In accordance with the provisions in Article 28 of Regulation (EU) 909/2014, Iberclear has a User´s Committee for the ARCO Settlement System. This Committee’s composition, representatives, functions and Chair’s responsabilities, as well as the rules governing its meetings, are foreseen in Circular 1/2019, of January 29.
The Functions of the Users' Committee is to advise the IBERCLEAR Board of Directors on fundamental provisions affecting the various categories of users accessing the ARCO System. Also, when the Users' Committee may consider it necessary, it will issue non-binding opinions on the price structure, and will also review, prior to their approval, the Information System operating rules and any amendments thereto.
The Users' Committee is composed of fifteen (15) members issuers and participants representatives in the ARCO System, who shall serve on a 3-year term, and may be re-elected with no restrictions.
The Chairman of the Users' Committee is nominated from among its members by the IBERCLEAR Board of Directors. The proposal must be accepted by a majority of the rest of the Users' Committee members. Currently the Chairman of the Users´Committee is Mr. Iñaki Varela Legarreta.
The Users' Committee shall meet every 6 months or more frequently if the Chairman considers it advisable, or at the behest of five of its members.