Joint Associations’ Response on a Delay to the Application of SRD II

On 9 April 2020, and working in collaboration with AFME, AFTI, AGC, ASSOSIM, EACB, EBF, ECSDA, EI, ESBG, & SMPG, ISLA submitted a joint letter to the European Commission (EC) regarding the implementation of the Shareholders Rights Directive II, which aims to ensure deeper shareholder engagement & corporate governance in EU markets.

The joint letter highlights where implementation efforts were challenged prior to the global COVID-19 crisis, but that the pandemic will further strain the industry’s capacity to implement the directive, and its Implementing Regulation (IR) prior to the September 2020 deadline.

On 1 September 2020, and in response to subsequent communications regarding the letter as well as the authorities decision to proceed with the implementation date, a further letter was sent to both the EC and the European Securities and Markets Authority. The letter seeks to clarify on a number of potential misunderstandings, misconceptions and concerns regarding market infrastructure and operational readiness across difference member states. This includes the consequences of non-compliance as well as the creation of twenty seven versions of an SRD II operational process, owing to differing national transpositions.

The initial communication as well as the subsequent letter may be found here 

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