The FINANCIAL -- Jesús Benito, CEO of Iberclear, the Spanish Central Securities
Depository and a BME subsidiary, today was appointed Chairman of the CSD
Steering Group (CSG) in the governance framework of TARGET2 Securities
As Bolsa de Madrid reported, he was unanimously elected by the full members of the CSG for a renewable term of two years.
The ECB Governing Council and the Central Securities Depositories (CSDs) signing the Framework Agreement (FA) and thus participating in T2S agreed to establish the CSG as pertinent part of the T2S governance. The CSG will discuss all matters of relevance for CSDs in T2S and foster the decision-making process in the multilateral T2S service by providing the Eurosystem with the CSDs’ common position on matters of relevance for CSDs in T2S.
The CSG is composed of: as full members, the CEOs/members of the managing board of Participating CSDs/groups of Participating CSDs, up to six user representatives, as observers, to be nominated by the ECB Governing Council upon proposal of the T2S Board for a renewable term of two years, the chairperson of the T2S Board and other members of the T2S Board as observers.
The mandate of the CSG became effective with the entry into force of the Framework Agreement and expires with the replacement of the Framework Agreement by a new contract and/or with the termination of the Framework Agreement with all signing CSDs.
As a rule, the CSG shall meet once every quarter, although additional meetings may be called by the Chairman.