A new holding structure is being introduced from July 2010 for international debt securities issued in global registered form through the two ICSDs, Euroclear Bank and Clearstream Banking (Luxembourg).  From 1 October, 2010, this new structure (the New Safekeeping Structure or NSS) will be required (though not sufficient) for newly issued international debt securities to be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations.
 

ICMA has published Guidance Note 19 in the ICMA Primary Market Handbook (IPMA Handbook) regarding consequential changes to primary issuance legal documentation.
 

In December 2009, the ICSDs published initial versions of:

• Frequently asked questions;
• a revised CSK election form;
• two revised issuer effectuation authorisations requiring note destruction on maturity for standalone securities and programme securities;
• two revised issuer effectuation authorisations requiring note sending back on maturity for standalone securities and programme securities;
• a revised issuer effectuation instruction; and
• two revised issuer-ICSD agreements for standalone securities and programme securities.

These documents, or any subsequent versions thereof, and other NSS information can be found on the Euroclear and Clearstream dedicated NSS webpages: https://www.euroclear.com/site/public/EB/nss and http://www.clearstream.com/ci/dispatch/en/kir/ci_nav/1_settlement/030_new_issues/015_nss.