企业活动合规报告 - 2025年监测演习

2025Monitoring Exercise Advisory Group on Market Infrastructures forSecurities and Collateral Contents Executive summary and main findings3Main findings4Box 1Overview of disclosure requests per AMI-SeCo market9Box 2Overview of progress since last reporting cycle11Box 3Overview of overall compliance status per market12Structure of this report151Introduction161.1Procedures161.2Methodology172Key takeaways per market183Compliance assessment483.1Distributions49Box 4Cash Distributions–Compliance status per Standard50Box 5Security Distributions–Compliance status per Standard583.2Reorganisations69Box 6Mandatory Reorganisations–Compliance status per Standard70Box 7Mandatory Reorganisations with Options–Compliance statusper Standard78Box 8Voluntary Reorganisations–Compliance status per Standard863.3Market Claims93Box 9Market Claims–Compliance status per Standard943.4Transformations1003.5Buyer Protection1063.6Shareholder Identification112Box 10Shareholder Identification–Compliance status perStandard113 Annex 1: Market Reporting132 Executive summaryand main findings Each year the Advisory Group on Market Infrastructures for Securities andCollateral (AMI-SeCo) organises a compliance monitoring exercise in order toassess current levels of compliance with corporate event standards inEurope.1This report presents the outcome of thesixthmonitoring exerciseconducted by the AMI-SeCo Corporate Events Group (CEG). It contains anassessment of compliance with theMarket Standards for Corporate ActionsProcessing(Market CA Standards), theT2S Corporate Actions Standards(T2S CAStandards) and theMarket Standards for Shareholder Identification(SI Standards). All AMI-SeCo markets2, with the exception of the United Kingdom(UK),participatedin the2025monitoring exercise.Further engagementwith the UKmarket is neededwith a view to putting in place the necessary reporting structurestoensureactiveparticipation in future exercises.Theoverallhigh level ofparticipationhelpsto provide an insight into the state of corporate event processing acrossEurope. Accordingly, the information contained in this report could, inter alia, help toinform future regulatory proposals in the field of corporate events with a view toaddressing some of the obstacles to the implementation ofcommonpan-Europeanprocessesthat are identified in the report. In2025, in addition to its regular compliance monitoring activities,theCEGcommenced work on the preparation of a single corporate events rulebook forEurope.The single rulebook will comprise common rules and standards forinteractions between all market playersandwill: •simplifytheimplementation of corporate events standards by servingas asingle point of reference.•streamlinethe existing setup by eliminatingpotential redundancies through asingle set of definitions, a single set of market claim standards etc.•reducetheneed for interpretationbyincorporatingimportantexplanatoryinformationcurrentlyfoundin frequently asked questions documents. Work on the preparation of the single rulebook will progress in 2026,exploitingsynergies with T+1 related activitiesthat necessitatechanges to existing standardsand practices. In 2025, the CEG also led corporate events related activities relevant tothetransition to a shorter standard settlement cycle (T+1), whichwillremainaprimary focus of the CEG in 2026.TheCEG, which is responsible for the T+1corporate events workstream, will continue its work on T+1 throughout 2026startingwith the publication of aT+1harmonised implementation guide. This guide willsupporttheconsistent implementation of T+1 related changes across AMI-SeComarkets. The CEGwill closely monitor the implementation of the changes by invitingAMI-SeCo markets to prepareadaptation plans andby conductingregularmonitoring surveys. Main findings Corporate Actions In the field of corporate actionsthat are within in the scope of this report, thefigures from themonitoring exercise showseveraldecreasesin complianceover the past twelve months (seeBox 2). •Themaindecreases in compliancestem fromthe findings of anin-depthanalysis on the processing of market claims and transformationsconducted by the CEG in 2025.This analysis, which was conducted in thecontext ofpreparatorywork on T+1, identified several instances where theprocessing of market claims and transformations is not harmonised.Issuesidentified include: •market claims or transformationsnot being created in all scenarios asexpected. •market claims or transformationsnot being created on a cross-CSD basis. •market claims or transformations not being processed by the CSDat all(including in markets previously reported to be compliant). As a result of the issues identified, several marketspreviouslyconsidered ascompliantno longer comply with the standards.The CEG isconducting an in-depth analysis of theseissues and will provide detailed guidance to AMI-SeComarkets in the first quarter of 2026as a basis for resolvingthem. •Widespread issues of non-compliance by investment