Exactly 5 months following the PFMI Principles Workshop in Panama City which marked the major milestone of this project between the Inter-American Development Bank (IDB), ACSDA and XX of ACSDA’s members, the first on-site individual CSD review session took place in the offices of Deceval S.A. in Bogota, Colombia.

During the week of October 23rd, Monique Moura and Vicente Lazen representing GCI (the consulting firm supporting the project), accompanied by a contributing expert Mireya Suarez from Indeval, which is part of the Grupo Bolsa De Valores De Mexico worked with the team from Deceval on a detailed review of Deceval’s compliance with each of the relevant Principles.

The team from Deceval, led by Pilar Jacome, Legal Vice-president and General Secretary including representatives from Operations, Risk Management, Systems, Finance, Audit and Legal, numbered as many as 15 people in the work sessions. Senior representatives from the Colombian Financial Superintendence also participated in the four days of discussion, review and analysis.

Jorge Hernan Jaramillo, President and CEO of Deceval commented; “We at ACSDA have been working on the development of this very important project for more than 3 years. I am very pleased to see that it is making concrete progress, and that Deceval has advanced to such a point that we were in a position to be the location of the first on-site review conducted as part of the project.”

This project is undertaking, in conjunction with 19 Central Securities Depositories as participants (Contributors and Receptors), within 18 financial markets and Supervisors of the countries involved with the principal objective to harmonize practices within the American Region through the adoption, self-assessment and remediation plan against the Principles for Financial Market Infrastructures (PFMIs), to facilitate financial and capital market capabilities to integrate and interoperate.

SOURCE: ACSDA.ORG

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