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CSD migration

Forthcoming regulatory changes mean that many Irish securities issuers will need to migrate from CREST to the Euroclear CSD in early 2021

In the first quarter of 2021, Irish issuers whose securities are currently dematerialised through CREST will be obliged to migrate to the Euroclear Bank CSD. Your registrar plays a key part in this role, as their systems must be certified as compatible with the new securities depository. Avenir has been committed to ensuring its state-of-the-art registry works for Irish issuers and has already helped a number of clients prepare for the migration process.

Equity issuers will need to gain the explicit permission of their shareholders and also advise Euroclear Bank that they intend to migrate. An AGM or EGM must be convened so the necessary corporate resolutions can be approved then adopted, with this process being completed by February 24th.

Many issuers may not have been expecting this additional hurdle to maintaining their listing, which has come at a time of unprecedented economic uncertainty. With this in mind, Avenir Registrars is charging no migration fees to its clients who are having to work through this process.

To learn more about how Avenir can help your business, contact the team on +353 (0) 1 253 0873.

CSD Migration
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