In July 2006, the European Central Securities Depositories Association (ECSDA) published a report on the removal of the Giovannini 3 Barrier, which aims to eliminate obstacles related to Corporate Actions and offers standards to increase the efficiencyof national and cross–border processing ofCorporate Actions.
This report led to the publication by the Corporate Action Joint Working Group (CAJWG) in 2012 a final version of the «MarketStandards for Corporate Actions Processing » which should enable harmonization of thedates andprocedures for the processing of the different Corporate Actions.The implementation of these standards in France is done step by step.In this context, several projects have already been carried out by the financial industry ofthe Place de Paris, including:–Modification of the securities ownership transfer regime, effective sinceApril 2006–Implementation of a new scheduling of dates for the distributions in cash inNovember2007 at the launch of ESES Stream 1 of Euroclear–Publication in January 2013 of a second version of theSecurities Distributions White Paper (Cahier des charges H2D1),describing the impacts of the standards developed by the CAJWG on Securities Distribution (communication adhérents CFONB 20130020)–Publication in January 2013 of a second version ofthe Reorganizations White Paper (Cahier des chargesHDR2), describing the impacts of the standards developed by the CAJWG on Reorganization (communication adhérents CFONB 2013022)–Publication in April 2013 of a first version of theCorporate Actions flows White Paper(Cahier des charges Flux de Centralization), describingtheimpacts of thestandards developed by theCAJWG aboutthe Corporate Actions flows(communication adhérents CFONB 2013092)
