VP LUX has now applied for a European licence under CSDR / VP Securities
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VP LUX has now applied for a European licence under CSDR

02.10.2017

VP LUX has now applied for a European licence to operate as a CSD under the new CSD Regulation (“CSDR”).

VP LUX, the Danish-owned CSD operating in Luxembourg, has now submitted an application for the new CSDR licence to the competent authority in Luxembourg. In a first step, the competent authority shall assess whether the application file is ”complete”. After this process, the competent authority will consult other relevant authorities. Approval of the application and the granting of the new licence for VP LUX under the new regime may be effective in the first half of 2018.

“We’re fully supportive of the drive given by the European institution to our industry, aiming at creating a single, safer and more cost-effective market,” says CEO Andrea Tranquillini from VP LUX. “We’re working hard to re-shape the company to enter into the new European landscape, with the prospect of growth within and outside Luxembourg. Though the work is still ongoing, I feel we are creating a company that is more robust for our future challenges.”

VP LUX has undergone the renewal of all regulatory, external and internal documentation, while preparing for its compliance with CSDR. The process included its statutory documents, internal procedures, the Service Agreement and the Rule Book. The new documents will enter into force gradually in the coming months, in alignment with both regulators and customers.

The organisation, governance and capital requirements, as well as the technology, have all been aligned to the new regulatory requirements.

The application for a CSDR licence comprises around 140 documents totalling some 2,000 pages of documentation.

For more information:

VP LUX CEO Andrea Tranquillini
vplux@vplux.lu

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