CENTRAL SECURITIES DEPOSITORY

home       site map       македонски
   

INTERNATIONAL STANDARDS

The international standards are the main guidelines for the setting-up of the CSD as most of the legislation was already amended according to the appropriate EU directives and G30 recommendations.

The Macedonian Parliament has already adopted the Law on Protection of Personal Data, in which the recommendations of EU directive (95/46/EC) on how to process and handle personal data in computer registers are included. Among them the following is included in the law:

  • The personal data shall be collected for “specified, explicit and legitimate purposes”. The data shall not be further processed if such processing is not compatible with those purposes, except for historical, statistical or scientific purposes.

  • The personal data shall be “adequate, relevant and not excessive in relation to the purposes for which they are collected”.

  • The personal data shall be “accurate” and, if necessary, kept up to date. Every reasonable step shall be taken to avoid inaccurate or incomplete data.

The personal data shall be kept “in a form which permits identification of data subjects for time longer than necessary” for the purposes for which the data was collected or further processed.

The most important recommendations are the ones of the G30/ISSA, which also was included in the adopted Securities Law. Among them the following recommendations are included in the law:

  • Each market is encouraged to reduce settlement risk by introducing real time gross settlement

  • Delivery versus Payment (DvP) should be employed as the method of settling all securities transactions.  DvP is defined as follows:

Simultaneous, final, irrevocable and immediately available exchange of securities and cash on a continuous basis throughout the day.

  • Payments associated with the settlement of securities transactions and the servicing of securities portfolios should be made consistent across all instruments and markets by adopting the "same day" funds convention.

  • All markets should adopt a rolling settlement system. Final settlement for all trades should occur no later than T+3.

  • Countries should adopt the ISIN numbering system for securities issues as defined by ISO in the ISO Standard 6166.

Copyright © 2004 CSD