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EU banks to face fines for late or failed settlements of securities' trades

( November 11, 2016, 13:09 GMT | Official Statement) -- MLex Summary: Banks and brokers that fail to settle securities trades on time will face a cash penalty proportional to the price of the security, under new EU rules. The European Commission adopted today a package of regulations for central securities depositories, which governs the way financial institutions register securities and settle trades. The rules also set out the criteria to identify securities depositories of "substantial importance."The statement follows. Click on the attachments below....

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