A CSD is required to establish a User Committee for the security settlement system it operates. CSDR requires representatives of issuers and customers to advise the User Committee independently from any direct influence by the management of the CSD. The User Committee will submit non-binding opinions to the management body and shall advise the Executive Board on key arrangements that may affect its members, including the criteria for accepting issuers or customers in their respective securities settlement systems and on service level and /or the pricing structure.
- Participant and Issuer: Landesbank Baden-Württemberg
- Participant: Bank of New York Mellon
- Issuer Agent and Participant: HSBC Trinkaus & Burkhardt AG
- Issuer and Participant: Commerzbank AG
- Issuer and Participant: Deutsche Bank AG
- Issuer Agent: Citigroup Global Markets Deutschland AG & Co. KgaA
- Participant: State Street Bank GmbH
- Issuer Agent: Caceis Bank Deutschland GmbH
- Participant: Deutsche WertpapierService Bank AG
- Participant and Issuer Agent: BNP Paribas
- Issuer: DZ Bank AG:
- Participant: Morgan Stanley Bank AG
Tasks and Responsibilities
- The Committee shall be established and maintained pursuant to Art. 28 Regulation (EU) 909/2014 (CSDR) in order to advise the executive board of the company (“Executive Board”) with respect to
(a) CSDR Matters (as defined in Article 2 (1) below where?); and
(b) Consultation Matters (as defined in Article 2 (2) below where?);
to the extent, this would not constitute a breach of law, a breach of an order of a court of competent jurisdiction or applicable governmental, quasi-governmental, or regulatory body.
- Without prejudice to Article 2 (1) and (2), the User Committee will advise the Executive Board on CSDR Matters (as defined in Article 2 (1)) and Consultation Matters (as defined in Article 2 (2)).
- The Committee shall advise the Executive Board on key arrangements that impact on its member, including the criteria for accepting issuers or participants in the securities settlement system “CASCADE” and on service level,
- The Committee may submit non-binding opinions to the Executive Board, containing detailed reasons regarding the pricing structures of “CASCADE” of the Company.
- The Executive Board may seek advice and recommendation from the Committee with respect to all matters which, in view of the Executive Board, are of relevance for the business of the Company and its relationship with customers (“Consultation Matters”), in particular
(a) business and marketing strategy,
(b) development of new products
(c) general market trends and requirements.
- The criteria that are relevant for the admissibility of a Selected Member are the following:
(a) Must be a client (account holder)
(b) Must have a contractual relationship with the Company
(c) Representatives of the largest transaction volumes and the highest percentages of market shares in assets under custody
(d) Representatives of the largest transaction volumes and the highest percentages of market shares in settlement
(e) Representatives of issuer and/or issuer agents of the largest issuing volumes of bonds
(f) Representatives of issuer and/or issuer agents of the largest issuing volumes of certificates and warrants
(g) Representatives of German banks and foreign investment banks