On August 28, 2014, the EU regulation on improving securities settlement in the EU and on central securities depositories was published in the Official Journal of the European Union (the “CSD Regulation”). The CSD Regulation comes into force on September 17, 2014 and will apply directly across the EU. The CSD Regulation will apply from January 1, 2023 to transferable securities issued after that date and from January 1, 2015 to all transferable securities. Certain provisions will only apply from the date of entry into force of the relevant delegated act adopted by the Commission under the CSD Regulation.

The CSD Regulation is available at:

http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.257.01.0001.01.ENG.