Newsletter #2-2020

We would like to start this newsletter by wishing all of our customers and partners continued good health. Its been a special first half of 2020 for all of us. Mainly due to the pandemic, but also due to new regulatory requirements and the operational changes these events has caused

We at Euronext VPS has experienced both as well. In addition we have worked vigorously in order to submit our application to continue to operate under CSDR (Central Securities Depository Regulation), as well as new product development and the launch of our new website. This newsletter will address this issues and our integration process with Euronext.

COVID-19 a still ongoing crisis

Euronext VPS invoked its pandemic business continuity plan in end of February as the pandemic started to impact Europe.

We started our preparations to work remotely by testing our remote working capability and to ensure that all employees were able to fully cover their responsibilities working from home. By 12th March, the “lockdown” day in Norway, Euronext VPS could fully operate with all its employees working remotely. Hence, we didn’t experience any operational issues when we asked all our employees to work from home 13th March and onwards. Since then, we have maintained a restrictive policy for presence at our offices to honour the advice from local authorities, and currently about 2/3 of our employees are still working remotely. In the period, Euronext VPS has not experienced any severe operational incidents, and our operational performance data continue to show good results.

Currently, we are in what you may say a “new normal” business as usual. However, we are prepared for a potential COVID19 resurgence in Norway, and will continue to have specific measures in place; limiting business travel, not planning physical events, reduced presence in our office premises, ensure availability of disinfections and face masks, etc. Hopefully, the general COVID19 situation in Norway will allow us to step-by-step remove the measures going into Q4. But, we expect that we need to have some measures in place the rest of 2020.

Business Development

DATA SERVICES

Is one of the priority areas in Euronext VPS, and will utilize the data on a higher level to give more value added insight to our clients.

More companies are now interested in utilizing the data and explore the opportunities to optimize their business performance. Data and analytics offers several products with valuable insight, through activity-based data, static instrument data and market and benchmark data. Euronext VPS holds a unique set of data, consisting of information from almost one million private and institutional investors, divided on over 1.3 million securities accounts with aggregated holdings over 600 billion EUR.

We are continuously exploring new ways to present data and insight through simplified complexity and channel flexibility. As a company within the Euronext Group, the search for opportunities to enrich and expand our data services is something we are continuously investigating.

See all our data services here

EMPLOYEE TRADE MONITORING

A compliance solution aiding the monitoring of employees personal securities transactions and holdings

Most companies that operating in the financial market, either directly or indirectly, are required by law to report on employees self-trading, to ensure general confidence in the securities market. The companies are required to satisfy internal guidelines, routines and control methods for monitoring personal transactions of employees in financial instruments. Euronext VPS are now developing a fully digitized Employee Trade Monitoring solution that will answear many of the challencges the companies are facing regrads to employees self-trading. With automatic rule-checking, notification of violations, storage and tracking of communication with an excellent user experience. The transactions and holding will be automatically uploaded from the VPS-Register based on Consent, and the Employee may report on over 64 million ISINs in the world.

More information

TAX

Structure for Qualified Intermediaries to handle U.S. securities

Anyone offering trade in U.S. securities must handle reporting to the U.S. tax administration (IRS). The best way is through the standard Qualified intermediary-agreement with the IRS. A set-up for Qualified intermediaries in Norway has been a repeated request from Issuers and account operators for the last two decades, and we are pleased to inform that it is finally here.

Over the next months, Euronext VPS is launching a solution that will establish a national standard for Qualified intermediaries. Consequently, we expect an influx of U.S. corporations and securities in the Norwegian capital market over the next years. We acknowledge the complexity in reporting to IRS and we will be hosting a QI-session in collaboration with Oslo Børs in August/September (time: TBD) where we intend to mobilize every possible stakeholder.

Working for a harmonized Nordic tax solution – through new infrastructure for external depots

The new tax service for external depots of securities was successfully launched in 2020 for the Norwegian market. We are now looking across borders for harmonized Nordic solutions.

There is a need for a scalable market infrastructure that handles tax reporting. Today, pan-Nordic financial institutions have tax- and compliance departments in each Nordic country. In many cases, departments are doing much of the same work for the same organization in different countries. That is ineffective and the Euronext group is working together with our customers to find new new ways to coping with these pains.

This is all part of our long term commitment to the Nordic market infrastructure.

For more information on this new area and on the services we provide, click here

New vps.no

An all new vps.no is launched

Our old webpage has served its purpose well. However. Going forward we needed to update our webpage to reflect our new Service Offerings, the requirements of Universal Design of ICT as well as a general update to better match Euronext globally.

The new web page a user focused page where we’ve tried to minimize the number of click before relevant content is provided. We would like to clarify that our customer page remain unchanged, so that our customers will have all the content and access they are used to, once logged in.

To learn more about our new web page and how it is set up, click here

iBabs, a Euronext company offering a remote board portal

Remote working and virtual meetings are quickly becoming the ‘new normal’ for many people, including board members, but this doesn’t come without its challenges. That is why iBabs, a Euronext Company, has put together a guide to running truly productive remote board meetings. Download the guide to discover all of the essentials you will need to ensure successful virtual board meetings.

Oslo Børs also offers the board portal iBabs to organize and run board meeting more efficient through a user friendly interface as well as Company Webcast who deliver high-end webcast and webinar solutions to help your company connect with a wider audience. 

Please contact Randi Nordvik by phone +22 34 17 04 or e-mail corporate.services@oslobors.no for further information.