Corporate events compliance report : 2024 monitoring exercise

Each year the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) organises a compliance monitoring exercise in order to assess current levels of compliance with corporate event standards in Europe. This report presents the outcome of the fifth monitoring exercise conducted by the AMI-SeCo Corporate Events Group (CEG). It contains an assessment of compliance with the Joint Working Group's Market Standards for Corporate Actions Processing (Market CA Standards), the T2S Corporate Actions Standards (T2S CA Standards) and the Market Standards for Shareholder Identification (SI Standards). All AMI-SeCo markets, with the exception of the United Kingdom (UK), participated in the 2024 monitoring exercise. Further engagement with the UK market is needed with a view to putting in place the necessary reporting structures to ensure active participation in future exercises. The overall high level of participation helps to provide an insight into the state of corporate event processing across Europe. Accordingly, the information contained in this report could, inter alia, help to inform future regulatory proposals in the field of corporate events with a view to addressing some of the obstacles to the implementation of common pan-European processes that are identified in the report. As from 2025, AMI-SeCo, supported by the CEG, will take over responsibility for the definition, maintenance and monitoring of all corporate event related market standards defined at European level. Such consolidation will enable AMI-SeCo to realise its objective of creating a single rulebook for corporate events in Europe. The CEG will also lead industry work on T+1 in the field of corporate events in 2025. In addition to assessing compliance with corporate event standards, the CEG also collected additional information on the functioning of the shareholder identification process. This includes information on the transposition of the Shareholder Rights Directive (SRD II) requirements into national legislation, levels of market wide adoption of the relevant ISO 20022 messages and the way in which the ISO 20022 messages are being used. For further information, please refer to sub-section 3.6.2 of this report. Information on the volumes of SI requests per market was also collected.