June 2025 – Issue 231
Global Securities
Services
Dear Clients, Partners, and Friends,
A highlight of this quarter was our involvement in the recent Network Forum in Madrid — one of the biggest events in the securities services space, attracting over 400 participants. It was again a valuable opportunity to reconnect with our clients and peers, exchange insights, and contribute to forward-looking discussions shaping the future of our sector. Julia Romhányi’s talk on the importance of involving junior talent in Custody sparked great conversations about how the next generation can help modernize legacy systems and processes. Katalin Bóta also made a strong impression with her thoughts on country risks and market-specific dynamics, reinforcing our commitment to both strategic foresight and regional expertise.
Adding to our positive momentum, Global Finance has also just announced that UniCredit’s Global Securities Services has once again been selected as the Best Sub-Custodian Bank for Central and Eastern Europe in 2025, marking 16 years of consecutive success with this award. In addition to the regional award, we were also honored to receive country-level distinctions as the best sub-custodian in Austria, Bosnia & Herzegovina, Bulgaria, and Hungary – acknowledging our teams’ continued dedication and expertise across these markets.
As we head into the summer season, we wish you a restful break and the chance to recharge. We look forward to the months ahead with renewed energy and fresh momentum.
Client Solutions is a division of UniCredit Group and consists of UniCredit S.p.A., UniCredit Bank GmbH, UniCredit Bank GmbH London Branch, UniCredit Bank GmbH Milan Branch and other members of UniCredit Group. UniCredit Group and its subsidiaries are subject to regulation by the European Central Bank. UniCredit S.p.A. is regulated by Banca d’Italia and supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB). In addition, UniCredit Bank GmbH is regulated by the Federal Financial Supervisory Authority (BaFin), UniCredit Bank GmbH London Branch is authorised and regulated by the Financial Conduct Authority (FCA), and UniCredit Bank GmbH Milan Branch is also regulated by Banca d’Italia and supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB).
This publication is intended for marketing purpose only and it is published by UniCredit Group. Under no circumstances may the information contained in the published material be construed as an offer, recommendation, invitation to offer or promotional message for the purchase, sale or subscription of financial products. This marketing communication is directed solely at investment professionals and constitutes a “non-retail communication” for the purposes of the relevant rules.
© 2025 UniCredit S.p.A. - All Rights reserved
UniCredit
General Company Info
Privacy
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Deputy Global Head of Securities Services
Sven Trahan
The Rose Festival
Bulgaria is a beautiful country in Southeast Europe. It borders Greece and Turkey to the south and Serbia and North Macedonia to the east. The magnificent River Danube separates us from Romania to the north and to the east we have the coast of our beloved Black Sea.
We have picturesque mountains and valleys. We enjoy the spring, summer, autumn and winter-times. Each season has its charming festive periods, but one which is unique to Bulgaria is The Rose Festival. It takes place in the spring in the second half of May. Nature is blooming and coming alive while everyone is enjoying this most anticipated and flowery holiday.
The Rose Festival has been held in the town of Kazanlak for over 120 years. It is an internationally recognized event lasting for more than a month and skillfully combines traditional lifestyle and folklore with contemporary art forms and modern technologies.
Bulgaria
NAVIGATOR ARTICLE
The holiday begins with the “Rose Picking” ritual in the rose gardens near the city of Kazanlak – an authentic dance from the past, performed by local amateur folk groups. Bagpipe musicians play cheerful melodies while young men and women in folk costumes demonstrate the picking of the rose blossom. Guests are greeted with ritual breads and bouquets of roses and geraniums while traditional Bulgarian dances are performed. The peak of the celebrations is the election of the Rose Queen, a local young lady. She appears from the beautiful rose fields and is crowned by last year's title holder.
The celebration continues with a demonstration of rose brewing. It is the distillation process through which the oil of the fragrant flower is extracted to become our world-famous rose oil. The Bulgarian rose essential oil is much valued, as it soothes and rejuvenates the skin, calms the mind and its aromatic qualities are good for stress relief.
Tents with traditional foods and arts are arranged around a main stage. The culmination of the festivities is the traditional dances, which are held in the center of the city. Everyone is welcome to join the “horo”, our traditional beloved folkdance, where participants hold hands and dance as much as their hearts desire. The mood is festive, and the soul is filled with hope for the future.
You are welcome to visit our beautiful Festival!
Assia Cholakova – Senior GSS Relationship Manager, UniCredit Bulgaria
NEWS
Slovenia
Serbia
Bulgaria
Romania
Hungary
Slovakia
Czech Republic
Author
Digitalisation Initative at OeKB CSD
The Austrian Central Securities Depository continues the digitalisation of securities leading to greater efficiency.
Austria
Austria
Croatia
Feeling at peace when leaving work and returning stress-free.
Maintaining balance – feeling physically healthy, emotionally stable, and content in both personal and professional life.
A deep sense of inner calm and being satisfied with oneself and one’s surroundings, regardless of external circumstances.
Respecting oneself and others, honouring both body and soul, and living in gratitude rather than fear.
Achieving harmony in all aspects of life – physical, emotional, mental, social, and professional.
Mental health as the foundation of overall well-being.
Well-being Focus
Zagrebačka banka d.d. hosted inspiring workshops and promoted the adoption of positive new habits for all employees
Croatia
As part of the implementation of activities in the field of payment systems under the National Plan for the Introduction of the Euro in the Republic of Bulgaria, as of 3 December 2024, the Bulgarian National Bank, the BISERA payment system operated by BORICA AD, two banks and one electronic money institution joined the Eurosystem’s TIPS (Target Instant Payment Settlement) service. This will facilitate the ability to make instant domestic and cross-border customer payments in euro, according to the European Payments Council SEPA Instant Credit Transfer (SCT Inst) scheme – credit transfers executed on a 24/7/365 basis, will within a maximum of 10 seconds from debiting the payer's account, credit the amount to the beneficiary’s account and receive the relevant confirmation from the payer.
TIPS is part of the consolidated platform for TARGET Services and provides reachability for instant payments in euro to all payment service providers in the euro area that are registered participants in the SCT Inst scheme, with 99% of TIPS payments processed in less than 5 seconds.
More payment service providers in the country will continue to join TIPS in 2025.
TIPS (Target Instant Payment Settlement)
The Bulgarian National Bank and other financial institutions join TIPS in preparation of the introduction of the Euro in Bulgaria
Bulgaria
Zagrebačka banka d.d. (hereafter: Zaba) continues to demonstrate its deep commitment to the well-being of its employees by organizing multiple activities in Q1 and Q2.
Beginning with a “Well-being Focus Week”, a holistic approach to health and happiness, featured a series of themed days and meaningful activities, held from 7 April to 11 April. The week was filled with educational, recreational, and socially responsible content, encouraging colleagues to adopt new habits and find greater balance in their everyday lives.
The week commenced energetically with a focus on physical well-being: colleagues gathered at Zaba’s campus gym for a group workout session. With positive energy and an engaging quiz with prizes, it was a motivating start.
Tuesday was dedicated to social well-being and featured an insightful workshop on biohacking as well as a volunteer activity to create pink ribbons for the association which supports the fight against breast cancer.
Wednesday’s theme was career well-being, highlighted by an online course titled Work Smart, Work Efficiently and a special meeting of Zaba’s Book Club, focusing on “Atomic Habits” by James Clear – a conversation that encouraged professional growth through small but powerful changes.
Thursday was devoted to financial well-being and featured an online presentation led by internal experts from Zaba’s Savings & Investments and Commercial Strategy teams. The session covered key topics such as saving, investing, and employee-exclusive financial benefits. Participants learned how to make smarter financial decisions and take full advantage of the tools and resources available to them as Zaba employees and clients.
On Friday, the focus shifted to mental well-being. Through an online session on emotional resilience led by the Director of Learning and Development, participants learned practical techniques to overcome stress and stay mentally strong in challenging situations. The day concluded with a relaxing walk around Jarun Lake, encouraging colleagues to adopt healthier habits and enjoy time in nature together.
The Ministry of Finance, together with the Croatian Financial Services Supervisory Agency, with the technical support of the European Bank for Reconstruction and Development, launched this project in mid-2023. The Working Group included representatives of the Ministry of Finance, the Croatian Financial Services Supervisory Agency (HANFA), the Central Depository and Clearing Company (SKDD), the Zagreb Stock Exchange (ZSE), pension and investment fund associations, banking associations, and the CFA Association Croatia.
The project began with a detailed review of the Croatian capital market from its inception, and then assessed the current state, identified key obstacles, and prepared a comparative analysis with comparable global markets.
The Listing Act is an EU Commission initiative which is part of a broader plan launched in 2015 to create a single capital market at the European level that companies (particularly SMEs) can quickly and easily access. This act aims to further develop the Capital Markets Union, the purpose of which is to make public capital markets more attractive, through simplifying the listing rules for companies that want to list on public stock exchanges, while also preserving transparency, investor protection and market integrity. It seeks to counter the fragmentation of national laws that restrict the flexibility of companies to issue multiple-vote shares when going public, which is particularly important for innovative scale-ups. On 14 November 2024, the Czech Ministry of Finance published in its official gazette the Listing Act package. Subsequently, MinFin launched consultations on this Listing Act package, which took place from 18 December 2024 to 17 January 2025. A brief summary of the outcome of this consultation contains the following main points:
The Listing Act in Czech Republic
The Czech Ministry of Finance has developed and consulted on a Listing Act which will simplify listing rules on public stock exchanges.
Czech Republic
Initiatives led by KELER, focused on improving shareholder engagement and reforming corporate actions, have gained momentum, with the Budapest Stock Exchange (BSE) now also contributing to these endeavours.
At the beginning of 2025, the BSE amended its terms of service regarding the validity of Powers of Attorney (POAs) for general meeting representation. Under the new rules, issuers cannot impose validity restrictions or shorter validity periods on POA documentation than legally mandated. Currently, a POA remains valid until revoked, up to a maximum of five years.
We anticipate issuers will now accept POAs valid for up to five years, eliminating the need for event-specific documents. While clients can still determine their POA’s validity, Hungarian law sets a five-year maximum.
The BSE plans to release its POA Recommendation, including new POA templates, by early summer. This recommendation is being developed by a working group from their Sustainability Committee, with input from various market participants.
The recent changes to BSE rules are a crucial initial step in reforming Hungary’s POA procedures. Ultimately, UniCredit Hungary is advocating for a standardised POA universally accepted by all issuers, a goal we’re pursuing through collaboration with issuers, the BSE, and active participation in market working groups.
Progress toward Power of Attorney Standardisation
The Hungarian Capital Market is beginning to realise the benefits of recent corporate action developments.
Hungary
Following the positive decision by the European Payments Council (EPC), Serbia officially joined the Single Euro Payments Area (SEPA) on 22 May 2025. The National Bank of Serbia (NBS) has taken steps to align its payment systems and regulations with European Union (EU) standards. Serbia has now become the 41st country to join SEPA, an important step on its path towards EU integration. As a result, the payment service providers of Serbia will have the possibility to adhere to the various SEPA schemes that are managed by the EPC, provided their financial institutions comply with these schemes. This development enables the facilitation of euro-denominated financial transfers with increased security and transparency in payment processing and reduces the cost and processing time of these transactions between Serbian citizens, businesses, and other SEPA members. Payment transactions made within the SEPA zone will no longer be classified as foreign payment transactions. Consequently, this contributes to sustained economic growth, directly benefiting Serbian citizens. Although the Republic of Serbia has formally joined SEPA, a transitional adjustment period follows. Serbian banks and other financial institutions are expected to gain effective access to the SEPA system in November 2025, while the earliest Operational Readiness Date (ORD) for payment service providers (PSPs) from Serbia is May 2026. The exact ORD will be communicated at a later stage. By joining the SEPA system, the Republic of Serbia has made further progress towards harmonizing its national payment systems with the supranational framework of the European Union in the field of payment transactions. This is a practical example that the EPC remains committed to its initiative to accelerate the socio-economic integration of the Western Balkans and their citizens into the EU, including through gradual access to certain areas of the EU single market based on alignment with the EU acquis.
Serbia joins Single Euro Payments Area
Serbia has taken further steps towards its alignment with European Union payment systems.
Serbia
The Central Securities Depository of the Slovak Republic, a.s. (CDCP) operates in a highly regulated environment that is continuously evolving to meet strategic objectives set at both the European and national levels. Examples of these requirements include the implementation of partial settlement, preparation for providing services to central banks in the processing of collateral within the ECMS system, reporting of securities accounts to the Central Register of Accounts, and implementation of the Digital Operational Resilience Act (DORA).
When delivering its services and developing new offerings, CDCP respects the needs of its key clients –its participants and the largest issuers. With this price list adjustment, CDCP aims to support bond issuance registrations, promote securities trading, and ensure its own stability and development.
The main proposed changes shall include the introduction of a fee for participant access to the CDCP information system and a reduction in the fee for bond registration. A draft of the new price list is planned to be submitted to participants for comments in June. The anticipated effective date for the new CDCP scale of fees is 1 January 2026.
CDCP fee amendment from 2026
Changes to fees levied by CDCP will come at the new year.
Slovakia
Slovenia
T+1 settlement in the Slovenian market
Slovenian market stakeholders started with activities for the transition to the T+1 cycle for securities settlement in Slovenia.
Regulation (EU) no. 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework to promote sustainable investment,
Regulation (EU) no. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving the regulation of securities settlements in the European Union and on central depository companies, and
The main change created by the amended Act that is relevant to inter-national clients, is the definition of a financial instrument for the purpose of defining investment services and transactions, whereby financial instru-ments also include financial instruments issued using distributed ledger technology, as specified in Regulation 2022/858/EU (DLT Pilot regime).
This change in the definition of a financial instrument establishes a legal framework for the potential issue of financial instruments issued based on distributed ledger technology in the Slovenian market. Established by the preliminary discussion with the local CSD, no issuers have currently announced any plans to issue securities based on DLT. The CSD will announce to its members all the relevant details on such instruments (identification, classification, any other relevant information) in due time, in case any of the issuers announces plans to issue securities issued based on DLT.
Regulation (EU) no. 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to promote sustainable investments.
INTRODUCTION
NAVIGATOR ARTICLE
NEWS
BULGARIA
AUSTRIA
CZECH
REPUBLIC
CROATIA
HUNGARY
ROMANIA
SERBIA
SLOVENIA
SLOVAKIA
© 2024 UniCredit S.p.A. - All Rights reserved
UniCredit
General Company Info
Privacy
Disclaimer
Accessibility
Adding to our positive momentum, Global Finance has also just announced that UniCredit’s Global Securities Services has once again been selected as the Best Sub-Custodian Bank for Central and Eastern Europe in 2025, marking 16 years of consecutive success with this award. In addition to the regional award, we were also honored to receive country-level distinctions as the best sub-custodian in Austria, Bosnia & Herzegovina, Bulgaria, and Hungary – acknowledging our teams’ continued dedication and expertise across these markets.
As we head into the summer season, we wish you a restful break and the chance to recharge. We look forward to the months ahead with renewed energy and fresh momentum.
the continual strengthening of the external position as a result of inflows based on foreign direct investments, as well as the continuation of the downward trajectory of the share of public debt in the gross domestic product, despite higher state capital expenditures
For the third consecutive year, UniCredit Bank has successfully organised a series of ESG (Environmental Social Governance) workshops, this year under the theme “Solar Revolution – Construction and Financing of Photovoltaic Power Plants”, aimed at empowering local businesses to invest in renewable energy sources. The workshops, held in Tuzla, Sarajevo, and Mostar, gathered over 200 company representatives from various sectors.
With a particular focus on systems for self-consumption as well as for commercial energy production, the workshops covered all key aspects – technical, operational, and financial – providing companies with practical guidance for implementing solar solutions.
Thanks to collaboration with industry partners and renewable energy experts, UniCredit Bank provided relevant insights and advisory support for those looking to invest in solar energy.
UniCredit Bank further reinforced its position as a trusted partner in the transition to sustainable business. The bank actively integrates ESG principles into every aspect of its operations and develops financial instruments specifically designed to support green projects.
Solar energy is more than an investment – it is a step toward a sustainable future we are building together.
Solar Revolution in BiH
UniCredit Bank Supports the Transition to Clean Energy through Education and Financing
Bosnia Herzegovina
For many decades, Austrian securities had been held immobilised in the form of jumbo certificates. This means that there was only one physical document representing the full issued shareholding of an ISIN. This document was held in the vault of the CSD and thus was immobilised. In 2021, the Austrian National Council passed an amendment to the Custody Act, consequently enabling the purely electronic issuance of securities.
Since autumn 2022, the Austrian CSD has been working on this innovation with their Issuer Platform. This platform fully digitalises the life cycle of a security from its issuance through to the end of a security’s life by redemption, cancellation or similar action. As a result, 80% of all securities certificates are already securitised as Digital Global Certificates (DGCs). In a joint effort, CSD clients, IT providers and CSD employees have enabled this successful transition. This shows that decades of practice can be completely rethought and implemented in a relatively short period of time. Conversion from the former global certificates to electronic certificates brings a number of advantages:
Therefore, DGCs are an important contribution to an efficient Austrian securities market.
Source: OeKB CSD
First year: up to EUR 20,000;
Subsequent years: up to EUR 5,000 per year;
Total deposit amount: up to EUR 150,000 over the entire period of the account.
The main feature of this account is the ability of the investors to buy or sell financial instruments without creating tax liabilities. The investor's tax liability will be determined only at the liquidation/withdrawal of assets on the individual investment account and payment to the cash account of the investor. A very similar concept in terms of content when switching between sub-funds of the same umbrella fund already exisits in Slovenian legislation. This kind of tax treatment allows investors greater flexibility in decision-making while maintaining the same purpose and benefits.
The individual investment accounts are intended for retail investors who are tax residents of Slovenia, and each investor will be able to open only one such account. The proposed deposit limits are as follows:
UniCredit Slovenia participated in the 13th meeting of the local Advisory Group on Market Infrastructures for Securities and Collateral National Stakeholders Group (AMI-SeCo NSG) which was held on 16 May 2025. The Bank of Slovenia, based on the ESMA report, presented the background for the start of activities for the transition to the T+1 cycle of securities settlement in the EU and information on the formation of EU structures for the transition to the T+1 cycle. The summary of the discussion and the agreed planned activities of the relevant stakeholders are:
· All stakeholders in the Slovenian market impacted by the transition to the T+1 cycle have been identified and represented as members of the AMI-SeCo NSG. · AMI-SeCo NSG shall establish monitoring of the progress of the transition to the T+1 cycle by KDD preparing a transition activity plan, on the basis of which members will prepare their transition plans, which will then be used by the Bank of Slovenia to create an umbrella matrix for monitoring the activities of all stakeholders. · KDD shall examine by the end of June 2025 all potential limitations related to the preparation of the transition activity plan, which shall be addressed at the next meeting of AMI-SeCo NSG. In doing so, KDD shall also take into account adjustments on the T2S side. · Changes due to the transition to the T+1 cycle at the T2S level do not require direct activities by KDD system members and T2S DCA holders. If this changes, the Bank of Slovenia and KDD shall inform AMI-SeCo NSG members thereof. UniCredit Slovenia will participate in all relevant market bodies covering the transition to the T+1 cycle and will provide updates to our clients on all activities and milestones related to the T+1 project.
Bosnia Herzegovina
INTRODUCTION
HIGHTLIGHTS
NAVIGATOR ARTICLE
NEWS
Slovenia
Understanding mental health is essential to preserving it. It’s not about perfection, but about maintaining a positive outlook, self-awareness, self-esteem, and the ability to manage challenges with optimism. Good mental health empowers us to adapt, learn, and grow through everyday experiences, relationships, and change.
Zaba emphasized this by offering free psychological counselling and by encouraging employees to take part in resilience training and mental health talks – reminding everyone that it’s okay to seek help before small worries become big problems.
Furthermore, the activities continued with lectures for women employees to give them support during the period of perimenopause and menopause. The lectures were given by accomplished psychologists who were open to all kind of questions and advice for our women colleagues.
Lectures were also organized for parents of teens.
Parenting teens can feel like an impossible mission. To help navigate this challenging period, Zaba introduced the TEENspiration lecture series – a set of online talks from February to May focused on strengthening parent-child relationships.
Zaba remains committed to supporting arts, culture, education, and sports as essential parts of community development. Through partnerships and sponsorships, Zaba ensures broader access to cultural experiences and supports initiatives that foster inclusion, sustainability, and positive social change.
Sports and physical activities are also strongly supported as key drivers of physical and mental health, especially among younger generations.
In times of crisis, Zaba also uses its infrastructure and expertise to support communities – standing by its promise to be a reliable partner not just in finance, but in life.
Well-being Focus Week was more than a series of events – it was a reminder that well-being is a continuous journey.
One that begins with self-awareness, grows with shared support, and blossoms when we take care of our body, mind, and each other.
Here’s to a healthier, happier, and more balanced Zaba!
Starting from March 2025, Romania counts 14 companies that are included in the FTSE Russell indices dedicated to Emerging Markets of which 9 companies are included in FTSE Global All Cap. At the same time, in the global provider MSCI indices, MSCI Frontier IMI, MSCI Romania IMI, MSCI Frontier and MSCI Romania, Romania is present with 36 companies as of March 1, 2025. Currently, Romania is classified by MSCI as a Frontier Market. Two new companies are included in the MSCI Frontier Markets indices starting with 1st of March 2025. The shares of two new companies are included in the MSCI Frontier IMI and MSCI Romania IMI indices that include Small Cap, Mid Cap and Large Cap companies. – Bucharest Stock Exchange Press Release, 1 March 2025.
The Board of Directors of the National Bank of Romania (NBR) decided on April 7, 2025 to keep the monetary policy interest rate at the level of 6.5% per year. The key interest rate has been unchanged since January 2023. The next NBR monetary policy meeting is on 16 May 2025. – NBR Press Release, 7 April 2025.
Adoption of T+1 in Romania – Two technical groups were established at the local level:
The working group for the secondary market of government securities, administered by the NBR, under the coordination of the National Bank of Romania
The working group coordinated by the Central Depository, which includes Profile associations i.e. Romanian Association of Banks, Brokers Association, Association of Fund Administrators in Romania, Bucharest Stock Exchange’s brokers and custodians
The Central Depository proposes that prior to the adoption of T+1 partial settlement, together with the adoption of T+1, be implemented and settlement deadlines be revised. 15 May 2025 was the deadline for the final draft of the recommendations issued by each of the technical groups at EU level for choice of method, i.e. Auto-Partial, Partial Release, Shaping. 30 June 2025 is the deadline for Publication of Recommendations in the form of a report (Industry Roadmap) followed by consultation with the EU. – Romanian Central Depository Meeting, 6 May 2025.
Financial News Update
Changes in listings on indices, monetary policy interest rate remains the same and the adoption of T+1.
Romania
The proposed tax rates are as follows:
Withdrawals from the account will be subject to a 15% tax;
The first withdrawal after 15 years from the date of account opening will be tax-free if there are no withdrawals in the interim period.
The goal of the Ministry of Finance is to adopt the legislation in the first quarter of 2025, followed by a transition period for financial service providers to implement the required measures for supporting services related to individual investment accounts. It is expected that investors will have the option to start opening individual investment accounts in early 2026.
Head of Group Correspondent Banking
Author
Massimo Ortino
Regional integration and positioning of Croatia as a financial center
Digitalization
Improvement of corporate governance
Increasing market liquidity
Development of new investment products and financing opportunities
Hungary
Understanding mental health is essential to preserving it. It’s not about perfection, but about maintaining a positive outlook, self-awareness, self-esteem, and the ability to manage challenges with optimism. Good mental health empowers us to adapt, learn, and grow through everyday experiences, relationships, and change.
Zaba emphasized this by offering free psychological counselling and by encouraging employees to take part in resilience training and mental health talks – reminding everyone that it’s okay to seek help before small worries become big problems.
Furthermore, the activities continued with lectures for women employees to give them support during the period of perimenopause and menopause. The lectures were given by accomplished psychologists who were open to all kind of questions and advice for our women colleagues.
Lectures were also organised for parents of teens.
Parenting teens can feel like an impossible mission. To help navigate this challenging period, Zaba introduced the TEENspiration lecture series – a set of online talks from February to May focused on strengthening parent-child relationships.
Feeling at peace when leaving work and returning stress-free.
Maintaining balance – feeling physically healthy, emotionally stable, and content in both personal and professional life.
A deep sense of inner calm and being satisfied with oneself and one’s surroundings, regardless of external circumstances.
Respecting oneself and others, honouring both body and soul, and living in gratitude rather than fear.
Achieving harmony in all aspects of life – physical, emotional, mental, social, and professional.
Mental health as the foundation of overall well-being.
For Zaba’s team, well-being goes far beyond physical health. It means:
Topics were as follows:
Self-image and Building Confidence – Understanding how teens perceive themselves and how parents can help them develop a positive and realistic self-image.
The Role of Parents in Learning – Exploring how parents can support their children’s education in a constructive way and collaborate effectively with schools.
Developing a Healthy Online Presence – Addressing the darker sides of the internet and social media, and how parents can help their children navigate the digital world safely and confidently.
Building Psychological Resilience After Failure – Teaching both parents and teens how to recover from setbacks and build inner strength.
All three speakers are accomplished psychologists, professors, and authors with decades of experience in education and child development.
Community support is a large part of the Well-being Focus period at Zaba, a key aspect of that is multiple volunteer activities the bank has organized which also encourage the development of togetherness and collegiality for Zaba employees. Volunteer activities are also organized often, all year long and all employees can find their niche and area of interest.
Finally, Zaba proudly supports UNICEF’s “Supportive Schools” program, which equips teachers and school staff with the tools to promote mental health among students. Through workshops, children and adolescents learn how to manage stress, cope with emotions, and build resilience.
As part of this initiative, Zaba will include a UNICEF donation flyer with client statements in May, inviting all clients to support this important cause.
Thresholds for the obligation to publish a prospectus: The majority of respondents prefer a limit of EUR 5,000,000, one respondent suggests a threshold of EUR 12,000,000.
Standardised issue document for sub-limit offers: All respondents support the idea of a standardized emissions document.
Prospectus language: The majority of respondents prefer the option of choosing between Czech and English. One respondent prefers a prospectus only in the Czech language for domestic offers.
Free float requirement: One respondent supports a 10% free float requirement with no alternatives, one other respondent prefers the possibility of alternative criteria.
List of insiders: Most respondents support a simplified list of insiders while one respondent prefers a full list of insiders.
Involvement of the CNB in the CMOBS mechanism: Respondents do not see added value and fear increased costs.
Postponing the disclosure of inside information: The majority of respondents prefer to provide explanations only at the request of the supervisory authority and one respondent supports always providing an explanation.
Other: One respondent suggests raising the threshold for reporting management trades to EUR 50,000.
No writing of paper certificates No transport routes across Austria No storage of physical securities in a vault Simple recording of the DGC Simple online administration in the further lifecycle of the securities
All stakeholders in the Slovenian market impacted by the transition to the T+1 cycle have been identified and represented as members of the AMI-SeCo NSG.
AMI-SeCo NSG shall establish monitoring of the progress of the transition to the T+1 cycle by KDD preparing a transition activity plan, on the basis of which members will prepare their transition plans, which will then be used by the Bank of Slovenia to create an umbrella matrix for monitoring the activities of all stakeholders.
KDD shall examine by the end of June 2025 all potential limitations related to the preparation of the transition activity plan, which shall be addressed at the next meeting of AMI-SeCo NSG. In doing so, KDD shall also take into account adjustments on the T2S side.
Changes due to the transition to the T+1 cycle at the T2S level do not require direct activities by KDD system members and T2S DCA holders. If this changes, the Bank of Slovenia and KDD shall inform AMI-SeCo NSG members thereof. UniCredit Slovenia will participate in all relevant market bodies covering the transition to the T+1 cycle and will provide updates to our clients on all activities and milestones related to the T+1 project.
T+1 settlement in the Slovenian market
Slovenian market stakeholders started with activities for the transition to the T+1 cycle for securities settlement in Slovenia.