The Federation of European Securities Exchanges (FESE), the European Association of Central Counterparty Clearing Houses (EACH) and the European Central Securities Depositaries Association (ECSDA) have published Terms of Reference for Auditing Compliance with the Code of Conduct on Clearing and Settlement (the Code).

The Terms of Reference sets out how signatories to the Code will report on their compliance with the service unbundling and accounting separation provisions of the Code. The Terms of Reference also set out how external auditors will assess signatories' compliance with the provisions of the Code.

View FESE, EACH and ECSDA publish the Terms of Reference for Auditing Compliance with the Code of Conduct, 1 September 2008