1. 0 Analysis of ECSDA - AFME Survey on Account Segregation Harmonisation Steering Group meeting_ item 3.1 20 - 21 January 2014

2. 1 ECSDA - AFME survey on Account Segregation [Please select] Key Statistics Key Findings for T2S Markets 4 115 No account segregation requirements Account segregation rules governed by national regulations for investor protection. However, no impact foreseen on cross border settlements Account segregation rules for specific business processes (ESES France for registered securities settlement)

3. 2 ECSDA - AFME survey on Account Segregation [Please select] Way forward  Option 1 – Account segregation ‘No Issue’ -No further investigation required and conclude the exercise  Option 2 – Focus on concrete account segregation cases -Current focus on concrete cases with an agreement to adopt a detailed analysis approach upon identification of issues in future -Generic issue of account segregation is considered closed  Option 3 – Research on hold until XMAP analysis findings -Invite EPTG to hold further research / investigation until XMAP analysis of CSD restriction rules in T2S is completed

4. Thank you for your attention www.harmonisation.t2s.eu @T2SECB 3 [Please select]