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X General Assembly Panama

X General Assembly Panama. February 20-22, 2008. Reports from Committees and Working Groups. Achievements of 2007 Vision and Projects for 2008 Legal Committee Communications Committee Corporate Actions Working Group ACSDA Leadership Forum Committee (ALF) Risk and Auditing Working Group

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X General Assembly Panama

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  1. X General Assembly Panama February 20-22, 2008

  2. Reports from Committees and Working Groups • Achievements of 2007 • Vision and Projects for 2008 • Legal Committee • Communications Committee • Corporate Actions Working Group • ACSDA Leadership Forum Committee (ALF) • Risk and Auditing Working Group • CSD Links Working Group

  3. Legal Committee Report

  4. Achievements 2007 Update on the Unidroit Initiative: • The Legal Committee, taking advantage of some of their members who have participated actively in this subject, committed itself to inform the Association about new features and advances regarding Unidroit during 2007. • In the ACSDA website, there is a link for: Publications of the Legal Committee, in which there are documents that explain the main aspects and matters that arose as a result of the 4th session of the Governmental Committee of Experts in Rome, during May 2007. Working Group on Securities Clearing and Settlement: Should the Rules of Central Securities Depositories be Given Recognition by the Convention? • In the Legal Committee section of the ACSDA website there is a link to a document that discusses the inclusion of the rules relative to CSDs in the Convention.

  5. Achievements 2007 To prepare a "paper" that describes the Direct and Indirect Systems of Securities Possession • The Legal Committee decided to supply the members of ACSDA with access to official information provided by Unidroit. The committee has prepared a brief informatory document that introduces the subject, and route to access to the Unidroit website. Comparison of ACSDA Members Legislation • The Legal Committee incorporated the responses of Indeval (Mexico) and CDS (Canada). As a result, the document was updated and available to all on the ACSDA Website, under the title Survey and Comparative Study of the Legislation and Norms of Members’ Countries of ACSDA. • The Legal Committee prepared a document that simplifies the matrix’s information for easy consultation of ACSDA Members.

  6. Achievements 2007 • The Hague Convention Recommendation Letter • March–May 2007: Wrote and distributed a letter of recommendation that ACSDA members and their respective countries analyze the report by The Hague Convention regarding the Law Applicable to Certain Rights with respect to Securities held with an Intermediary • World Bank Seminar in Salvador Bahía, Brazil • November 2007: Nora Rachman (CBLC-Brazil), represented ACSDA and its Legal Committee by giving a lecture entitled: Cross-Collateralization: Advances in the Context of the Hague and Unidroit Conventions

  7. Vision and Projects for 2008 • Create a "paper" on the Importance of Integration of Securities Clearing and Settlement Processes in America led by Deceval (Colombia). The work done for the Comparative Study of Legal Systems will be used as source for this document • Create a new document on "Principles of Corporate Governance for Depositaries," led by Cavali (Peru) • Continue to update ACSDA Members about the Unidroit initiative • Continue to update the Legal Comparative Matrix

  8. Communication Committee Report

  9. Achievements 2007 • Drafted a communication strategy for ACSDA which was approved by the executive committee in November 2006 • The communication committee produced the first ACSDA newsletter as well as various subsequent editions including a special edition for the SIBOS meeting and World Bank meeting. • Reviewed the content of the ACSDA website and provided inputs and suggestions • Assisted with the promotion of the Association’s General Assembly and other activities • Created a PowerPoint template for all ACSDA presentations

  10. Vision and Projects for 2008 • Continue to promote ACSDA within the region and internationally increasing communication between ACSDA and its member countries • Attend The Central Securities Depositories meeting in Tokyo (Japan) delivering the 2007-2009 ACSDA Members Profile • Produce quarterly newsletters for the Association • Promote the General Assembly and Seminar to members and the relevant international community • Continue to provide input on the ACSDA website • Support ACSDA with an efficient communication regarding its activities during 2008

  11. ACSDA Slide Template For 2008

  12. Feedback from 2007 • During 2007 the ACSDA Communication Sub Committee achieved the following: • Drafted a communication strategy for ACSDA which was approved by the executive committee in November 2006 • The communication committee produced the first ACSDA newsletter as well as various subsequent editions including a special edition for the SIBOS meeting and World Bank meeting. • Reviewed the content of the ACSDA website and provided inputs and suggestions • Assisted with the promotion the Association’s General Assembly and other activities • Devised a PowerPoint template for all ACSDA presentations

  13. Vision and Plans for 2008 • During 2008, the Communication Sub Committee aims to achieve the following: • Continue to promote ACSDA within the region and internationally including increasing communication between ACSDA and its member countries • Assist with the production of the 2007-2009 ACSDA Profile for the Associations of Central Securities Depositories meeting in Tokyo (Japan) • Produce quarterly newsletters for the Association • Promote the General Assembly and Seminar to members and the relevant international community • Continue to provide input on the ACSDA website • Support ACSDA regarding all communication regarding its activities during 2008

  14. Corporate Action Working Group Report

  15. Achievements 2007 • With the support of regional leaders, Julio Obregon – Indeval, Felipe Paiva – CBLC and David Hands – DTCC, the group attended the The Global Securities Market Practice Group (GSMPG) in Boston • At the 9th ACSDA General Assembly, the group presented the advances made regarding their regional corporate action matrix • Completed the initial questionnaire by comparing primary questions to create a baseline from which the group is able to determine its next activities • Sponsored the coffee break at the GSMPG session in Boston to raise awareness of ACSDA • Both INDEVAL and DTCC are in the process of developing and implementing Corporate Action systems using the experience acquired by the work conducted by this group.

  16. Vision and Projects for 2008 • Create a working group page on the ACSDA website and publish the questionnaire (this would require some financing). • Continue to participate in GSMPG (Paris and Vienna). • Provide input to the next generation of ISO messages - ISO20022. • Create a 'Corporate Actions Best Practice Guide' for ACSDA members. • Create National Market Practice Groups in markets where this kind of a group does not exist.

  17. “ALF” ACSDA Leadership Forum Committee Report

  18. Achievements 2007 Leadership Forum (ALF) - October 8 - 10, 2007, at DTCC, New York Presentations by DTCC and ACSDA Members: • Clearing & Settlement • Depository Services • Risk Management • Quality and Customer Satisfaction • Cross-Border SettlementPanel DTCC also presented: • Other Business: Deriv/SERV, Mutual Funds, Insurance Services and Global Corporate Actions • US Corporate & Regulatory Compliance Visits: NYSE and NY Fed

  19. Achievements 2007 Who Attended ALF? • Approximately 50 high-potential leaders from ACSDA • Representatives of other regional CSD groups: • AMEDA: Kuwait Clearing Company (KCC) and Central Depository Company of Pakistan (CDCP) • ACG: Japan Securities Clearing Corporation (JSCC), Taiwan Depository & Clearing Corporation (TDCC) and Australian Stock Exchange • ECSDA: Euroclear and Clearstream

  20. Achievements 2007 Who Attended ALF?

  21. Achievements 2007 Feedback Results • Objectives: network, share information, encourage dialogue. • Translation, handouts, logistics and hospitality • Time dedicated to each topic was sufficient • Would recommend ALF for 2009 to co-workers Recommendations: • Comprehensive topics vs. single topic • Electronic handouts vs. printed • More time (4 or 5 days) • Breakout sessions, encourage more discussion with attendees

  22. Vision and Projects for 2008 Beyond ALF… • Name: ACSDA Leadership and Development Committee Mission: • * Promote knowledge and information sharing • * Increase knowledge compatibility among Member markets • * Develop global-focused leaders within CSD Members • * Facilitate networking, long-term relationships among those with similar positions across Members • * Search wider Member participation within ACSDA and its committees

  23. Vision and Projects for 2008 Beyond ALF… Proposed Activities for 2008: • ACSDA Seminar Program – Support the ACSDA’s 2008 8th Seminar – Small meeting as part of the seminar • Identify services provided and topics of interest for each Member • Promote ALF “graduates” to participate in ACSDA Committees • Planning for the next ALF 2009

  24. Risk and Auditing Working Group

  25. Achievements 2007 • Experience of ACSDA members in regards to the recommendations of CPSS-IOSCO for the Securities Settlement Systems , and the compliance degree. Risk and Audit Focus. • Review of Relevant Risk Management, Auditing and Operating Practices and internal policies. • Summary about the Operational Risk activities for each member’s CSD • Creation of a repository with all relevant technical information regarding risk management in Central Securities Depositories • Creation and centralization of the main operative-statistical information regarding each member CSD.

  26. Vision and Projects for 2008 • Main trends in the Securities Settlement Systems in regards the international recommendations and local dispositions for risk management • Members’ experience regarding their IT infrastructure evolution • New business lines and their effects in risk management • Enlargement of the information base in the repository containing the relevant technical documents regarding risk management and audit in CSD’s • Enlargement of the information base in the repository containing the relevant statistics both for the operation data and for the risk levels in CSDs

  27. CDS Links Working Group

  28. Achievements 2007 • The project of integration between the Brazilian and Mexican Stock Exchanges and their correspondent CSD’s (CBLC, Indeval) is in standby due to the current IPO process (Bovespa concluded, BMV due to April 2008) • The agreement between both is to continue with the integration process immediately after the Mexican Stock Exchange IPO issuance • The integration process between Colombia (Bolsa de Bogotá and DECEVAL), México and Brazil is also in standby and ready for the further development • During the FIAB meeting in Caracas City on September, 2007 the Federation decided to wait until the results of the pilot project between Mexico and Brazil • The draft flyer of cross-border links developed by the working committee has already been finished by CBLC, DECEVAL, DCV and INDEVAL.

  29. Projects and vision for 2008 • Upload the template for cross-border links to the ACSDA website • Request and support the other working committee members (CAVALI, LATINCLEAR y CAJA DE VALORES) to complete the template and also to assist other members • Development of a overview matrix of the different legal, operative, tax and fee practices in order to harmonize the cross-border links. • In the moment of the process reactivation for the pilot projects, the working committee will inform all the ACSDA members the achievements

  30. Thank you very much!

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