The Norwegian central securities depository, VPS, has decided to extend the consultation period for the proposed introduction of the penalty fee for failure to deliver securities for settlement on the intended settlement date, until 10 November 2008.
On 17 September 2008, the VPS issued a consultation document regarding the proposed penalty fee arrangement for failure to deliver securities. The VPS requested that written comments on the proposal be submitted by settlement participants no later than 8 October 2008.
However due to the turbulent global market situation, the VPS has decided to postpone the consultation period deadline until 10 November 2008.
Commencement date for the proposed penalty fee is now set for 2 January 2008.