Below are the main Iberclear projects, whose functional documentation is available to participant entities in the private area of the Iberclear website, in the "Projects and Initiatives" section.
Law 6/2023, of March 17th, on Securities Markets and investment services, entered into force on April 7th, 2023 and establishes a period of two years for the central securities depositories, the market infrastructures and participating entities to adapt to the elimination of the obligation of the Central Securities Depository to have an information system for the supervision of trading, clearing, settlement and registration of securities. This information system, known as (PTI, ), was established in accordance with the legal and regulatory provisions introduced in 2015.
The technical and procedural adaptations to the proposed regulatory changes have been addressed with the aim of achieving full harmonization of settlement processes with European standards, maintaining the two-tier register system and the daily reporting of shareholders to nominative and assimilated issuers.
The launch of the new collateral management platform for Eurosystem credit transactions (Eurosystem Collateral Management System, or ECMS), which is foreseen in April 2024, all the collateral management actors will adapt their systems.
In parallel to the actual implementation of the ECMS platform, the collateral management related standards and market practices will be harmonized as well, according to the recommendations identified in the Collateral Management Harmonization (CMH) task force, and enclosed in the Single Collateral Management Rulebook for Europe (SCoRE).
The BME group will facilitate the SWIFT communications with the ECMS platform, both in ISO15022 and ISO20022 standards, offering a “Technical Sender and Converter” service.
Ministerial Order HFP/308/2023 of 28 March 2023 approves the new Financial Transaction Tax (FTT) model, which includes the regional tax authorities of the Basque Country and Navarre.
From September 2023, Iberclear will adapt its processes to distribute this tax directly to each of the tax authorities included in this model, minimising the impact of this regulatory change on the participant entities.
In June 2022, BME, through Iberclear, together with its technology partner IoBuilders and with the participation of BBVA and IDB (Inter-American Development Bank), completed the first issue in Spain of a bond listed on a regulated market and registered in blockchain technology, the BME Digital Bond. This pioneering project consisted of the development of a blockchain platform that enabled the registration, secondary trading and lifecycle management of a bond issued in a regulated market. Smart contracts were used to execute the distribution, buy and sell, settlement and corporate events processes, using electronic money tokenised by BBVA to manage cash throughout the life of the issue. The BME Digital Bond demonstrated the benefits that blockchain offers to the financial sector, such as efficiency, transparency and security.
The following document reflects the project and the legal considerations that were taken into account in order to frame it within the current regulatory framework.
The following document contains the responses provided by IBERCLEAR on October 2022 to the Association of Global Custodians questionnaire:
In July 2001 Rule 17f-7 entered into effect in the United States and was adopted by the SEC (Securities Exchange Commission), whereby it requires that Global Custodians provide fund managers with an assessment of the risks associated to the ownership of securities in each one of the foreign depositories. As a result of this new ruling, the Association of Global Custodians (AGC), which includes nine of the main Global Custodians in the United States that offer cross-border custody services, prepared a questionnaire on each one of the points referred to in the aforementioned rule.
The following document contains the answers provided by IBERCLEAR to the Disclosure Framework on June 2021:
In April 2012, the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) released the report Principles for financial markets infrastructures, which establishes new international standards for financial markets infrastructures, including central securities depositories and securities settlement systems.
In December 2012, CPSS-IOSCO published the report Principles for financial markets infrastructures: the Disclosure Framework and the Assessment methodology, with the aim to promote the observance of the principles and responsibilities set forth in the report Principles for financial markets infrastructures.
The following document contains the responses provided by IBERCLEAR on December 2020 to the FSB questionnaire:
On 14 August 2020 The Financial Stability Board (FSB) published a common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete.