Publication of the Eurosystem standards for the use of triparty agents in Eurosystem credit operations

The Eurosystem has revised and published the Eurosystem standards for the use of triparty agents (TPAs) in Eurosystem credit operations. The existing requirements have been reviewed on the occasion of the entry into force of the CSD Regulation and related Regulatory Technical Standards; on the basis of this review, the Eurosystem introduced some modifications to eliminate overlap with the aforementioned regulation and restructured the existing requirements to bring them into line with the standards in the user assessment framework for securities settlement systems and links. The revised standards for the use of TPAs establish a framework against which (I)CSDs acting as TPAs for the provision of cross-border and domestic triparty collateral management services (TCMS) in the context of Eurosystem credit operations are to be assessed.

These Eurosystem standards will apply as of the application date of a new guideline amending the General Documentation Guideline (Guideline ECB/2014/60), which is envisaged to be a date in the first quarter of 2018. TPAs positively assessed by the Eurosystem prior to the publication of the revised framework will continue to be eligible for use in Eurosystem credit operations. For new TPAs which intend to provide collateral management services to the Eurosystem, eligibility assessments will be organised upon the request of their local national central banks. The Eurosystem regularly conducts assessment reviews and monitors the implementation of its recommendations to ensure the continuous compliance of eligible TPAs with the Eurosystem standards; future assessment reviews will be based on the revised Eurosystem standards.