Migration of Issuer CSD services for Irish Securities from CREST to Euroclear Bank

In order to provide long-term certainty to the Irish securities market in light of the UK’s decision to leave the EU, the current CSD services for Irish securities provided by the CREST system (operated by Euroclear UK and Ireland), will migrate to Euroclear Bank by the end of March 2021.The Euroclear group has provided post-trade services for Irish securities for over 20 years. Euroclear Bank, an international CSD incorporated in Belgium - therefore recognised as an EU27 CSD- has been the settlement provider for Irish government bonds since 2000.
In December 2019, the Migration of Participating Securities Act 2019 (‘the Act’) was passed which allows issuers , subject to the requirements set out in the Act , to seek shareholder approval by special resolution of the migration of their securities from CREST to Euroclear Bank without the need to go through individual schemes of arrangement. The Irish Stock Exchange plc, trading as Euronext Dublin, as the designated ‘Listing Authority’ is required under the Act to carry out the below functions :

Final date for notification that Shareholder resolutions have passed (Section 12(2) of the Act)

  • Euronext Dublin must appoint a date by which an issuer that chooses to consent to the migration under the Act and meets the specific requirements, must provide a statement in the prescribed form, as set out in the Act, to the Registrar of Companies. A copy of this statement must also be provided to Euronext Dublin. This statement should be sent by an issuer 21 days after the passing of the special shareholders resolution, or the date set by Euronext Dublin, whichever is the earliest.
  • Euronext Dublin can confirm this expected date to be the 24th February 2021 at 5pm Irish Standard Time (IST). Should there be a change to this date, this will be formally confirmed via this website, email and the Euronext monthly bulletin.
  • An issuer must submit the statement to Euronext Dublin by sending a copy of it by email to csdstatement@euronext.com

Live Date (Section 12(5) of the Act)

List of Participating Issuers (Section 10(3) of the Act)

  • Euronext Dublin shall prepare a list of the participating issuers which have sent a copy of the prescribed statement to it and that list shall be published on this page. The published list will contain the name of the issuer and the nominated CSD in relation to the relevant participating securities.
  • Euronext Dublin will, on a weekly basis, update the list of Issuers that have received shareholder approval to participate in the migration and have notified Euronext Dublin of this fact, as per the requirements set out in the Act.
  • This list will be made available below in due course.
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Migration of Participating Securities Act 2019

English Version

English 20/05/2020 Migration of Participating Securities Act 2019 /sites/default/files/2020-05/Migration_Participating_Securities_Act_2019%20.pdf