Krogerus associate discusses securities custody issues at Nordic conference
On 7 February, Krogerus senior associate Tom Fagernäs spoke at the Nordic Back Office conference on securities custody issues.
More than 150 professionals representing numerous financial institutions and investment services providers in the Nordic region were present at the event, which was held on 6–7 February at the Pörssitalo building in Helsinki.
Fagernäs said: ‘Finland has new securities legislation that finally introduces rules on intermediated securities and the indirect custody of securities within our borders. But decisions have not been made on the much-debated question of whether Finnish investors will be given the opportunity to nominee-register their shares.’
He added that the implications on current market participants are not particularly far reaching at this stage. ‘However, further thought should be given to this when the TARGET2-Securities project and the European Regulation on Central Securities Depositories take effect.’
The objective of these efforts is to harmonise the securities settlement infrastructure in Europe.
According to Fagernäs — who represents clients in domestic and cross-border corporate transactions and securities law assignments — the European Union is now hopefully in the early stages of removing the obstacles to the emergence of a truly single post-trading market.
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