EFDI Investor Compensation Schemes Working Group in Dublin on 29 October

Published on October 31, 2024

On Tuesday 29 October, the Investor Compensation Company DAC hosted the Investor Compensation Scheme Working Group (ICSWG) meeting at the premises of the Central Bank of Ireland in Dublin. 

At the meeting, updates were provided to members by the Associate Members Observer (AMO), Mr. Ignacio Santillán, on the recent EFDI Board activities, highlighting the strong commitment from the Board Members to the ICS activities. It was then followed by an update on EFDI’s communication activities from the Secretary General, Mr. Carlos Colao where it was also proposed new ways of reaching out to potential ICS. The leader of the ICSWG, Mr. Alan de Lacy, made a presentation of the initial feedback on the first draft of Paper 2 which is focused on exploring the 2010 Commission Proposal to recast Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (ICS Directive) including survey results. Very fruitful discussions, focussed on practitioner perspectives, were exchanged among participants that cover important topics like: (i) compensation limit; (ii) alignment with MiFID; (iii) 3rd Party Custodian; (iv) UCIT’s Depositary; (v) market abuse exclusion; (vi) compensation level; (vii) funding principles; (viii) borrowing mechanism inter ICS; (ix)Pay-out delays / temporary payment and (x) investor information.

Afterwards, the ICSWG Members, Mr. Jiri Korb and Mrs. Jana Flidrova from the Czechia Investor Compensation Scheme (GFOCP) made a presentation on the procedures for a DGS and ICS payout event where hypothetical situations were examined that could occur between the alignment of the failure cover by a DGS and ICS.

Finally, Mr. Ignacio Santillán gave a technical presentation on Securities Loan and ICS Cover while the meeting concluded with an update on all the work that it is being carried out in the preparation of the next ICS International Conference to be hosted in Madrid next June 2025.

EFDI and the Investor Compensation Company DAC would like to express their appreciation to all speakers and attendees, both in person and remotely that attended this event.

Additionally, EFDI would like to especially thank Mr. Alan de Lacy and his supporting team for hosting this exceptional event.

For any additional information, please contact [email protected]

 

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