Buy-in taken out of the VPO NOK Rules
Euronext Securities Oslo adopted 16 November 2021 the new VPO NOK Rules that will enter into force when authorized under CSDR. The VPO NOK Rules include provisions on penalties and buy-in, in sections 25-27 and 28 respectively. These provisions are included to comply with the settlement discipline regime that enters into force in the EU and Norway 1 February 2022.
n the EU, it is recently agreed to postpone the implementation of the buy-in rules in the CSDR, as it is probable that the revision of CSDR may change the buy-in regime. ESMA made 17 December 2021 a public statement where they state that ESMA expect national competent authorities not to prioritize supervisory actions in relation to the application of the CSDR buy-in regime. The Norwegian Financial Supervisory Authority (NFSA) published a statement 21 December 2021 where they state that they have noticed the public statement made by ESMA, and that the NFSA on their part will not prioritize such supervision.
The public statement from the NFSA can be found here: Buy-in regimet i verdipapirsentralforordningen (CSDR) – Finanstilsynet.no
Based on the public statements made by the NFSA and ESMA, we have decided to repeal chapter 28 on buy-in from the VPO NOK Rules that will enter into force under CSDR. We have also taken out the footers on enter into force to sections 25, 26 and 27 on penalties.
Updated VPO NOK Rules under CSDR can be found here.