Information regarding the implementation of The Central Securities Depository Regulation in Norway


The Central Securities Depository Regulation (CSDR) was adopted in the EU in July 2014. Central Securities Depositories (CSD) have until now been differently regulated in the EEA states. The CSDR constitutes the first general, common regulation of central securities depositories and securities settlements in the EEA.

In contrast to the current Norwegian Securities Register Act, which only regulates securities registers/central securities depositories, the CSDR regulates both the securities settlement activities and central securities depositories.

Purpose of the CSDR

An overriding purpose of the regulation is to promote a secure, efficient and well-functioning securities settlement and recording of financial instruments. It is also an overall purpose to reduce the risk and costs of cross-border securities settlement.

In addition, there is a stated goal of the regulation to promote competition between central securities depositories, among other things to give market participants the opportunity to choose the supplier so that the dependence on one infrastructure companies are reduced.

Important changes from the CSDR

CSDR will involve changes for the clients of Euronext VPS. In general, all Account Operators and Settlement Participants will have to comply to a new Euronext VPS Rule Book. For Investor Account Operators, the changes will be limited. The most prominent will be the introduction of a new nominee account type.

For Issuer Account Operators handling foreign issuers registered with Euronext VPS, CSDR will involve changes. Services to foreign issuers going forward will be changed as a result of accommodating to the CSDR requirements.​ To record foreign instruments in Euronext VPS in the future the Issuer Account Operators will need an additional authorization.

As regards the settlement area, the introduction of CSDR will contribute to reduced risk, as well as increased efficiency and discipline in the central settlement system. Penalties will be introduced for settlement participants who submit their settlement too late. Furthermore, hold and release functionality will be introduced.

CSDR in Norway

CSDR is incorporated in Norwegian law with the new Norwegian CSD Act (Verdipapirsentralloven) which entered into force on March 15th 2019.

Some of the provisions from the Securities Register Act from 2002 are continued in the Norwegian CSD Act, as they regulate matters that are not covered by the CSDR. This applies, among other things, to provisions for registration of rights in securities accounts, legal effects of registration, including legal protection, CSDs liability, confidentiality and the right to access information from central securities depositories. In addition rules regarding the account operators activities are regulated in the new act.

Until Euronext VPS is granted its CSDR authorisation Euronext VPS still operates under the authorisation of the Norwegian Securities Register Act from 2002 (Verdipapirregisterloven)  

Euronext VPS application for CSDR authorisation

Euronext VPS applied for the CSDR authorisation 30th June 2020. In the period after, there has been a close dialogue between Euronext VPS and Finanstilsynet (NFSA) where Euronext VPS has answered questions and provided supplementary information.

By the end of august 2021 Finanstilsynet announced that Euronext VPS application for a license under the CSDR was considered complete. Finanstilsynet will complete the application within six months, and does not rule out that the application may take less time.

Euronext VPS’ CSDR Information Program

In connection with the new regulation Euronext VPS has invited all Account Operators and Settlement Participants in Euronext VPS, for information meetings in the next 4-6 weeks. The primary purpose is to give clients insight into what changes the new CSDR regulation will entail for the individual clients.

Euronext VPS will offer the following 5 information meetings for clients:

1. Introduction meeting for main contacts and master users in Euronext VPS
– Tuesday 26th  October at 14:00-15:00 (meeting held in Norwegian) 
View the presentation used in this meeting here
2. Information meeting for Issuer Account Operators (KU)
– Wednesday 27th October at 14:00-15:30 (meeting held in Norwegian)                                                                               
3. Information meeting for Settlement Participants
– Thursday 28th October at 10:30-12:00 (meeting held in Norwegian)                                                                                      
4. Information meeting for Investor Account Operators
– Wednesday 3rd November at 09:00-10:30 (meeting held in Norwegian)                                                                               
5. General information meeting for foreign Account Operators and Settlement Participants
 – Monday 8th November at 10:00-11:30 (Meeting held in English)                                                                                                                                         

The above meetings will be conducted as digital meetings, either as a webinar or using Teams.

It is important that all Account Operators and Settlement Participants find time to attend the information meetings relevant to the individual’s roles.

In addition to the aforementioned meetings, we have also invited our clients to regional meetings in Bergen, Trondheim, Tromsø and Oslo. In these meetings, CSDR will be a central topic.