National Bank Of Romania Announced Changes To Safir System

In an effort to comply with a Ministry of Finance directive, the National Bank of Romania has altered the depository and settlement system for Government Securities (Safir). The changes under Order 666 went into place June 5, and under the

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In an effort to comply with a Ministry of Finance directive, the National Bank of Romania has altered the depository and settlement system for Government Securities (Safir).

The changes under Order 666 went into place June 5, and under the directive all government securities issued by the Ministry of Finance are now registered at the central depository on the name of Safir participants, which include individual banks or institutions.

The Safir system is based on the principle of indirect holdings for reconciliation, and now intermediaries will send information to NBR based on the information obtained from their global custodians.

“ING will be able to open in its books a Government Securities account called ‘Global Custodian Nominee account,'” says Ioana Apa, Manager Securities Services for ING. “This account will hold all the government securities of the clients of the global custodian. Upon request from NBR sent to ING or regularly, the respective global custodian will have to provide ING with additional information regarding the real beneficial owner.”

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