Signature of a Memorandum of Understanding between the Banque centrale du Luxembourg and Danmarks Nationalbank
On 17 December 2008, the Governors of Banque centrale du Luxembourg and Danmarks Nationalbank have signed a Memorandum of understanding (MOU) concerning the oversight of the system operated by VP Lux S.à r.l.. This MOU defines a framework for cooperation between both central banks in fulfilling their oversight activities. The MOU provides for coordination, exchange of information and consultation in case of key developments with respect to the system operated by VP Lux S.à r.l. and its technical agent VP Securities Services.
The system operated by VP Lux S.à r.l. has been notified by Banque centrale du Luxembourg to the European Commission as a new securities settlement system established in Luxembourg, in accordance with the Luxembourg law of 12 January 2001 implementing the Directive 98/26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems of 19 May 1998.
VP Lux S.à r.l. is a fully owned subsidiary of the Danish VP Securities Services. It is established and licensed under the laws of Luxembourg as a professional custodian of financial instruments and as an operator of a securities settlement system.