcement activity to the CSD
          actions the last 3 years?
        2. Regulation of the Depository

 Y/N      Does the Depository employ internal auditors?           F         Auditor Internal / External (name)                 19   Internal operating audit                             What arrangements are used to protect customer's securities
                                                                                                                                                                                         form thief, loss or misuse and to ensure that they will not become
          Does the Depository maintain documentation of the                                                                                                                              subject to claims of the customers' creditors? Are those
 Y/N                                                                                                                                                                                     arrangements based upon specific laws and regulations? In the
          rules and procedures?
                                                                                                                                                                                  12-1   event of the custodian's creditors? Are those arrangements
          Are these rules and procedures binding to the                                                                                                                                  based upon specific laws and regulations? In the event of the
 Y/N                                                                                                                           8    What regulation / statue governed CSD
          Depository?                                                                                                                                                                    custodian's insolvency, do those arrangements enable a
                                                                                                                                                                                         customer's positions to be moved by a receiver to a solvent
          Does the Depository itself make these rules and
 Y/N                                                                                                                                                                                     intermediary?
          procedures?

                                                                                                                                                                                         Are entities holding securities in custody subject to prudential
                                                                                                                                                                                         supervision or regulation? Do audits or regulatory reviews
 Y/N      Are they subject to regulatory approval?                                                                                                                                12-3
                                                                                                                                                                                         examine the procedures and internal controls used in the
                                                                                                                                                                                         safekeeping of securities?
       3.
       Describe the process of changing the rules and
       procedures.
                                                                            Do you have a eutral,independent,decision-making
  F       Who can propose changes?                                Y/N
                                                                            committee ?                                                                                                  How is the composition of the board determined? What steps are
          What authority is needed to change rules and                                                                                                                                   taken to ensure that board members have the necessary skills,
  F                                                                                                                                                                               13-2   and represent or take into account in their deliberations the full
          procedures?
                                                                                                                                                                                         range of shareholders and user interest as well as the public
                                                                                                                                    How does the CSD notify material changes to          interest?
  F       How are the changes notified to the participants?                                                                    28
                                                                                                                                    condition of participation?

                                                                                                                                                                                         Are the system's public interest, financial and other objectives
          Is there a procedure to comment on proposed                                                                                                                                    clearly articulated? What are they? Do the objectives reflect the
  F                                                                                                                                                                               13-4
          changes?                                                                                                                                                                       needs of users as well as owners? How is the public interest
                                                                                                                                                                                         taken into account?
          Can rule and procedures be waived or suspended by
          the Depository or by any other entity?
  F
          If so, please discribe in which situations this can
          occur.
                                                                                                                                                                                         Are the system's public interest, financial and other objectives
                                                                                                                                                                                         publicly stated ? How are major decisions communicated to
          Are there internal written rules to define the                                                                                                                                 owners and users? What information is publicly available
  F       services and the duties of each employee of the                                                                                                                         13-5   regarding the system, its ownership and its board and
          Depository?                                                                                                                                                                    management structure, and the process by which board members
                                                                                                                                                                                         are appointed , major decisions taken and management made
                                                                                                                                                                                         accountable?
ECSDA Disclosure Framework(3)
Ⅲ-CORPORATE GOVERNANCE
This section focuses on corporate governance issues including ownership, structure and
supervision of the Depository.
F: Fill-able Question    M: Multiple-choice Question        Y/N: Yes/No Question
                              ECSDA                                                                ACG                                                        AGC                                     CPSS-IOSCO                                     ISSA
Form                                Item                                 Form                          Item                          No                            Item         No                             Item                             No      Item
       1. Governance

                                                                                                                                                                                       Are jurisdictions other than the jurisdiction in which
                                                                                                                                                                                       system is established relevant for determining the
          Under what regulation or statute is the depository
  F                                                                                                                                                                             1-5    adequacy of the legal framework? How as this been
          established and governed?
                                                                                                                                                                                       determined? Has the legal framework been evaluated
                                                                                                                                                                                       for the other relevant jurisdictions?

 Y/N      Is the regulation or statute electronically available?                                                                                                                       Do entities the provided the clearing , settlement and
                                                                                                                                                                                       custodial infrastructure of securities markets make
                                                                                                                                                                                       clear disclosures to market participants about their
          If regulation or statute is electronically available, please                                                                                                          17-1
  F                                                                                                                                                                                    rules, regulations, relevant laws, governance
          supply web address.                                                                                                                                                          procedures, risks, steps taken to mitigate risks, and
                                                                                                                                                                                       the rights and obligations of participants?
       2. Ownership
          Which entities are eligible to hold Depository’s shares?
 Y/N        a) Stock exchange
 Y/N        b) Central bank
 Y/N        c) Banks
                                                                                                                                     5     Owner Shipment
 Y/N        d) Brokers and dealers
 Y/N        e) Investment companies
 Y/N        f) Private investors
 Y/N        g) Others, please specify
                                                                                                                                                                                       What is the ownership structure of the CSD or
          Is ownership open also for foreign entities and if so,                                                                                                                       central counterparty? Are there limits on holdings or
 Y/N
          which type of entities?                                                                                                                                                      other rules determining what stakes may be held or
                                                                                                                                                                                13-1
                                                                                                                                                                                       who may hold them? Are there limits on holdings or
                                                                                status of organization private shareholders: Stock                                                     other or who hold them? How are different classes
          Please provide a list of the current owners of the                                                                                                                           of user represented amongst owners?
                                                                                Exchange %/Securities Industory Association
  F       Depository indicating the percentage of capital held by         F                                                          5     Owner Shipment
                                                                                %/Banks %/Securities Company %/Securities Issuer
          each one.
                                                                                % /Others %

          In case the Depository is controlled by a Group
          ofCompanies, provide the Group’s structure and
  F       ownership
           (percentage of capital held by each company of the
          Group and currentowners of the Groups’companies).
       
       3. Structure

          Describe and provide a diagram of the organisational
  F                                                                       F
          structure of the Depository.

       4. Supervisory oversight
                                                                                                                                     8,    What regulation/statue govern CSD
          Who regulates the activities of the Depository and with                                                                                                                      Are the laws, regulations and rules governing
  F                                                                                                                                  17    Financial Audit by Authority
          which authority?                                                                                                           21                                                securities settlement arrangements and related pre-
                                                                                                                                           Regulatory Operation Audit
                                                                                                                                                                                1-1    settlement and securities lending arrangements
          Who supervises the activities of the Depository and with                                                                   9,    Competent Authority                         readily accessible to system participants and the
  F                                                                                                                                                                                    public?
          which authority?                                                                                                           10    The name of Authority
          Is the depository subject to periodic examination by:                                                                      11    Periodic examination by Authority
 Y/N          a) Regulatory/SupervisoryAuthority                                                                                     17    Financial Audit by Authority
                                                                                                                                     15,   Financial Audit
 Y/N         b) Independent Accountants                                                                                              16    Independent Outside Fiancial Audit
 Y/N         c) Other (please specify)                                                                                               17    Other Operational Audit
  F          If so, what is the periodicity of the examination?                                                                      18    Financial Audit by Authority
          What enforcement actions are available to the
          authorities in case of breach of applicable laws and
          regulations?
 Y/N         a) Fines
 Y/N         b) Restrictions on activities                                                                                           12    Enforcement Action by Authority
 Y/N         c) Suspension of activities
 Y/N         d) Termination of activities
 Y/N         e) Other, please specify
                              ECSDA                                                              ACG                                                         AGC                                            CPSS-IOSCO                                                           ISSA
Form                               Item                                Form                          Item                           No                            Item               No                              Item                             No                              Item
       1. Governance
                                                                                                                                                                                            Has a court in your jurisdiction ever failed to enforce
          Is there a history of breach of laws or regulations in the
                                                                                                                                                                                            a contract concluded through an Securities
 F        last three years? If so, what actions were taken by the                                                                   30   Enforcement Action by Competent Authority   1-6
                                                                                                                                                                                            Settlement System(SSS)? If so, what contract and
          authorities?
                                                                                                                                                                                            for what reason?
       5. Financial Audit
Y/N       Are annual financial statements publicly disclosed?           F     Auditor Internal / External (only name)               14   Annual Financial Audit
          Is the depository subject to periodic financial audit? If
Y/N
          so, who audits the accounts and with what periodicity?
                                                                                                                                    18   Any other Financial Audit

       6. Operational Audit                                                   Auditor Internal / External (only name)

                                                                                                                                                                                            Are the entities holding securities in custody subject
                                                                                                                                                                                            to mandatory internal or external audit, or both, to
          Is the depository subject toperiodic operational auditing                                                                                                                         determine if there are sufficient securities to satisfy
 F        by external entities? If so, by which entity and what is                                                                                                                   12-2   customer claims? On how many occasions during the
          its power?                                                                                                                                                                        past year have investors suffered losses as a result
                                                                                                                                                                                            of their custodian? How large were the losses? What
                                                                                                                                                                                            were the caused of such losses?

 F        What is the scope of the external audit and its
          frequency?
          Does the audit address the sufficiency of and
Y/N                                                                                                                                 20   External Accountants Operatio Audit
          compliance with internal controls?
          Does the audit address theDepository’s compliance
Y/N
          with its own rules and procedures?
          To whom are the external audit reports generated?
          Are these reports made publicly available to
 F        participants?
          Arethey made available to participants or only to
          theDepository?
          Are internal audit procedures implemented at the
Y/N
          Depository? If so, who are responsible for the auditing?

          What is the scope of the internal audit and its
 F
          frequency?
          To whom are the internal audit reports generated? Are                                                                     19   Internal Operational Audit
 F        these reports made publicly available to participants or
          only to the Depository?
          Have any exceptions found in the operational audit
 F                                                                                                                                  20   External Accountants Operatio Audit
          during the last three years?
       7. Transparency


                                                                                                                                                                                                                                                            What process is in place at the depository to ensure
          What processes are in place to assess customers’                    Do you have a neutral, independent, decision-making
 F                                                                     Y/N                                                                                                                                                                            1-4   that it meets the needs of all its stakeholders (e.g.
          needs and their satisfaction?                                       committee ?
                                                                                                                                                                                                                                                            institutions, broker dealers, retail investors, issuers)?


          Is the Board governing the Depository responsible to its                                                                                                                                                                                          Is the board that governs the depository answerable
Y/N                                                                                                                                                                                                                                                   1-1
          participants/users?                                                                                                                                                                                                                               to its users?

          Does any single organisation, or sector (e.g. brokers,                                                                                                                                                                                            Does any single organisation, or sector (e.g. brokers,
 F        custodians, Stock Exchange) have a large voting                                                                                                                                                                                             1-2   custodians, Stock Exchange) have a large voting
          position                                                                                                                                                                                                                                          position at the board of the depository?
          at the board of the Depository?
 F        Indicate process of remuneration changes.

          What is the depository’s communication strategy to                                                                                                                                                                                                What is the communications strategy of the
 F                                                                                                                                                                                                                                                    1-5
          stockholders and to customers and how is this run?                                                                                                                                                                                                depository to its stakeholders and how is this run?

                                                                                                                                                                                                                                                            What are the areas (e.g. benefits, investor
          Are there areas where foreign investors are not treated
 F                                                                                                                                                                                                                                                    7-2   compensation) where foreign investors are not
          in the same way as local ones?
                                                                                                                                                                                                                                                            treated in the same way as local investors?
 F        What are the pricing principles?
          Public Availability: will you be making answers to this
Y/N
          questionnaire publicly available?
ECSDA Disclosure Framework(4)
Ⅳ-Risk management and Internal Control Strategy -
This section is intended to capture the overall governance, framework and approach to Risk Management within your company as
F: Fill-able Question M: Multiple-choice Question Y/N: Yes/No Question
                              ECSDA                                                           ACG                                   AGC            CPSS-IOSCO         ISSA
 Form                              Item                             Form                         Item                          No      Item   No          Item   No      Item
        Risk management organisation

          Please describe the overall risk management structure
          within your Company including governance, specific
          responsibilities and reporting lines from board
          downwards. Please describe the Depository’s approach
  F       to risk management in terms of culture, code of
          conduct, human resource policies to support the
          business objectives and risk management awareness.
          Please describe the differences of approaches if any in
          the different entities under your control.

          How does the board of directors (or equivalent) review
          key risks, set guidance related to risk management and
  F
          how are overarching limits and risk tolerance being
          established?

          How does the board of directors (or equivalent) review
  F       the effectiveness of the internal control system
          implemented by Senior management?


          Does Senior management have a process to review its
 Y/N
          effectiveness periodically?


          Is there appropriate communication to the board (or
          board committees) on the effectiveness of the ongoing
          monitoring processes on risk and control matters to
  F
          support a proactive management of risks? This should
          include reporting any significant failings or weaknesses
          on a timely basis.
        Communication of objectives and delegation
          Has senior management been clearly assigned with the
          responsibility for developing policies, processes and
          procedures for internal control in all of the Depository's
 Y/N      material products, activities, processes and systems?
          Are authority, responsibility and accountability defined
          clearly such that decisions can be made and actions
          taken by the appropriate people without ambiguity?

          Does the Depository communicate to its employees
          what is expected of them and the scope of their
  F       freedom to act? How does management ensure that all
          levels of staff understand their responsibilities with
          respect to risk management?

       Risk Management
          A. Identification, Measurement & Assessment -
             How does the Depository identify and record key
  F
             risks?
             Does the Depository implement an adequate process
             to regularly monitor risk profiles and material
             exposures to losses for itself or for Participants in all
  F          activities? Do these processes enable to reevaluate
             risks and adjust controls effectively in response to
             changes in its objectives, its business, and its
             external environment?
             Does your assessment cover all risks facing the
             Depository and all its subsidiaries & entities if
             applicable, e.g credit & counterparty risk, country
  F          andtransfer risk, market risk, interest rate risk,
             liquidity risk, operational risk, large project risks, legal
             risk, reputational risk and business / strategic risk,
             etc.?
             What are the key risks to which the Depository is
  F
             exposed?
             How is the Depository measuring and quantifying
  F
             these risks?
                              ECSDA                                        ACG            AGC                                 CPSS-IOSCO                                         ISSA
Form                                Item                            Form      Item   No      Item   No                               Item                                   No      Item
       Risk management organisation
             Does the Depository ensure that before new
             products, activities, processes and systems are
 F           introduced or undertaken, the risk inherent in them is
             subject to adequate assessment procedures and
             controls adequately implemented prior to the launch?

          B. Risk Response and Control Activities -Addressing
          Depository’s risks in an appropriate way
          Risk avoidance
             How does the Depository identify the risksit is
 F
             unwilling to take?
          Risk control and management
             Can you explain how you carry out general control
             activities, such as line supervision, segregation of
 F           duties, crosschecks, reconciling accounts, justifying
             balances, and general control activities to safeguard
             staff and assets?
             How does the Depository periodically review
 F           compliance with its risk limits, its risk tolerance
             boundaries, its control strategies?
             How are processes / controls adjusted to reflect
 F           new or changing risks, or operational deficiencies
             (back-testing, reviewing assumptions)?
            Are there effective follow-up procedures to ensure
 F          that appropriate change or action occurs in response
            to changes in risk and control assessments?
       Specific controls
         Please describe what is monitored such as:
            - Settlement control such as blocking of securities,                                          Does the CSD permit final settlement of securities transfers
 F                                                                                                  8-1
            DvP procedures, etc                                                                           on a DVP basis by the end of the settlement day?
             - Blocking of securities movement before receipt of
 F
             payment
 F           - Blocking payment until securities are moved

                                                                                                          Does the CSD permit final settlement of DVP transfers on a
                                                                                                          continuous basis throughout the day or at certain designated
 F           - Other forms of monitoring. Please describe                                           8-2
                                                                                                          times during the day? If the latter, at what times do transfers
                                                                                                          become final?
                                                                                                          Do users have a need for intraday or real-time finality? Do
                                                                                                          central banks use the SSS in monetary policy operations or to
          How do you reconcile the balances and the transactions                                          collateralize intraday credit extensions in a payment system?
 F                                                                                                  8-3
          with your correspondents?                                                                       Do active trading parties or central counterparties have a
                                                                                                          need for intraday or real-time finality to manage their risks
                                                                                                          effectively?
       Operational risk
       Operational risk is the risk of loss resulting from
       inadequate or failed internal processes,people and systems
       or from external events. In this context, the definition
       includes legal risk, and reputational and systemic risk
       consequential to operational failures.

       Production systems objectives
          Do you set targets and tolerance limits regarding uptime
          of the systems including:
 F        - Whole system overall?
          - Broken down by major components?
          - During critical opening periods?
       Information Security management
                              ECSDA                                        ACG            AGC            CPSS-IOSCO         ISSA
Form                                Item                            Form      Item   No      Item   No          Item   No      Item
       Risk management organisation
          Have information security management processes been
          defined and implemented by the Depository, covering
          items such as security policies and procedures, security
          organisation, broad assets classification & control incl.
          vulnerability of key assets and high impact risks,
 F
          personnel security, physical & environmental security,
          communication & operations management, logical
          access control, systems development & maintenance,
          business continuity management, monitoring &
          compliance of information security in the Depository?


         Is periodic independent assurance on the effectiveness
Y/N
         of information security provided to senior management?


         Describe the control and security procedures in place
 F       to ensure the confidentiality, integrity, authentication
         and non-repudiation of settlement instructions?


         Are internal and operational security controls included
 F
         in the internal and/or external audits of the Depository?


         Are internal and operational security control covered by
 F
         regulatory requirements applicable to the Depository?


         Please describe physical security measures
         implemented to protect access to information or own or
 F       third party assets:
         such as access control by guards, access control by
         electronic keys, personal identification cards, etc.


         Describe your specific security procedures for
         safekeeping of physical securities, including physical
         security,
 F
         access control, inspections, inventories control, forged
         & stolen securities, replacement of securities,
         securities in transit, etc.
       Business Continuity Management
         Policy, Planning and Infrastructure
            Please describe your Business Continuity
 F
            Management policy and objectives?

            Who is responsible for the organisation, maintenance
 F          and development of your BCP? Do you have a
            dedicated BCM team and if so how is this composed?

            Please briefly describe your contingency
            infrastructure or plans to mitigate:
            a) IT unavailability (including Networks),
            b) Staff unavailability,
            c) Building unavailability.
            In your response, please describe your business
 F          recovery objectives (i.e. priority of business
            processes for recovery), indicate approximate
            separation distances between primary and alternate
            facilities and whether these facilities are used
            exclusively by your company, if these are owned or
            leased and if services are provided through some
            form of Disaster Recovery provider

            What is your recovery time objective (RTO) for the
            following events:
            a) IT unavailability,
 F          b) Staff unavailability,
            c) Building unavailability.
            Is this RTO formalised and if so how e.g stated in
            General Terms and Conditions?
                             ECSDA                                           ACG            AGC            CPSS-IOSCO                               ISSA
Form                               Item                               Form      Item   No      Item   No          Item   No                            Item
       Risk management organisation
             Please list any major scenarios which your plans do
 F           not cater for such as regional disasters or software
             corruption.

             How do your contingency plans ensure that the
             status of all transactions and accounts at the time of
 F           the disruption can be identified with certainty and in
             a timely manner? Do the procedures provide for
             preservation of all data?

             How are your dependencies on external suppliers
 F           secured e.g. through SLAs, and does this include
             provisions to deal with disasters?
          Incidents and Crisis Management
             Please describe your incident response,
             communication, and crisis management plan and
 F
             escalation process for your business in case of
             emergencies or disasters.
             How many times during the last 2-years has a key
             process failed, where this has either been visible or
             invisible to external parties? What is the most
 F
             common causeof failures? How long did it take to
             resume business processes? How much transaction
             data or messages, if any, were lost?
          Training, Awareness and Testing
             Please describe the scope and objectives of your
 F
             testing activities. Do you have a formal test program?
             What has been the involvement of customers and
 F
             suppliers in tests?
             How frequently is your business continuity plan
 F
             tested?
             When was the last business continuity test
             performed? Please describe:
             a) Scope and objectives
 F           b) Scenario
             c) Results
             If results were unsuccessful, what actions were
             taken to prevent reoccurrence?
       History of operational losses
          Have there been major operational problems during the
          past two years that have delayed or failed settlements
                                                                                                                               Has the depository ever failed to recover an outage
          with impact on Participants? If yes, please describe the
                                                                                                                               within the day or failed to start processing runs for a
          nature of such problems and provide information on
                                                                                                                         2-4   whole day; and, if so, when did that failure arise and
          number of instances. Describe your problem
                                                                                                                               what steps have been taken to prevent a similar
          management processes (identification of root causes,
                                                                                                                               event in the future?
          final impact, and the action taken to prevent future
          occurrences, etc.).
          Did any of these problems translate into material
          losses?
          How does the Depository maintain financial reserve /
          cover for expected and unexpected operating losses?
       Risk transfer
       Insurance
          Does the Depository state a maximum amount of
 F        liability in its contracts or terms of conditions with
          Participants?
                              ECSDA                                          ACG                                 AGC                                             CPSS-IOSCO                                          ISSA
Form                                Item                              Form      Item   No                           Item               No                               Item                                    No      Item
       Risk management organisation
          Does the Depository have insurance for the following
          risks that may raise liabilities including:
          a) Default
          b) Fidelity
          c) Operational errors
          d) Errors and omissions                                                      115
 F        e) Computer fraud                                                             〜    Insurance
          f) Business continuity disruption                                            121
          g) Securities in custody or in transit
          h) Asset loss
          i) Other. Please explain
          What are the amounts of these insurance coverages
          (maximum per year and per event)?

       Central Counterparty
         Has a CCP mechanism (or an indemnification
         arrangement) been introduced? If yes, are you providing
         it directly or through another entity? Please describe                                                                              Has a central counterparty mechanism been introduced? If so
         how it is operating, including :                                                                                                    what types of securities and market participants are
                                                                                                                                       4-1
         a) What types of securities and market Participants are                                                                             conversed? When does the central counterparty interpose
 F
         covered?                                                                                                                            itself between its participants to assume the role of guarantor
         b) What are the netting arrangements for a CCP (by                                                                                  to each trade?
         novation or otherwise) and are they enforceable in case
         of Participants insolvency?


         How does the CCP manage its credit risk vis-à-
         vis Participants? Does it require Participants to
         collateralise their exposures?
         How often are collateral requirements recomputed and
                                                                                                                                             If no such mechanism has been introduced, have the benefits
         collateral collected? How does the CCP manage its
                                                                                                                                             and costs of such a mechanism been assessed? By whom?
 F       liquidity risk?                                                                                                               4-2
                                                                                                                                             Has the assessment been documented? What was the
         Does the CCP have in place agreements permitting it to
                                                                                                                                             conclusion?
         borrow against collateral?
         In assessing its credit and liquidity risk, does the CCP
         evaluate its ability to withstand the default of more than
         one of its Participants?


         Has a Participant ever defaulted? If so, how did the
         CCP handle the default? What are the financial
         resources of the CCP? How does the CCP assess the
         adequacy of the size and liquidity of its financial
         resources? Does it require Participants to contribute to                                                                            Does the central counterparty impose financial and
 F                                                                                                                                     4-3
         a clearing or guarantee fund? Does the CCP have                                                                                     operational standards for participation?
         legally enforceable interests
         in or claims on the assets in the fund? Does the CCP
         have transparent and enforceable loss allocation rules?


                                                                                                                                             How does the central counterparty manage its credit risk VS
                                                                                                                                             participants? Does it require participants to pledge collateral
                                                                                                                                             or contribute to a clearing or guarantee fund? Are there
                                                                                                                                             liquidity requirements for this collateral or fund? How does the
                                                                                                                                             central counterparty assess the size and liquidity of its
       Outsourcing                                                                                                                     4-4
                                                                                                                                             financial resources? Does the central counterparty have
                                                                                                                                             legally enforceable interests in or claims on the assets in the
                                                                                                                                             fund? IS the collateral "marked to market" daily? Does the
                                                                                                                                             central counterparty have transparent and enforceable loss
                                                                                                                                             allocation rules?

         Have you outsourced significant operational activities                                                                              How does the central counterparty manage its liquidity risk?
                                                                                                                                       4-5
 F
         (IT, operational activities, sub-custodian activities)?                       43    Third Party acitivites on behalf of CSD         Does the central counterparty have in place agreements
                                                                                                                                             permitting it to borrow against collateral?

                                                                                                                                             Has a participant ever defaulted? If so, how did the central
         How do you ensure that these key providers have
                                                                                                                                             counterparty handle the default? In the past year, has the
 F       appropriate risk management and internal control                                                                              4-6
                                                                                                                                             central counterparty experienced an operational failure that
         systems?
                                                                                                                                             resulted in a delay in completing settlement?

         Does the Depository impose minimum operational or
         performance standards on third parties? How does the
 F
         Depository ensure that such standards are met and
         what sanctions are available if they are not met?
                           ECSDA                                           ACG            AGC                                  CPSS-IOSCO                                                              ISSA
Form                            Item                                Form      Item   No      Item   No                                Item                                   No                           Item
       Risk management organisation
          Do you have recourse to recover losses from partners
Y/N
          on which you have these critical dependencies?


       Credit risk for the CSD

          Briefly describe the rules and procedures of the
 F
          Depository with respect to credit and collateral.


          How do you determine credit lines? How do they review
 F
          them? How do you manage exceptions?

          How is collateral used to limit or mitigate risk?
          a. Does the Depository operate its own collateral
          system?
          b. Does the Depository share a collateral system with
 F        other entities?
          c. What arrangements exist for rapid liquidation in the
          event of default?
          d. What types of transactions involve the use of
          collateral?

                                                                                                          Are there markets for securities lending? If any, how active
       Default of a Participant                                                                     5-1   are they? How wide is the range of securities and
                                                                                                          participants involved in the markets?

          Please discuss the events or circumstances that would
          constitute default of a Participant under the rules and
                                                                                                          Are the markets for securities lending clearly supported by
 F        procedures of the Depository or that would lead the                                       5-2
                                                                                                          law, regulation, tax and accounting systems?
          Depository to make use of exceptional settlement
          arrangements or unwinding procedures?


          Does the Depository use loss-sharing agreements?
          Explain in what instance would they be triggered.                                               How is the transfer of a loaned security executed? Does the
          If a Participant defaults, how is the loss covered                                              transfer of the loaned security typically occur over accounts
 F                                                                                                  5-3
          (Depository insurance, Depository guaranty fund, loss-                                          held at a central securities depository (CSD) or over accounts
          sharing agreement among Participants)?                                                          held with custodians?



                                                                                                          What is the convention for the settlement of a securities
                                                                                                          lending transaction (T+0, T+1, etc)?
          During the past ten years, has there been a situation                                           Does the CSD or CCP facilitate securities lending? If so, do
          where a Participant defaulted which resulted in a                                               they perform any of the following services:
 F
          material loss?                                                                            5-4
                                                                                                          (1) act as principal or agent in securities lending; (2) provide
          If yes, how was the situation resolved?                                                         trade matching or comparison services for securities lending
                                                                                                          transactions; (3) provide guarantees or indemnification to
                                                                                                          counterparties in securities lending transactions?


          Does the Depository have a guarantee fund or are
          Participants protected under a market guarantee fund?
          If yes, what is the size of the fund, how is the size                                           What risk management procedures are used to monitor and/or
 F                                                                                                  5-5
          determined and how is it financed? Who is covered by                                            limited risks stemming from securities lending activity?
          the fund and in which situations is the fund used?


          Do other entities (such as a stock exchange) have
          default protections that extend to the Depository such
                                                                                                                                                                                   Does the market operate a guarantee fund or have
          as:
                                                                                                                                                                                   an equivalent procedure to protect against the cost
 F        -Margin equirements for stock exchange members                                                                                                                     4-3
                                                                                                                                                                                   of failed transactions; and which sectors of the
          -Guarantee fund for stock exchange members
                                                                                                                                                                                   market does it cover?
          -Financial requirements for stock exchange membership
          -Other, please explain.

                                                                                                          What risk controls are in place to limit the likelihood of
       Legal Risk                                                                                   9-2   participants' defaults and the losses and liquidity pressures in
                                                                                                          the event of defaults?
                             ECSDA                                            ACG            AGC                                  CPSS-IOSCO                                                          ISSA
Form                               Item                                Form      Item   No      Item   No                                Item                               No                           Item
       Risk management organisation
          Are the laws, regulations, rules and procedures, and
          contractual provisions governing securities settlement                                             Does the CSD ensure that timely settlement can be
Y/N
          arrangements public and readily accessible to system                                         9-3   completed in the event of an inability to settle by the
          Participants?                                                                                      participant with the single largest obligation? If so, how?

         (i) Does the legal framework demonstrate a high degree
         of legal assurance that:
          a) transactions are enforceable?
          b) customers' assets are adequately protected
         particularly against the insolvency of custodians and
         intermediaries?
                                                                                                                                                                                  How are clients' assets protected in the event of
         (ii) Does the legal framework demonstratea high degree
                                                                                                                                                                                  insolvency of a custodian or depository?
         of assurance that there is a clear and effective legal
         basis for:
                                                                                                                                                                                  Does a pledgee have an absolute right to realise their
          a) arrangements for the immobilisation or                                                                                                                         8-2
                                                                                                             Has any CSD participant defaulted on any obligations to the          security at all times?
Y/N      dematerialisation of securities and the transfer of                                           9-6                                                                  8-5
                                                                                                             CSD? How did the CSD handle the default?
         securities by book entry?                                                                                                                                          8-4
                                                                                                                                                                                  Does local law clearly define the point of time when a
          b) netting arrangements?
                                                                                                                                                                                  settlement, both for the security and the cash
          c) securities lending arrangements (particularly the
                                                                                                                                                                                  involved, achieves finality and thus cannot be
         ability to obtain a security interest in assets)?
                                                                                                                                                                                  unwound?
          d) finality of settlement?
          e) arrangements for achieving delivery versus
         payment?
         (iii) Has a court in the jurisdiction ever failed to uphold
         the legal basis of these activities/arrangements?
         And if so, for what reasons?

         Are the rules of the system and contracts between
Y/N      system Participants enforceable notwithstanding the                                           9-4   Does the CSD permit debit balances in securities?
         insolvency of a Participant?


         Is there a significant level of cross-border participation
         in the Depository?
         If so, please describe and answer Question (ii).
         (i) Are other jurisdictions relevant for determining the                                            Regardless of whether the SSS is a deferred net settlement
         adequacy of the legal framework?                                                                    system, does the CSD assume credit and liquidity exposures
 F                                                                                                     9-5
         (ii) How has this been determined? Has the legal                                                    to participants? How does thee CSD manage those
         framework been evaluated for the other relevant                                                     exposures? Are the exposures fully collateralized?
         jurisdictions?
         Are there conflict of laws issues and, if so, have they
         been addressed?

       Reporting and Information
                                                                                                             Are the laws, regulations and rules governing securities
                                                                                                             settlement arrangements and related pre-settlement and
       Information                                                                                     1-1
                                                                                                             securities lending arrangements readily accessible to system
                                                                                                             participants and the public?
                                                                                                             Does the legal framework support:
                                                                                                             (a) the enforceability or tarnsactions?
                                                                                                             (b) the proteciton of cutomer assets?
                                                                                                             ⒞ the immobilization or dematerialization of
                                                                                                             securities and the transfer of securities by book entry?
         What systems and processes exist to provide                                                         (d) netting arrange?
         management and board with timely, relevant and reliable                                             (e) securities lending?
 F                                                                                                     1-2
         business and risk reports?                                                                          (f) the finality of settlement?
                                                                                                             (g) arrangements for achieving delivery vs. payment?
                                                                                                             (h) rules addressign the consequences of a participant's
                                                                                                             default?
                                                                                                             (i) the liquidiation of assets pledged or transferred as
                                                                                                             collateral to support participant's obligation?
                                                                                                             (j) the protection of the interests of beneficial owners?
         How do you ensure the integrity and reliability of your                                             Are the rules of the system enforceable notwithstanding the
 F                                                                                                     1-3
         periodic financial and management reporting?                                                        bankruptcy of a participants?
       Communication
         Are there effective channels of communication to
         ensure that all staff fully understand and adhere to
 F       policies and procedures affecting their duties and
         responsibilities and that other relevant information is
         reaching the appropriate personnel?
                              ECSDA                                            ACG            AGC                                 CPSS-IOSCO                                     ISSA
Form                               Item                                 Form      Item   No      Item   No                               Item                               No      Item
       Risk management organisation
          Are information needs and related information systems
 F        reassessed as objectives and related risks change or as
          reporting deficiencies are identified?

         What are the disclosures made by the Depository to
         allow Participants to assess its risks and its approach to
 F
         internal
         control and risk management?
       Escalating control issues
          Are internal control deficiencies, whether identified by
          business line, internal audit, or other control personnel,
 F
          reported in a timely manner to the appropriate
          management level?


          Are material internal control deficiencies reported to                                             Does the system operator have internal control policies and
 F
          senior management and the board of directors?                                                 11-2 procedures, including security measures, designated to limit
                                                                                                             operational risk? How are they enforced?

                                                                                                             Does the system operator have contingency plans and backup
          Are there established channels of communication for                                                facilities for the failure of key systems and are these
 F        individuals to report suspected breaches of laws or                                           11-3 rehearsed/tested? How long does it take to recover
          regulations or other improprieties (whistle blowing)?                                              operations through backup systems? Do the procedures
                                                                                                             provide for preservation of all transaction data?
       Monitoring Processes
        This section is about periodically assessing the                                                       Does the system operator have a process to identify and
                                                                                                        11-1
       effectiveness of the Depository’s risk management                                                       manage its operational risks?
       strategies
       Monitoring of key risk areas
          Is monitoring of key risks part of the activities of the
          Depository? Does the Depository carry out periodic
          evaluations of key processes in all entities? Please
 F
          describe the process the Depository has implemented
          to regularly monitor risk profiles and material exposures
          to losses in all activities.

          How does the Depository periodically monitor the risk
 F        management for outsourced activities (SAS70, audit,
          etc.)?

          Are there effective follow-up procedures to ensure that
Y/N       appropriate change or action occurs in response to
          changes in risk and control assessments?
       Internal Audit

          Does the board of directors ensure that the
          Depository's internal control system is subject to
 F        effective and comprehensive internal audit by
          operationally independent, appropriately trained and
          competent staff?


          Is the internal audit fully independent from the activities
          audited and not taking part in operational or consulting
Y/N
          activities? Does direct responsibility for operational risk
          management lie outside the internal audit function?


          Does the internal audit function, as part of the
          monitoring of the system of internal control, report
 F        directly to the board of directors or its audit committee
          and to senior management on the effectiveness of the
          internal control system?

          Does internal audit review the risk management
Y/N
          function?
       Effectiveness assessment
                              ECSDA                                      ACG            AGC            CPSS-IOSCO         ISSA
Form                                Item                          Form      Item   No      Item   No          Item   No      Item
       Risk management organisation
          Are there ongoing processes embedded within the
          Depository’s overall business operations, and addressed
          by senior management, which monitor the effective
          application of the policies, processes and activities
Y/N       related to internal control and risk management? Such
          processes may include control risk self-assessment,
          confirmation by personnel of compliance with policies
          and codes of conduct, internal audit reviews or other
          management reviews.
ECSDA Disclosure Framework(5)
Ⅴ-PARTICIPANTS
This section analyses the relationship between the participants and the Depository.

F: Fill-able Question    M: Multiple-choice Question        Y/N: Yes/No Question
                             ECSDA                                                    ACG                                AGC                                                      CPSS=IOSCO                                                          ISSA
 Form                               Item                             Form               Item   No                             Item                          No                              Item                             No                            Item
        1. Participation Basics
   F       Please describe the different types of participation.

           Who can become participant of the depository?
            V - Stock Exchange                                                                                                                                     What rules determine who may access the system?
            W - Central Bank                                                                                                                                       Are they clearly disclosed to all potential applicants?
            X - Depositories (CSDs, ICSDs)                                                                                                                         Are participants applicants? Can restrictions on
                                                                                                                                                            14-1
  Y/N       Y - Banks                                                                                                                                              access to the system be justified in terms of the
            Z - Brokers and Dealers                                                                                                                                need to limit risks to the system operator or to other
            AA - Investment companies                                                          23                                                                  users?
                                                                                                    Types and eligibilities of Participants
            BB - Individual investors
            CC - Other, please specify
           Please provide a list of the types of present
   F       participants indicating the number of entities in each
           type.
                                                                                                                                                                   Are the same rules applied regardless of the identity,
           Can foreign entities become participants? Which                                                                                                  14-3   type and location of the applicant? If no, what                 Does (do) the securities system(s) allow foreign
   F                                                                                                                                                                                                                         6-5
           type of entities?                                                                                                                                       variations apply and why?                                       market participants to become direct participants?

           What governs the membership and the rights and                                           Participants are required initial review and approval
   F                                                                                           25
           obligations of the participants and of the Depository?                                   process

           Is there a contract or other legal agreement
           established for the membership between participant
   F
           and the Depository that clearly defines the rights and
           obligations of each party?
           What are the liabilities of the Depository to the                                                                                                       Does applicable law support appropriate choice of
           participants? Are there any limitations to the                                                                                                          law provisions in contracts executed between the
   F
           liabilities? Where are the liabilities and limitations                                                                                                  system operator, direct system participants and
           defined?                                                                            26   What governs participation to CSD                       1-4
                                                                                                                                                                   indirect system participants to permit operation of
                                                                                                                                                                   the securities settlement system in accordance with
           Are all participants subject to the same rules and                                                                                                      the system's rules?
  Y/N
           procedures?

           How are the participants notified of material changes
   F       to the conditions of participation?
           (e-mail, fax, phone, public announcement, etc)
        2. Membership Criteria
           What are the requirements for becoming a                                                                                                                What steps are taken to confirm whether an
   F       participant? What are the requirements for                                          23   Types and eligibility of Participants                   14-3   applicant satisfies the relevant access rules?
           maintaining that status of participant?                                                                                                                 Initially? On an ongoing basis?

           Are participants required to be subject to a                                             Participants are required initial review and approval
  Y/N                                                                                          25
           depository supervisory regime? If so, please describe.                                   process

           Describe the process for becoming a new participant
   F
           of the Depository? Who authorizes new participants?

           Are the participation requirements equal for all kind
  Y/N
           of participants? If not, please explain.

           Are participants obliged to hold any stake in the
  Y/N                                                                                          24   Capital Contribution
           Depository?
        Being a Member
        3.
           Who supervises the activities carried out by the
   F       participants and verifies they act according the rules
           and procedures?

           Are the participants supervised to check their                                                                                                          What steps are taken to confirm whether an
  Y/N      participation criteria are maintained?                                                                                                           14-4   applicant satisfies the relevant access rules?
           If yes, who is responsible for the supervising?                                                                                                         Initially? On an ongoing basis?




                                                                                               29   Who enforces compliance of participants' conditions?
                           ECSDA                                           ACG                              AGC                                                      CPSS=IOSCO                                     ISSA
Form                             Item                               Form     Item   No                           Item                           No                             Item                            No      Item
       1. Participation Basicsavailable to the supervisory
          What remedies are
          authorities to enforce the maintenance of
          participation criteria?
                                                                                    29   Who enforces compliance of participants' conditions?
Y/N        a. Fines
           b. Restriction of participation
           c. Suspension of participation
           d. Termination of membership
          Can penalties or other actions be applied to
          participants that do not act according the rules and                      23
          procedures?
           a. Fines
Y/N
           b. Restriction of participation
           c. Suspension of participation
           d. Termination of membership
           e. Other, please specify
         Have there been any actions listed in question V 17
Y/N
         in the last three years? If yes, please explain.
                                                                                    31   Enforcement action by competent authority
         Have there been any such actions listed in question
Y/N
         V 18 in the last three years? If yes, please explain.
       4. Termination of membership
         How and under which conditions can participants
 F
         terminate their membership to the Depository?
         How and under which conditions can the Depository                                                                                             What arrangements are in place to facilitate the exit
 F       terminate a participant membership in the                                                                                                     of members show who no longer meet the
                                                                                         How does the CSD notify material changes to
         Depository?                                                                28                                                          14-5   participation requirements? How quickly could any
                                                                                         condition of participation?
                                                                                                                                                       such exit take effect? How would the system ensure
         Does the termination of membership end all the                                                                                                that any exit was as orderly as possible?
Y/N      liabilities of the participant to the Depository?
          If not, please describe which liabilities could remain.
ECSDA Disclosure Framework(6)
VI - FUNCTIONALITIES AND SERVICES
The services provided by the Central Securities Depository are analysed.

F: Fill-able Question    M: Multiple-choice Question      Y/N: Yes/No Question
                          ECSDA                                                                  ACG                                                   AGC                                  CPSS-IOSCO                              ISSA
Form                          Item                                     Form                         Item                      No                          Item                         No          Item   No                           Item
       1. Account management
          Are participants permitted to maintain more than one
 Y/N
          securities account at the Depository?                               Maximum of accounts per participant

          Please detail the account structure used at the                                                                     63   Available account number of a participant
          depository for each type of participants (single/multiple
  F
          accounts, omnibus/individual accounts, resident/non-
          resident accounts).

          Does the system allow segregation of securities held at
          the depository to different accounts? Is the segregation
          compulsory or optional?                                                                                                                                                                               Under local rules and regulations, what are the
           a. Own assets and client assets?                            F&
  F                                                                        segregation of customer & participant account                                                                                  8-1   segregation requirements for keeping client assets
           b. Based on clients residence (foreign/domestic)?           Y/N
                                                                                                                                                                                                                and custodian assets in the depository?
           c. Based on different tax situations?                                                                                   Segregation of a participant account
                                                                                                                              64
           d. Other. Please explain                                                                                                CSD provides services for participants segregated
                                                                                                                              75
                                                                                                                                   account records
          How is the segregation performed:
           a. Separate participant accounts?
  F        b. Sub-accounts?
           c. Individual accounts?
           d. Other. Please explain

          If a participant opens an account at the Depository in
  F       the name of a third party, does this give any rights to                                                             65   Can Participant use nominee?
          that customer under the rules and procedures?

          Can securities or accounts be blocked for any reason
          (insolvency, penalty, pledge…)? Who can block the
  F
          accounts and how it is made? How are the accounts
          unblocked and who has the authority to do it?                                                                            In case of participant's account blocked, what
                                                                                                                              66
                                                                                                                                   happened to participant's clients oust standing
          How do the clients have access to their holdings when a
  F       participant has been declared insolvent and his
          accounts are blocked?
          How do the participants have access to the information
          about their accounts, balances, notices of transfers,               Settelment instruction + Settlement Execution
                                                                                                                                   Does CSD provide account outstanding report to
  F
          etc?                                                          M     Repoprt/Network Data format/Data Format/SWIFT   68
                                                                                                                                   participants?
          Are there specific periodic reports and/or on-line                  On-Line Internet FAX Others
          access?
          In what form and method is the information of the
          assets of each participant or their customers held at
  F
          the depository? What are the contingency measures                                                                   67   In what form or media does CSD keep the records?
          when this information is lost or inaccessible?

  F       What is the document retention period in years?                                                                     69   How long does CSD retain the record?

          Can the Depository have securities in its own name?
          Are they eligible for deposit and transfer in the system?
  F                                                                                                                           64   Segregation of a participant account
          Are the Depository’s own assets segregated from the
          participants’ assets?
       2. Registration
          Is nominee concept/convention recognised? Please
  F
          explain.                                                      M     Type of Depository/Nominee/Register             65   Can participants use nominee

          Is there a centralised registration of securities                                                                    2   Acts or operates of CSD
  F
          ownership? Who is the registration authority?                                                                       73   Depository securities handling operation

          Is the registration of securities at the registrar done in
          the name of the depository or depositing participant or
  F
          their nominee or in the name of the beneficial owner or                                                             65   Can participants use nominee
          any other entity?
F: Fill-able Question    M: Multiple-choice Question       Y/N: Yes/No Question
                              ECSDA                                                            ACG                                            AGC                                                           CPSS-IOSCO                                   ISSA
                                  Item
          Describe the procedures of registration of beneficial                                                           By what forms does CSD keep deposited securities
          ownership                                                                                                  72   Depository securities handling services
           a. Who initiates and how is the registration initiated?                                                   73   How are eligible securities lodged in CSD?
  F
           b. How long does the registration process take?                                                           79   When are lodged securities into CSD reflected in
           c. How are participants notified that theregistration                                                     80   participants' depository account?
          process is complete?                                                                                       81   How long does it take to lodged securities into
                                                                                                                          depository?

          Can securities be transferred before the registration in                                                        During the lodged securities into depository, can the
  F                                                                                                                  82
          the buyers name is complete?                                                                                    securities be traded?
       
       3. Safekeeping of physical securities
                                                                                                                                                                                         Are securities issued on a dematerialized basis or as a
                                                                                                                                                                                         physical certificates? If the latter, are they immobilized in
                                                                                                                                                                                         a CSD to facilitate settlement? What percentage of
  F       Where and how are physical certificates safekept?                                                          79   How are eligible securities lodged in CSD?               6-1   securities issued domestically is either immobilized to
                                                                                                                                                                                         dematerialized, and what is the trend? Is the transfer of
                                                                                                                                                                                         securities out by book entry or does it require any form of
                                                                                                                                                                                         physical delivery?

                                                                                                                                                                                         What laws govern the book entry issuance, custody and
                                                                                                                                                                                         transfer of securities? What ownership rights does an
          What control procedures are in place for receiving                                                                                                                             entry in the CSD confer? Is there an underlying register,
  F
          certificates when deposited at the Depository?                                                             73   Depository securities handling operation                 6-2
                                                                                                                                                                                         and if so what is the legal status of a register entry? Is
                                                                                                                                                                                         there a lag between settlement and registration and what
                                                                                                                                                                                         are the implications of the time lag for finality?

                                                                                                                                                                                         Are securities issued on a dematerialized basis or as a
                                                                                                                                                                                         physical certificates? If the latter, are they immobilized in
          Please describe the process how securities are entered                                                                                                                         a CSD to facilitate settlement? What percentage of
  F
          into deposit.                                                                                              79   How are eligible securities lodged in CSD?               6-1   securities issued domestically is either immobilized to
                                                                                                                                                                                         dematerialized, and what is the trend? Is the transfer of
                                                                                                                                                                                         securities out by book entry or does it require any form of
                                                                                                                                                                                         physical delivery?


          When are the deposited securities reflected in
          participant’s account? How long will it take for them to                                                        When are lodged securities into CSD reflected in
          become available for                                                                                       80   participant's depository account?
  M
           a. trading                                                                                                83   Are securities immediately available for delivery upon
           b. settling                                                                                                    transfer to CSD?
           c. transfer of ownership

          How long does it take to lodge new issues of securities                                                         How long does it take to lodged securities into the
  F
          etc. with the depository?                                                                                  81
                                                                                                                          depository?
          Can deposited securities be withdrawn from the                                                                  Can securities held outside of the CSD?
  F
          depository?                                                 Y/N can participants withdorw certificates ?   85

          Please describe the process of withdrawal of eligible
  F       securities from the depository including any procedures                                                    86   How are eligible securities removed from CSD?
          of re-registration and re-certification.

          How long does it take to withdraw securities from the                                                           How long does it take to remove securities from the
  F                                                                                                                  87
          depository?                                                                                                     depository?

          While the securities are being removed from the
          depository can they be
                                                                                                                          Removed securities can be traded/settled/ owner
  F        a. traded                                                                                                 88
                                                                                                                          transferred?
           b. settled
           c. ownership transferred
          If securities are certificated:
              Under what conditions are securities eligible to be
  F
              dematerialised?
             Under what conditions are dematerialised securities
  F
             eligible to be centralised?
             Are dematerialised securities held through book-
  F
             entry at the depository only?
             Please describe control procedures to admit                                                             74   Dematerialization
  F
             dematerialised securities into the centralised system.
F: Fill-able Question   M: Multiple-choice Question       Y/N: Yes/No Question                                                  74   Dematerialization
                             ECSDA                                                            ACG                                                        AGC                                                   CPSS-IOSCO                                                            ISSA
                                  Item
             May dematerialised securities be recertificated? If so,
  F
             please describe that procedure.

             May dematerialised securities be withdrawn from the
  F
             depository? If so, please describe that procedure.
       4. Securities transfer and settlement
          Are all settlement instructions matched before
 Y/N                                                                   M   matching/trade matching, settlement matching, none
          settlement can take place?

                                                                                                                                                                                            What percentage of trades between direct market
                                                                                                                                                                                            participants is confirmed on trade date? By the
          What procedures are in place for handling unmatched                                                                                                                               contractual settlement date? Of those trades involving
  F                                                                                                                                                                                   2-4
          instructions?                                                                                                                                                                     indirect market participants for which confirmation is
                                                                                                                                                                                            required , what percentage is confirmed by T+0, by T+1,
                                                                                                                                33   Government Securities Settlements                      by the contractual settlement date?
                                                                                                                                35   Equities Settlements
          Are matched settlement instructions binding on                                                                        37   Corporate Bond Settlements                             What percentage of trades between direct participants is
          participants? If yes, what procedures are used to                                                                     39   Corporate Money Market Instruments Settlements         submitted to trade confirmation system on the trade
  F
          enforce the settlement in case of failure by participants                                                             41   Other Eligible Securities Settlements            2-2
                                                                                                                                                                                            date(T+0)? How soon after submission are problems
          to meet their obligations?                                                                                                                                                        communicated to the appropriate parties?

                                                                                                                                                                                            Is there a trade confirmation system in place that is                Is matching of trade details achieved on trade date,
          Describe the pre-matching and matching procedures,
  F                                                                                                                                                                                         capable of comparing trade information between direct and      5-4   at least for direct market participants; and by trade
          indicating timelines when instructions become matched.
                                                                                                                                                                                            indirect participants by T+1? For what types of indirect             date plus one for indirect participants?
                                                                                                                                                                                            market participants? Is the information flow between
  F       When do matched instructions become binding?                                                                                                                                2-3
                                                                                                                                                                                            direct and indirect market participants bilateral or do both
                                                                                                                                                                                            parties submit their respective information to a central
          Where is the matching procedure regulated (Rules and                                                                                                                              matching or comparison entity? Does the system permit
  F
          procedures or in the law and regulations)?                                                                                                                                        STP?

          When does the ownership of securities pass from the
          seller to the buyer?
          a. When the book-entry is made on the depository
          books at the end of the business day on which transfer
  M
          occurs
          b. When the book-entry is made on the depository                                                                                                                                  How to confirm between direct participants regarding
                                                                                                                                                                                      2-1
          books on an intra-day basis                                                                                                                                                       trades? Does the system permit STP?
          c. Other, Please describe.
          Describe how securities are transferred within the
  F
          system
          (by debiting and crediting participants’ accounts or by
          some other method)
          Please detail for each settlement system you operate:
             General characteristics:
              a. Identification or name of the system
              b. Securities admitted for the settlement
                                                                                                                                                                                                                                                                 Does the depository operate real time or multiple
              c. Settlement model (FoP, DvP, BIS DvP models 1,2
                                                                                                                                                                                                                                                                 batch processing for settlement?
             or 3)                                                                                                                                                                          Do trades settle on a "rolling " basis or on an "account
                                                                         Settlement Mothod : DVP/ Deadline for remittance
              d. Please describe the type of your settlement. Are                                                                                                                           period" basis? If on a rolling basis, how many business        2-2
  M                                                                M & F of Money (until what time) /FoP/ Deadline for                                                                3-1                                                                        Does the market use DvP settlement procedures in
             transfers processed on a continuous basis or through                                                                                                                           days after the trade date? If on an account basis, what is     5-1
                                                                         settlement instructionss to CSD                                                                                                                                                         accordance with one of the recognised BIS models?
             a batch process? Is the settlement process rolling or                                                                                                                          the length of the account period?
                                                                                                                                                                                                                                                                 If so, which one? If the model is not BIS model 1, are
             does it only occur on specific days of the week or
                                                                                                                                                                                                                                                                 there plans to move to this model?
             month? Please provide a diagram with timings and
             operating hours for the settlement
              e. Other. Please explain

             Does the system allow partial settlements? Please
 Y/N                                                                                                                                                                                                                                                       5-6   Does the market allow partial settlements?
             explain.
                                                                                                                                                                                            How does the CSD ensure that the amount of securities
             After what event(s) and at what time does the                 Finality(Settlement Cycles per day) one time/S-                                                                  recorded in the accounts of its participants on its book at
  F                                                                                                                                                                                   6-4
             transfer of securities become final?                          date(what time?)/ more than two times(specify)                                                                   any time equals the total amount of securities immobilized
                                                                                                                                                                                            or dematerialized in its system?

             In DvP, does the technical, legal and contractual                                                                                                                              Does the technical , legal and contractual framework
  F          framework ensure that delivery of securities takes                                                                                                                       7-1   ensure that delivery of securities takes place if , and only
             place if, and only if, payment is received? If so, how?                                                                                                                        if, payment is received? If so, how?

             Does the depository permit final settlement of DvP                                                                                                                             What "model" of DVP is followed? Are securities
  F          transfers on a continuous basis throughout the day                                                                                                                       7-2   transfers settled on a gross or net basis? Are funds
             or at certain designated times during the day?                                                                                                                                 transfers settled on a grass or net basis?

             When securities are credited to a participant
  F          account, is there any provision that foresees the
             possibility for reversal?
F: Fill-able Question      M: Multiple-choice Question     Y/N: Yes/No Question
                              ECSDA                                                                 ACG                                                   AGC                                                        CPSS-IOSCO                              ISSA
                                     Item
             Please describe all conditions under which
             provisional transfers of securities or funds could be
             unwound.
              a. How and on what authority would a decision to
             unwind securities or funds transfers be made by the
             Depository?
              b. When and how would participants be notified of a
             decision to unwind provisional securities or funds
             transfers?
  M
              c. How long would participants have to cover any
             debit positions in their own securities or funds
             accounts resulting from an unwind?
              d. In the event of an unwind, would all transfers be
             unwound or would only a subset of transfers be
             unwound?
              e. If only subset of transfers, what procedure would
             be followed to determine which transfers and in what
             order?

             Does the depository prohibit the unilateral revocation
  F
             of unsettled transfer instructions?

             Does the depository receive or submit provisional
             transfers of securities from/to any other
             depositories or participants?
             If so, is retransfer of these securities prohibited until
  F
             they become final? If not, what would be the
             consequences of an
             unwind of such provisional transfers for the
             depositories’ participants?
             Can bankruptcy or insolvency be declared
             retrospectively in the jurisdiction of the Depository
  F
             that could cause provisional securities or funds
             transfers to be unwound?
             Please describe any circumstances in which
  F          transfers of securities or funds that were defined as
             final would ever be unwound.
             Can the securities be re-used on the same day?
  F
             Please explain.

             If securities are transferred before funds are
             delivered can the participant use the securities
  F          before the funds transfer
             becomes final? What actions will be taken if funds
             are not delivered?

             Does the timing of transfer depend on the type of
  F
             security transferred?

             Can securities be delivered forward before or after
  F
             the receiving transfer is final?

             Are these procedures defined in the rules and
 Y/N
             procedures of the depository?

             How are participants informed of the status of the
                                                                                                                                                                                                   How are principal risk exposures between direct
  F          transactions during the settlement and when finality                                                                                                                            7-4
                                                                                                                                                                                                   participants in the SSS and their customers controlled?
             is achieved?
       5. Funds transfer
          Does the depository maintain cash accounts for the
 Y/N
          participants?                                                  Y/N setting of credit facility                           46   Who process cash settlement

          Is cash settlement done in central bank money or in
          commercial bank money?                                               DVP-Settlement: use central bank money or                                                                          How are the settlements of the cash leg of securities
  F                                                                       M                                                       47   who controls the movement of cash for cash clearing
          If central bank money – is it an interfaced or                       commercial bank money                                                                                              transfers effected? Is the settlement effected through
          integrated model?                                                                                                                                                                  10-1 transfers on the books of a central bank, a CSD
                                                                                                                                                                                                  organized as a limited purpose bank, or one or more
          How is the funds transfer linked to the securities                   Settlement Method/DVP/Cash clearing bank/Central                                                                   commercial banks?
  F
          transfers?                                                      M                                                       71   Cash and Securities movement
                                                                               Bank/Commercial Bank

          Does the Depository provide credit extensions or
          advances of funds to its participants? Does the
  F
          Depository assume credit risk? How long do the credit          Y/N setting of credit facility
          extensions last typically and how long can they last?
F: Fill-able Question    M: Multiple-choice Question      Y/N: Yes/No Question
                              ECSDA                                                            ACG                                                     AGC                            CPSS-IOSCO   ISSA
                                   Item
          Are the funds and securities moved simultaneously? If            DVP-Settlement: use central bank money or
 Y/N
          not, what is the time gap between the movements?             M
                                                                           commercial bank money

          When and at what time does the transfer of funds                 Settlement Method/DVP/Deadline for remittance of
  F
          become final? After what event or events?                    F
                                                                           money/until what time?

  F       Can the funds be re-used on the same day?
          If funds are transferred before securities are delivered,
          can the participant use the funds before the securities
  F       transfer
          becomes final? What actions will be taken if securities
          are not delivered?
          Does the timing of transfer depend on the currency
  F
          used for payment?
          Does the Depository guarantee the transfer of
 Y/N      securities or funds? If yes, how are the transfers
          guaranteed?
          Is the guarantee a feature of the rules and procedures
 Y/N
          or law or regulations?
       6. Custody services
          Is the Depository involved in processing the following
 Y/N
          corporate actions? Please describe.

             a) Compulsory cash distributions, i.e.:
              A.1. Cash dividends
                                                                                                                                   What is the procedure to collect interest and
  F           A.2. Interest payments                                   M   dividends:shares,cash,both(M)                      52
                                                                                                                                   dividends?
              A.3. Compulsory redemptions
              A.4. Compulsory partial redemptions


             b) Compulsory stock distributions, i.e.:
              B.1. Bonus issues (capitalisations)
              B.2. Compulsory conversions
              B.3. Consolidations/reverse split
 Y/N          B.4. Enfranchisements                                   Y/N subscription rights (Y/N)                           50
              B.5. Pari passu
              B.6. Rights issues
              B.7. Sub-divisions/splits
              B.8. Subscriptions


             c) Optional stock distributions, i.e.:
 Y/N          C.1. Optional conversions
              C.2. Optional redemptions

             d) Other types of corporate action:
              D.1. Compulsory call
              D.2. Enhanced scrip dividends
              D.3. Optional call payments
              D.4. Mergers
              D.5. Schemes of arrangement
              D.6. Scrip dividends
              D.7. Takeovers
 Y/N
              D.8. Demergers/division/ fission/spin-off
              D.9. Resale (with subscription)
              D.10. Other payments
              D.11. Early redemptions
              D.12. Share capital reduction
              D.13. Closed offers
              D.14. Acquisition of issuers “own” shares
              D.15. Other – please describe

          How are income and dividend collections processed?                                                                       What is the procedure to collect interest and
  F                                                                                                                           52
                                                                                                                                   dividends?
          For each corporate action please describe:
          a. The gap existing between ex date and record date,
          b. The gap existing between record date and payable              date of notice(Record Date);General                     What is the ratio actually been collected to the
          date and                                                         Meeting/GM+1/GM+2/GM+x/Ex-Date;Record              51   participants?
  F                                                                    M
          c. The gap existing between payable date and payment             Date/RD+1/RD+2/RD+x/Payment Date;RD-               54   What is the ratio actually been credited to the
          date                                                             Date/RD+1/RD+2/RD+x                                     participants account?
          d. When are corporate action entitlements credited
          e. When are the funds credited to the beneficial owners.
F: Fill-able Question    M: Multiple-choice Question      Y/N: Yes/No Question
                             ECSDA                                                               ACG                                                        AGC                                                        CPSS-IOSCO                                                             ISSA
                                  Item
          Relating to corporate actions listed under letter A) in
          question V-67, is the payment made in central bank
          money, on accounts held by the Depository or through
          paying agents?


          Does the depository take any financial risk in processing                                                                    How does CSD collect corporate action
          the above-mentioned corporate actions?                                                                                 50
                                                                                                                                       entitlements?


       7. Facilities aimed at reducing the settlement fail rate


          Does the depository provide facilities to ease
          settlement? Please describe.
           a) Securities overdraft                                          Netting (Securities and Funds(Y/N);Back to Back
           b) Securities lending and borrowing                              settlment(Y/N);in case of failure of Securities &                                                                       What percentage of trades ( by number and value) fails to
           c) Cash credit                                             Y/N &
  M                                                                         Funds (M) (1)cancellation of transfer instructions                                                               3-3    settle on the contractual date? What is the average
           d) Netting                                                   M
                                                                            (2)carry over transferinstructions to the next                                                                          duration of fails? What are the primary sources of fails?
           e) Back-to-back operations management facilities                 business day (3)other
           f) Large transactions split into several smaller ones
           g) Others (like incentives or penalties) please describe


          For each of the facilities in use please describe:
           a) How does it work
           b) Is the facility automated
           c) How long may it last                                                                                                                                                                  Does the system operator have in place procedures to
           d) Is use of the facility compulsory                              securities lending (Y/N) ; collateral management                                                                       benchmark its costs and charges against operator have in
  M                                                                    Y/N                                                                                                                   15-2
           e) Who provides the facility                                      (Y/N);introduction of CCP (Y/N)                                                                                        place procedures to periodically review its pricing levels
           f) Who is bearing the risks involved                                                                                                                                                     against its costs of operation?
           g) Does it include collateralisation
           h) How is the process of returning the assets to the
          provider/owner


          What procedures are applied when debit positions
          cannot be rectified?                                                                                                                                                                    Does the system give participants the mechanisms and
           a) Application of loss-sharing provisions                                                                                                                                                                                                                      Does the depository have loss sharing provisions in
  M                                                                                                                                                                                          15-3 management information to enable them to manage their             8-6
           b) Absorption of the loss by the depository                                                                                                                                                                                                                    its rules, and how would these be applied?
                                                                                                                                                                                                  liquidity effectively?
           c) Other. Please specify

          Are these situations covered explicitly by the rules and                                                                                                                                Does the system operator have in place procedures to
 Y/N                                                                                                                                                                                         15-4 determine whether participants are satisfied with the
          procedures of the depository?
                                                                                                                                                                                                  service levels they receive?
          Which securities at the depository are eligible for                                                                                                                                     Does the system operator have in place procedures to
          lending?                                                                                                                                                                                review system and technical interface issues with users
  F                                                                                                                                                                                          15-5
          Can participants make securities available for lending or                                                                                                                               and assess the costs to users of different system
          is it mandatory?                                                                                                                                                                        configurations?
          Are the lent securities identified with specific
          participants as lenders or with a common pool of                                                                                                                                          Do market practices, regulations or SSS rules provide
  F       securities?                                                                                                                                                                        3-4    incentives for counterparties to settle their obligations on
          Does the depository or the participant whose securities                                                                                                                                   the contractual date? What forms do these?
          are lent become a principal to the transaction?
       8. Default procedures
          Please describe the circumstances that give rise to the
          application of default procedures (e.g. failure of a
          participant to meet a test of its solvency under the
  F
          applicable laws of its jurisdiction, failure to make
          payments or deliveries of securities thin the time
          specified etc.)
                                                                                                                                 100   If a participant defaults, how is the loss covered?
                                                                                                                                                                                                    What steps, if any, are taken to mitigate the risks of fails?
                                                                                                                                                                                                    Are fails required to be marked to market? Are open
          Please describe the default procedures in place?                                                                                                                                          positions required to be closed out at market prices if the
  F                                                                                                                                                                                          3-5
                                                                                                                                                                                                    duration of the fails exceeds a specified number of
                                                                                                                                                                                                    business days? What entity or entities establish, monitor
                                                                                                                                                                                                    and enforce these requirements?

          How and at what point are participants notified that a
  F                                                                          Settlement Execution Report
          default has occurred?
F: Fill-able Question    M: Multiple-choice Question       Y/N: Yes/No Question
                              ECSDA                                                                ACG                                                           AGC                                                      CPSS-IOSCO                                 ISSA
                                  Item
                                                                               in case of failure/cancellation of transfer
  F       Which actions are taken?                                             instructions/carry over transfer instructions to the
                                                                               next business day
                                                                                                                                                                                                        Is the SSS a deferred net settlement system? If so, what
                                                                                                                                                                                                        would be the consequences of a failure of a participant to
          Would the Depository be expected to keep on meeting
                                                                                                                                                                                                        settle? Would it result in the deletion of transfers
          all its obligations to participants in case of default event
                                                                                                                                                                                                        involving the defaulting participant and recalculation of
          has occurred. What resources are in place to ensure                                                                         100   If a participant defaults, how is the loss covered?   9-1
                                                                                                                                                                                                        obligations of non-defaulting participants? Would non-
          this would occur.
                                                                               Collateral Management(Y/N) Securities Lending                                                                            defaulting participants be informed of their recalculated
  M        a) Collateral                                                 Y/N
                                                                               (Y/N);Introduction of CCP (Y/N)                                                                                          obligations? When would they be required to meet the
           b) Guaranty funds
                                                                                                                                                                                                        recalculated obligations?
           c) Insurance
           d) Loss-sharing agreement
           e) Other, please specify


          If a guaranty fund is in place, how is it financed and who                                                                        Does CSD have a guaranty fund? What amount of
  F
          is covered by it?                                                                                                           102
                                                                                                                                            funds?

          Please describe the order in which these resources
  F       would be used as well as the notifications to                                                                               103
          participants.                                                                                                                                                                                 Regardless of whether the SSS is a deferred net
                                                                                                                                                                                                        settlement system, does the CSD assume credit and
          Has a participant of the depository ever been declared                                                                                                                                  9-5   liquidity exposures to participants? How does thee CSD
  F       in default or become insolvent and if loss-sharing                                                                          100   If a participant defaults, how is the loss covered?         manage those exposures? Are the exposures fully
          procedures have been invoked?                                                                                                                                                                 collateralized?


          Describe whether any of these defaults or insolvencies
  F       resulted in losses to the Depository or its participants
          and how they were absorbed.
ECSDA Disclosure Framework(7)
VII - LINKS WITH OTHER CSDS AND ENTITIES
This section analyses links with other securities depositories and settlement systems

F: Fill-able Question    M: Multiple-choice Question      Y/N: Yes/No Question
                            ECSDA                                                       ACG                               ACG                                                              CPSS-IOSCO                                         ISSA
Form                              Item                            Form                    Item   No                           Item                               No                                 Item                                 No      Item
        1 Links

          Does the Depository maintain relationships with
          other depositories? If yes, please indicate for each
                                                                                                 54
          Depository:
  M                                                                                              〜    Electronic processing linkages with foreign depositories
           a) Name and location of the linked entity
                                                                                                 59
           b) What kind of relationship exists between the
          depositories and what services are provided?

          In case of operational links with other depositories,                                                                                                        Is the CSD linked to other CSDs? Do any of the links permit
          please indicate for each link:                                                                                                                         7-3   transfers of securities against payments? If so, how is DVP
           a) Type of the link (bi-directional, unidirectional)                                                                                                        achieved?
           b) Type of securities eligible for the link
           c) kind of operations that are allowed through the
  M
          link (free of payment, against payment, custody
          services, other). Please describe how theoperations
          are performed, their timing and working hours.
           d) What communication protocols are used in the
          link

                                                                                                                                                                       Is the CSD linked to other CSDs? Does the CSD receive
          Are there strategic plans to set up new links in the
                                                                                                                                                                       provisional transfers of securities until they become final? If
 Y/N      future? If yes, then for planned link provide the                                                                                                      8-4
                                                                                                                                                                       not, what would be the consequences of an unwind of such
          information listed in question 2.
                                                                                                                                                                       provisional transfers for the CSD's participants?

          Describe the procedures and standards used to
          implement links with other entities such as due
                                                                                                      What governs the relationship in cross-system
  F       diligences, contracts, supervision, and risk                                           60
                                                                                                      settlements?
          management procedures including any financial or
          operational requirements.
                                                                                                                                                                      1. Does the securities settlement system use international
                                                                                                                                                                      communication procedures or standards or is it able to
 Y/N      Do all participants have equal access to the links?                                                                                                    16-1 easily convert domestic procedures and standards into the
                                                                                                                                                                      relevant international communication procedures and
                                                                                                                                                                      standards for cross-border securities transactions?

          Describe the existing measures for protection
  F       against failure of the linked entity or any other
          involved party.

  F       Who bears the custody risk in the link?

          Does the Depository advance funds or securities to
          or on behalf of intermediaries such as issuing or
  F       paying agents?
          Identify the circumstances in which such exposure
          could arise.
Other Questionnaire Items

This section shows other questionnaire items which do not match with any of ECSDA questionnaire.

F: Fill-able Question   M: Multiple-choice Question     Y/N: Yes/No Question
                                         ACG                                                                                  AGC                                                                                                CPSS-IOSCO                                                                                                         ISSA
Form                                         Item                                      No                                         Item                                          No                                                        Item                                                        No                                                   Item
                                                                                                                                                                                       What are the primary reasons for trades between direct market participants and between direct and
                                                                                                                                                                                                                                                                                                            Is there cross subsidisation of products (e.g. international services subsidised by local ones
  F    CEO or Equivalent Officer                                                        1   SEC rule 17f-4 eligibility                                                          2-5    indirect market participants not confirming successfully? What percentage of unconfirmed trade is              1-3
                                                                                                                                                                                                                                                                                                            or transaction costs subsidised by asset servicing charges)?
                                                                                                                                                                                       resolved prior to the settlement date? How are unconfirmed trades dealt with?

                                                                                                                                                                                       Settlement is on an account period basis or on a rolling basis at T+3 or longer, have the benefits and
                                                                                                                                                                                                                                                                                                            How often, over the last twelve months, has the depository been required tochange its
  F    Board Members Internal / External                                               27   Safekeeping condition of Foreign investors are adapted with Rule 17f-7              3-2    costs of a shorter settlement cycle been assessed? By Whom? Has the evaluation been documented?                2-1
                                                                                                                                                                                                                                                                                                            published settlement timetable?
                                                                                                                                                                                       What was the conclusion?

                                                                                                                                                                                       Is the issuance of securities centralized in a single CSD? If there are several CSD's, what are the
                                                                                                                                                                                                                                                                                                            How often, over the last twelve months, has the depository been required to extend the time
 Y/N Monitoring of inappropriate activity(money laundering, insider trading etc.       34   Government Securities Safekeeping                                                   6-3    criteria followed to determine which securities are issued in which CSD? Might a security be issued into,      2-1
                                                                                                                                                                                                                                                                                                            of opening for settlement input by users?
                                                                                                                                                                                       or held in, more than one CSD?

                                                                                                                                                                                       Is the SSS a deferred net settlement system? If so, what would be the consequences of a failure of a
                                                                                                                                                                                       participant to settle? Would it result in the deletion of transfers involving the defaulting participant and         How often, over the last twelve months, has the depository been required to delay start of
 Y/N Foreign Ownership Limit(FOL)                                                      36   Equities Safekeeping                                                                9-1                                                                                                                   2-1
                                                                                                                                                                                       recalculation of obligations of non-defaulting participants? Would non-defaulting participants be informed           day processing?
                                                                                                                                                                                       of their recalculated obligations? When would they be required to meet the recalculated obligations?

                                                                                                                                                                                     If multiple settlement banks can be used in principle, how many are used in practice? Who determined
                                                                                                                                                                                     which bank can be used as settlement banks? What are the criteria? How concentrated are payment
                                                                                                                                                                                                                                                                                                            Does the depository allow interactive communication (on line real time) with its users,
 Y/N Can participants withdraw certificates ?                                          38   Corporate Bonds Safekeeping                                                         10-3 flows? Which bank is used by the highest percentage of CSD members? On an average day, what                      2-3
                                                                                                                                                                                                                                                                                                            enabling settlement input and amendment?
                                                                                                                                                                                     percentage of total payments is credited to accounts at that bank? What is the financial condition of
                                                                                                                                                                                     that bank?

                                                                                                                                                                                       How many times during the last year has a key system failed? How long did it take to resume
 Y/N Securities Listed/Unlisted                                                        40   Corporate Money Merket Instruments Safekeeping                                      11-4                                                                                                                  3-2   Are the major participants in the market linked electronically?
                                                                                                                                                                                       processing? How much transaction data, if any , was lost?

                                                                                                                                                                                       Does the system operator have capacity plans for key systems and are key systems stress tested                       Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards)
  M    Settlement Term T+0, T+1, etc                                                   42   Other Eligible Securitites Safekeeping                                              11-5                                                                                                                  3-3
                                                                                                                                                                                       periodically?                                                                                                        ISO standards for securities messaging?

                                                                                                                                                                                       What responsibilities does national law or regulation place on a custodian to determine the adequacy of
                                                                                                                                                                                       the accounting and safekeeping practices used by its sub custodians? What responsibilities does                      Does the market operate standard identification codes for counterparties or client accounts
  M    Settlement instructions/ SWIFT, online, Internet, Fax, other                    44   Participants Lass caused by CSD operation in three years                            12-4                                                                                                                  3-4
                                                                                                                                                                                       national law or regulation place on a CSD to determine the adequacy of the accounting and safekeeping                and, if so, how do (or could) these fit into a single global identification methodology?
                                                                                                                                                                                       practices used by CSDs or ICSDs to which it is linked?

                                                                                                                                                                                       Are participants which do not satisfy access the system indirectly? What information does the operator               Does the settlement system mark fail trades to market and collect margin from the failing
 Y/N Setting of Credit Facility                                                        45   Other Services                                                                      14-2                                                                                                                  4-2
                                                                                                                                                                                       receive regarding their activities and the risk controls applied to them?                                            counterparty to protect the innocent counterpart's interest?


                                                                                                                                                                                     Does the system have sufficient capacity to meet normal operating demands and anticipated peak
  M    Settlement Execution Report                                                     46   Who process cash settlement                                                         15-1 volumes without maintaining unnecessary levels of excess capacity? Does the system operator have in              4-4   Are the stock transfer agents (share registrars) linked electronically to the depository?
                                                                                                                                                                                     place procedures to periodically review its capacity levels against projected demand?

                                                                                                                                                                                       How is this information made available? In what language or languages? In what form? Has the system                  Is there a legal maximum time period to complete ownership transfers in the books of the
  F    Maximum of accounts per participant                                             47   Who controls the movement of cash for cash deposits                                 17-2                                                                                                                  4-5
                                                                                                                                                                                       completed the questionnaire set out in the CPSS/IOSCO disclosure framework?                                          issuer? If so, does market practice adhere to the deadline?

                                                                                                                                                                                                                                                                                                            Are investors entitled to all benefits arising on a security from the point of purchase; and how
 Y/N STP                                                                               48   Who controls the movement of cash for cash clearing                                 17-3 When were these disclosures last reviewed to ensure they remain current?                                         4-6
                                                                                                                                                                                                                                                                                                            are any rules enforced?

                                                                                                                                                                                       Are the objectives an responsibilities of the securities regulator, central bank and, where relevant,                Are there binding rules in the market stating the minimum and maximum lapsed time between
                                                                                                                                                                                       banking supervisor clearly defined with respect to securities settlement systems? Are their roles and                the announcement and completion of key events, including registration, the calling of
 Y/N Abitrage(Back to Back)Settlement                                                  49   CSD provided services                                                               18-1                                                                                                                  4-8
                                                                                                                                                                                       major policies disclosed publicly? Are they written in plain language so that they can be fully understood           shareholder meetings, the payment of dividends or interest, rights issues, tender offers and
                                                                                                                                                                                       by designers, operators and participants of securities settlement systems, and other relevant parties.               other voluntary corporate actions?


                                                                                                                                                                                     What is the regulatory and oversight framework based on? Is it a statute-based approach where specific
                                                                                                                                                                                     tasks, responsibilities and powers are assigned to specific public authorities? Or a non-statue-based
                                                                                                                                                                                                                                                                                                            Does the market have a rolling settlement cycle of T+3 or shorter for all exchange traded
  M    Type of Depository / Nominee / Register                                         60   What governs the relationship in cross-system settlements?                          18-2 approach? If the latter, is it worth considering establishing a new regulatory and oversight framework           5-2
                                                                                                                                                                                                                                                                                                            instruments?
                                                                                                                                                                                     base on statute? Do the securities regulator and the central bank have experienced staff, proper
                                                                                                                                                                                     resources and funding to carry out regulatory and oversight functions effectively?

                                                                                                                                                                                                                                                                                                            Could the market reduce the current settlement period to T+2 or below, without increasing
                                                                                       61   Does the linkages have any firewalls or anti-interruptions?                                                                                                                                               5-3   fails rates? If so, how would this be achieved, and what plans are there to shorten the
                                                                                                                                                                                                                                                                                                            existing settlement cycle?

                                                                                       62   Does the linkage system have recovery plan?                                                                                                                                                               5-7   Can the depository accommodate same day turnarounds?

                                                                                                                                                                                                                                                                                                            Is the depository linked electronically and in real time with other segments of the core
                                                                                       70   DVP model                                                                                                                                                                                                 6-1   market infrastructure (e.g. trading platforms, netting systems, matching platforms, payment
                                                                                                                                                                                                                                                                                                            systems)?

                                                                                                                                                                                                                                                                                                            Does (do) the securities system(s) allow other domestic or foreign systems to establish direct
                                                                                       76   Does the law protect participant assets from claims and liabilities of CSD?                                                                                                                               6-4
                                                                                                                                                                                                                                                                                                            links on an equal basis to local members?


                                                                                                                                                                                                                                                                                                            Do domestic regulators monitor the procedures in place at their locally based cross-border
                                                                                       77   Can CSD assess a lien on participants accounts?                                                                                                                                                           7-1   custodians to assure compliance with the laws and regulations of the home countries of their
                                                                                                                                                                                                                                                                                                            investments?


                                                                                       78   Transfer of Legal Ownership                                                                                                                                                                               7-3   Can sales proceeds and income be repatriated without any restrictions?

                                                                                                                                                                                                                                                                                                            Does local law recognise the existence of beneficial owners who may differ from the legal
                                                                                       84   Are eligible securities held through CSD afforded the same or grater efficencies?                                                                                                                         8-3
                                                                                                                                                                                                                                                                                                            owner of a security?
       ACG                                                   AGC                                                          CPSS-IOSCO        ISSA
Form     Item   No                                                Item                                               No         Item   No          Item

                87    How long does it take to remove securities from CSD?


                89    Where are removed securities safekeeping?


                90    Does CSD accept reconcilliation errors/ theft of securities/ failure CSD system etc.


                91    Does CSD make written contacts, rules, or procedures agaist risk of loss of participants?


                92    Is CSD immune form legal action in its own jurisdiction?


                93    How do participants receive information and see the status of their accounts?


                94    Do participants have access to affect their holdings, including confirming and affirming


                95    Regarding data security, password, user ID


                96    Does CSD communicate with other market entities?


                97    How does CSD communicate with other market entities?


                98    How is access to physical building controlled?


                99    What are vault security procedures for safekeeping of physical securities?


                101   During past three years, are there any participants default?


                106   How quickly can the main system be reactivated?


                107   How quickly can back up system be activated?


                108   Will the depository public announce any system interruption?


                109   In the past three years, has it been necessary to activate the recovery plan?


                110   Has there been any material loss during past three years?


                111 Has there been subject to any litigation involving a participant during past three years?


                112   Has CSD realized revenues sufficient to cover expense during three years?


                113   Does CSD maintain a reserve for operating losses?


                114 Has the regulatory body with oversight responsibility for the depository issued public notice?


                122   Who is the insurance carrier?


                123   Any additional comments


                124   Public availablitiy of AGC questionnaire

				
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