The European Central Bank has published the AMI-SeCo Corporate Events Compliance Report summarising the sixth annual monitoring exercise on European markets’ compliance with corporate action processing, TARGET2-Securities corporate actions and shareholder identification standards. The assessment notes a high level of market participation but identifies several year-on-year decreases in compliance, with particular slippage in market claims and transformations, and ongoing weaknesses around key-date disclosure and timeliness of payments. The report covers all AMI-SeCo markets except the United Kingdom, which did not participate and is flagged as needing reporting structures to re-join future exercises. The main compliance deterioration is linked to in-depth analysis undertaken in the context of T+1 preparation, which found market claims and transformations are not created in all expected scenarios, are not consistently generated on a cross-central securities depository basis, and in some cases are not processed by the CSD at all, resulting in some previously compliant markets being reassessed as non-compliant. It also highlights widespread non-compliance by investment funds in announcing and sequencing corporate action key dates, continued issues with late payments in some markets, slow progress on electronic issuer-to-issuer CSD communication, and persistent cross-border frictions in shareholder identification, including inconsistent shareholder definitions, suboptimal intermediary response rates, and incomplete ISO 20022 implementation. Overall, two markets are fully compliant with the Market Standards for Corporate Actions Processing, one market is fully compliant with the T2S Corporate Actions Standards, and ten markets are fully compliant with the Market Standards for Shareholder Identification. Looking ahead, the AMI-SeCo Corporate Events Group will progress work in 2026 on a single corporate events rulebook for Europe and on T+1-related standard changes, starting with publication of a T+1 harmonised implementation guide in the first quarter of 2026. The group will also provide guidance to markets on the market claims and transformations issues in the first quarter of 2026 and monitor implementation through requested adaptation plans and regular surveys.
European Central Bank 2025-12-19
European Central Bank publishes AMI-SeCo corporate events compliance report and begins work on a single corporate events rulebook
The European Central Bank's AMI-SeCo Corporate Events Compliance Report notes a decline in compliance with corporate action processing and shareholder identification standards across European markets, excluding the UK. Issues include non-compliance in market claims, transformations, and key-date disclosures, with only two markets fully compliant. The AMI-SeCo Corporate Events Group plans to address these issues in 2026 with a single corporate events rulebook and T+1-related standard changes.