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GSS NEWSLETTER ISSUE 144 April 2013 2

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GSS NEWSLETTER ISSUE 144 April 2013 2 GSS NEWSLETTER ISSUE 144 April 2013 2 CONTENTS EDITORIAL 4 HR NEWS 5 JOHN’S CORNER 6 AUSTRIA 8 Amending DTT protocol between Austria and Cyprus 8 BELARUS 9 Depository service of state-owned enterprises to be monopolised 9 BOSNIA AND HERZEGOVINA 10 EBRD delegation visiting the Central Bank 10 BULGARIA 12 Fitch and S&P see fiscal stability continuing despite political tensions 12 CROatia 13 Croatian and Slovenian PMs sign memorandum of understanding 13 Croatia has met EU membership requirements 14 CZECH REPUBLIC 15 Ministry of Finance expects public finance deficit below 3% for this year 15 Prague Stock Exchange recalculates PX indices 15 HUNGARY 17 Hungary offers settlement government bonds for non-EU members 17 KAZakhstan 19 Volume of KASE trading decreased by 5.5% in January and February 19 KYRGYZstan 20 Business activity in Kyrgyzstan’s market 20 Issue 144, April 2013 3 Contents POLAND 21 Warsaw Stock Exchange consults market participants about trading hours 21 ROMANIA 22 NBR keeps monetary policy rate unchanged 22 Romanian Senate decides to establish FSA 22 RUSSIA 23 MinFin to amend non-government pension funds legislation 23 MinFin prepared draft legislation amendments on creation of Mega-regulator 24 Ministry of Economic Development updated privatisation plan 24 SERBIA 25 Serbia does not need money from IMF for budget or foreign currency reserves 25 SLOVAK REPUBLIC 26 Bratislava Stock Exchange trading results in February 2013 26 Annual Report of the Debt and Liquidity Management Agency for 2012 27 SLOVENIA 28 Slovenia passes labour market reform 28 New government in Slovenia 29 UKRAINE 30 Perspectiva Stock Exchange to launch T-bills trades against securities pledging 30 AZERBAIJAN 31 Recent securities market legislation update in Azerbaijan 31 YOUR COntacts 32 DISCLAIMER 35 IMPRINT 36 Issue 144, April 2013 4 EDITORIAL The accepted measures provide a solid ground for bank restructuring, structural reform, economic growth and market access. The new government is currently reviewing them and we all hope that their implementation will continue. Further privatisation is the most critical issue which lies ahead of Slovenia. Years of discussion over “national interest” shall be a matter of the past, as we rather want to push our economy and development forward. The most important progress on the market in 2012 was the introduction of the Matching and Settlement Standards Market Practice in Slovenia and the implementation of the SWIFT link between KDD and its members for settlement of OTC trades in November. I am proud about our role in this project. My colleague Jana Badovinac Žunek, Head of GSS Operations in Slovenia, was one of the most active members Vanda Mocˇ nik-Kohek of the working group that prepared the Standards. Head of GSS Slovenia The Bank of Slovenia and the Central Securities Clearing Corporation signed the T2S Framework Agreement on June 26, 2012. KDD is one of 24 CSDs which joined T2S. It is predicted that KDD will join T2S in the last wave in February Dear Clients, Partners and Friends, 2017. It is a pleasure to address to you this month’s issue of In autumn 2012 KYC requirements were changed as the List the GSS editorial – right after the Easter Holiday Season. of Countries by Geographical Risk Area and group guidelines Last year brought remarkable developments with numer- were amended by the Office for Money Laundering Preven- ous issues moving forward. Within one year the govern- tion. A number of countries which were entitled to a simplified ment changed twice, the SWIFT link between CSD and its account opening procedure were classified for a standard members was implemented, the T2S framework agree- or an enhanced procedure; the period for regular review of ment was signed and several measures to ensure the documentation was shortened and is now required also for sustainability of the state budget and to make the Slove- accounts with no activity. The result of the changes is the nian economy more competitive were presented by the review of documentation for almost all segregated accounts, ex-government. which has caused a lot of work for our clients. We are now collecting information on KYC requirements for segregated An austerity package and revised budget were accepted in accounts opened at CSD level in other EU countries to be May 2012 to reduce the budget deficit by EUR 800 million. able to lobby at the regulator. The tax rate on profit was reduced from 20% to 15%. The tax rate on interest, dividends and capital gains for individuals I would like to take this opportunity to thank all our clients was increased from 20% to 25%. The Act on Measures to for the favourable rates in the 2012 Global Custodian Agent Strengthen Stability in Banking established the “bad bank” Banks in Emerging Markets Survey. For the first time since BAMC - Bank Assets Management Company. The Act on the securities services have been offered to foreign clients in Slovenian State Holding has established a company that will Slovenia we were “top” rated. This achievement is the result be managing all state-owned assets, which are now owned of the dedicated work of my young team of eight skilled by several legal entities with different business goals. professionals. After years of discussion the Slovenian assembly has passed We all undertake to continue to improve the services we a pension system reform and a reform of the labour market. offer so that we stay the first and best provider in Slovenia. The first one tightens retirement conditions by raising the retirement age to 65 years or 40 years of pensionable service, Best regards, while the latter includes measures to increase the flexibility of the labour market by loosening employment and dismissal Vanda Mocˇ nik Kohek procedures and introducing measures to restrict fixed-term Head of GSS Slovenia employments. Issue 144, April 2013 5 HR NEWS It is our pleasure to announce the appointment of Jelena Bilušic´ to the position of Head of Relationship Management within GSS Croatia. Jelena replaces Snježana Bruncˇ ic´ who decided to pursue other business opportunities outside the banking industry. Jelena has 10 years of experience on the capital market out of which 8 years were in the GSS area. She joined the Zagrebacˇ ka banka GSS team in October 2006 coming from the Privredna banka Zagreb GSS team. At Zagrebacˇ ka banka Jelena was primarily responsible for NAV calculation and domestic client services. She gained significant experience in the securities services operational area and a year and a half ago was recognised as having great potential for the relationship area when she was transferred to the relationship management team. During this time she had the chance to gain experience in handling Jelena Bilušic´ international clients and client management in general. Head of Relationship Management We wish Jelena her every success in her new role. Valerija Bezak Head of GSS Croatia Enis Zejnic´ is joining the UniCredit Global Securities Services team in Bosnia and Herzegovina as a Relationship manager, having previously worked as Relationship Manager within the Entrepreneurial Banking Segment of the UniCredit Bank Retail Banking division since 2007. Prior to working with UniCredit Bank, Enis had gained local sales experience working in the private sector as a manager of a local business. Enis graduated in 2004 from the University of Bihac´ – School of Economics and holds a Bachelors’ degree in Finance and Accounting. He is fluent in English and has basic knowledge of German. In his new role as a GSS Relationship manager, Enis will Enis Zejnic´ service clients active in both markets, the Federation of BH Relationship Manager and Republic of Srpska. We wish Enis all success in his new position in UniCredit GSS Bosnia and Herzegovina. Lejla Sabljica Head of GSS Bosnia and Herzegovina Issue 144, April 2013 6 JOHN’S CORNER A recent trip to our London clients focused on T2S strategies and the actions being taken by UniCredit and also the mar- kets within its coverage model. But clients were eager, at the same time, to discuss the CSD operator model, mentioned in previous newsletters. The concept creates no issue for UniCredit and we operate a similar model for ICSDs in certain locations. On the clearing side, acting as an operator for a remote broker clearer is also a common option. Operating as a remote member of a CSD does, though, pose a series of challenges, both for the CSD and the poten- tial remote member. It is worth considering them all. But first of all we should recognise the drivers for the model. AIFMD and UCITS V will all change the liability structure of the EU market. Essentially, the global custodian will become liable for all losses incurred at a sub-custodian. And a sub-cus- John Gubert on the todian includes any prime broker used by a hedge fund. To CSD operator model make matters worse, it appears that, irrespective of whether the hedge fund negotiated an agreement, such as allowing excess collateral to be held and re-hypothecated by the prime broker, the depository would be deemed to have condoned it, and protected the fund from loss, whether their approval But the process is far from simple. On the cost side, was by positive agreement or even inaction. the CSD participant is stand-alone and incurs fees on the basis of their portfolio in each market. They lose any scale It is clear that AIFMD and UCITS V will further increase the benefits that come from the sub-custodian’s total portfolio tensions that already exist between the administrator and and, in markets permitting omnibus accounts, any benefits depository on the one hand and prime brokers on the other.
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