User Committees | Euronext Securities Porto

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Euronext Securities Porto has created a User Committee with the aim of being an independent body that consults and supports the Board of Directors.

The User Committee complies with Article 28 of Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 (abbreviated as CSD Regulation or CSDR) regarding the establishment by Central Securities Depositories of a Committee composed of representatives of issuers and participants in the systems they manage.

The User Committee is governed by the Terms of Reference set out in the CSD Regulation.

Terms of reference

User Committee - Terms of Reference

English Version

Scope

According to article 28 of Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 (hereinafter, CSD Regulation or CSDR), the Central Securities Depositories (CSDs) establish user committees composed of representatives of Issuers and Participants in the systems they manage.

Mandate

The purpose of the User Committee is to establish a direct and effective channel that allows Euronext Securities Porto users to advise the Board of Directors on the main issues that impact ES-PTO users, including the criteria for admission, suspension, exclusion of issuers or participants in the systems managed by Euronext Securities Porto, on service levels including the choice of clearing and settlement agreement, the operational structure of the CSD, the scope of products settled or registered, the use of technology for the CSD's activities and relevant procedures, and all other strategic issues which, by law or regulation, must be discussed in the User Committee.

The User Committee may submit non-binding opinions to the Board of Directors on the price structure and on significant priorities regarding service improvements and/or harmonization practices to better serve the Portuguese market.

The User Committee will provide advice in the interests of sound and efficient management of essential services and promote strategic views at market level.

Decisions regarding the day-to-day management of the main services will not be subject to any control by the User Committee.

Composition

The User Committee is composed of

A Chairman, elected from among the members of the Users' Committee;
Members, represented by their designated representatives;
A Secretary, appointed by the Chairman;
Observers, who may be employees of Euronext Securities Porto or other Euronext Group companies, who take part in User Committee meetings at the request of the Chairman.

The Secretary and Observers are bound by confidentiality obligations.

Procedures

User Committee meetings are scheduled by Euronext Securities Porto at the request of the Chairman or the majority of the Committee members;
The User Committee meets once a year (ordinary meeting), but extraordinary meetings may be scheduled whenever necessary;
The Secretary sends out the agenda for the meeting at least 8 calendar days before the date of the meeting, and the Members of the Users' Committee may request the addition of items to the agenda whenever they fall within the scope of the Committee's purpose;
The Committee's deliberations are purely consultative;
Consultation processes are always conducted by Euronext Securities Porto;
At the end of each CCG meeting, the minutes are drawn up by the Secretary;
In cases of justified urgency, or in view of special circumstances, the Committee may be consulted by e-mail. In this situation, the Secretary will endeavour to give members a reasonable time to respond, taking into account the urgency of the matter.
The User Committee may set up specific working groups to assess specific issues in a more restricted context. These Working Groups may be chaired by Euronext Securities or by a member of the User Committee.

Duration

The composition of General Advisory Committee is reviewed every two years.

In 2004, the Euronext Securities Porto, (formarly known as INTERBOLSA) established two specialized and independent user groups: the General Advisory Committee (Comité Consultivo Geral – CCG) and the Operational Advisory Committee (Comité Consultivo Operational – CCO), that acted as Euronext Securities Porto’s first source of advice on matters related to the Settlement and Centralised Registration of Securities.

The aim of the referred committees was to promote more effective interaction and interconnection between Euronext Securities Porto and its Participants in the Centralised Securities Systems and the Securities Settlement Systems managed by Euronext Securities Porto.

These two Committees have been replaced by the new User Committee.

Find below the presentations of the General Advisory Committee.