1. IDB/ACSDA PROJECT MEETING
“Strengthening Compliance on a Regional Basis with the Global Principles for Financial Market Infrastructures”
PROJECT MEETING
La Paz, Bolivia
April 5, 2017

2. MEETING AGENDA Review of Project Chronology Project Participants
Review of the Project Objectives and Deliverables
Responsibilities/Commitments of Project Participants and ACSDA
Project Steering Committee
Proposed Groupings
Next Steps
Bermuda CSD and Eastern Caribbean CSD – Parallel Participation
IDB remarks regarding the project and process requirements
Project Participant Discussion and Q&A.

3. CHRONOLOGY
May 2015 – JHJ initiated discussion with the ACSDA membership at the G.A.
June 2015 – Communication began with members regarding the possibility of the submission of a proposal by ACSDA under the IDB Regional Public Goods Initiative
Sept 2015 – We had 14 member CSDs who had expressed interest in the initiative
Oct 2015 – Apr 2016 – Drafting and redrafting of ACSDA’s proposal and budget and numerous conference calls with prospective participants and IDB representatives
Feb 2016 – March 2016 – Collection of Commitment Letters from Participating CSDs and Regulators
April 6, 2016 – Submission of ACSDA’s proposal to the IDB which included the participation of 19 members
July 20, 2016 – ACSDA was advised by the IDB that our project was one of 15 projects approved under the Regional Public Goods (RPG Initiative) which awarded our project USD 306, In 2016, the IADB received a record number of 117 proposals for funding under the program

4. CHRONOLOGY CONTINUED
Sept – Oct 2016 – Development, submission and approval of the required project documentation … revised Project Budget, Governance Documentation, Recommitment Letters from ACSDA participants, Steering Committee structure and membership, Project timetable, Technical Cooperation Document, Executing Agency Agreement
Nov – Dec 2016 – Development and submission of the Consultants Terms of Reference and criteria for selection. Creation of a list of potential consultants
Dec 9, 2016 – Initial meeting of the Project Steering Committee
Dec 21, 2016 – IDB issues a request for Expressions of Interest to Consultants
Feb 9, IDB issues a request for Submissions of Economic Proposal
March 17, 2016 – IDB awarded GCI with the contract for the project subject to finalizing the engagement contract
March 30, 2016 – IDB, GCI and ACSDA (BB) held a conference call to discuss next steps

5. PROJECT PARTICIPANTS Participating (Benefiting) Market Infrastructures
Barbados – Barbados Stock Exchange
Bolivia – Entidad de Depósito de Valores de Bolivia S.A.
Colombia - Depósito Centralizado de Valores de Colombia Deceval S.A.
Costa Rica – Interclear Central De Valores S.A.
Dominican Republic - Depósito Centralizado de Valores, S. A.
El Salvador - Central de Depósito de Valores S.A.
Guatemala - Central de Valores Nacional S.A.
Jamaica - Jamaica Central Securities Depository
Panama - Central Latinoamericana de Valores, S.A.
Peru - Cavali S.A. I.C.L.V.
Uruguay - Banco Central del Uruguay and Bolsa de Valores de Montevideo

6. PROJECT PARTICIPANTS Supporting Market Infrastructures
Argentina - Caja de Valores S.A.
Colombia - Depósito Centralizado de Valores de Colombia Deceval S.A.
Costa Rica – Interclear Central De Valores S.A.
Brazil - Balcão Organizado de Ativos e Derivativos
Chile - Depósito Central de Valores S.A.
Mexico – S.D. Indeval, Institución para el Depósito de Valores S.A. de C.V.
Paraguay - Bolsa de Valores y Productos de Asunción S.A.
Uruguay - Banco Central del Uruguay

7. PROJECT PARTICIPANTS Supporting Regulatory Authorities
Bolivia – Autoridad de Supervisión del Sistema Financiero
Colombia – Superintendencia Financiera de Colombia
Costa Rica – Superintendencia General de Valores
El Salvador – Superintendenta Adjunta de Valores
Jamaica – Financial Services Commission
Peru - Superintendencia del Mercado de Valores
Uruguay - Superintendencia de Servicios Financieros del Banco Central del Uruguay

8. PROJECT OBJECTIVE
Through the coordination efforts of the Americas’ Central Securities Depositories Association (ACSDA) and the expert contributions of its more developed member FMIs and consultants, we will provide technical support, training, expertise, and resource support to IDB borrowing members in order to;
Produce a Self assessment and remediation plan on the PFMIs for the involved markets to facilitate adoption on a regional basis,
Provide experienced and expert on-site support to the FMIs,
Ensure that FMI staff establish an in-depth knowledge of the PFMIs,
Ensure the ongoing program sustainability through ACSDAs participation.

9. PROJECT DELIVERABLES
Component 1: PFMI Foundation Training Workshops - The objective of this component is to provide training on the PFMIs to staff from the participating Central Securities Depositories (CSDs) and their supervisors.
Component 2: Self-Assessment Execution: Creation of the Delivery for the participating entity and supervisor´s engagement - Building upon the training and tools from Component 1, the objective of this component is to have CSDs and supervisory staff in each eligible market undertaken the completion of a PFMI Assessment and preparation of a draft Disclosure Report.
Component 3: On-site Review of the Self-Assessment and Quality Assurance -The objective of this component is to provide support to CSDs and regulatory staff in each market to complete the PFMI self‐assessment and to release the Disclosure Report.
Component 4: Final Assessment Delivery and Remediation Plan - The objective of this component is to develop a remediation plan to bring the CSDs into compliance with applicable PFMIs.

10. RESPONSIBILITIES/COMMITMENTS
Participating (Benefiting) Market Infrastructures
Committed to deliver Sixty (60) Workdays to the project directed towards the completion of the deliverables for their institution and market
Be responsible for the accommodation expenses associated with the visiting experts from the Supporting CSDs of ACSDA
Complete the deliverables for their market/institution defined for the project in a timely manner in accordance with the project schedule

11. RESPONSIBILITIES/COMMITMENTS
Supporting Market Infrastructures
Committed to deliver Fifteen (15) Workdays to the project directed towards the completion of the deliverables for the institution(s) and market(s) to which they are assigned
Support the completion of the deliverables for the markets/institutions to which they are assigned for the project in a timely manner in accordance with the project schedule

12. RESPONSIBILITIES/COMMITMENTS
ACSDA
Project management and control
Project scheduling
Coordination of the Steering Committee
Issue identification and resolution
Liaison between the Project – Project Participants – Project Steering Committee – ACSDA Executive Committee – IDB
Contracting and coordination of independent auditors and project audits
Complete required project reporting

13. STEERING COMMITTEE
The Project Steering Committee will rotate its membership each 6 months during the course of the project (estimated to be 24 months). With each rotation, a minimum of two members will continue to the next term to ensure continuity.
The following is the composition of the initial Project Steering Committee as ratified by the ACSDA Executive Committee.
EDV Bolivia - Isabel Pantoja Barroso - Chair
Interclear Costa Rica - Gustavo Monge Cerdas - Secretary
Cedeval El Salvador - Jorge Moreno - Member
CVN Guatemala - Martha Eugenia Coronado - Member
DECEVAL Colombia - Jorge Hernán Jaramillo – Member
Indeval Mexico - Roberto Gonzalez - Member
IDB – TBD – Observer

14. PROPOSED GROUPINGS
Proposed Groupings based upon responses from Participating CSDs
Phase 1 CSDs May November 2017
BCSD - Barbados (English) 2nd
JCSD - Jamaica (English) 1st 
Cedeval - El Salvador (Spanish) 1st
Deceval - Colombia (Spanish) 2nd
Phase 3 CSDs May November 2018
CVN - Guatemala (Spanish or English) 2nd
EDV - Bolivia (Spanish) 1st
BVM - Uruguay (Spanish) 1st
BCU - Uruguay (Spanish) 1st
Phase 2 CSDs December April 2018
Interclear - Costa Rica (Spanish) 1st
Cevaldom - Dominican Rep (Spanish) 1st
LatinClear - Panama (Spanish or English) 1st
Cavali - Peru (Spanish) 2nd
Note: The IDB requested that Cavali and CVN be interchanged. The result is that Groups 2 and 3 are more geographically aligned which could reduce travel costs.

15. NEXT STEPS Establish the Project Management and structure
Confirm groupings and timetable for pre-work and on-site engagements
Organize a Steering Committee
Reach out to the Supporting CSDs for their volunteer (s)
Revise schedule and organize the initial Workshop
Likely in Miami or Panama
Tentative dates for the initial Workshop May

16. Bermuda CSD and ECCSD
Issue: Both BCSD and ECCSD have expressed an interest in participating in the project, but they are not from IDB countries and are therefore ineligible to receive IDB funding.
Proposal to the General Assembly:
Allow both organizations (and their regulators) to be included in the Project, provided that no costs associated with their participation fell to the IDB
They could receive consulting support for the completion of their Disclosure from “supporting” member CSDs or ACSDA if qualified English speaking volunteers were made available. (This could be seen as a cross training opportunity and potentially a perk for the volunteer(s) given the locations
Allocate USD 10,000 from ACSDA capital reserves to cover 50% of the estimated cost of their participation. BCSD and ECCSD would be responsible for the other 50%

17. Q & A and DISCUSSION