【欧洲央行】促进投资者权利的行使-为储蓄和投资联盟做出贡献的措施-2026.6

EUROPEANCENTRALBANK

EUROSYSTEM

AdvisoryGrouponMarketInfrastructuresforSecuritiesandCollateral

Facilitatingtheexerciseofinvestorrights

MeasurestocontributetoaSavingsandInvestmentsUnion

June2026

Facilitatingtheexerciseofinvestorrights–Contents1

Contents

Executivesummary2

1Introduction4

1.1ReviewoftheShareholderRightsDirective4

1.2CreationofaSingleRulebookforCorporateEvents5

1.3Structureofthisreport5

2Investorrights7

2.1Extensionofrightstoallinvestors7

2.2Righttoreceivetimely,completeandaccuratecorporateevent

data9

2.3Harmonisedsequenceofcorporateeventkeydates10

2.4Righttoreceivemeetinginformationandparticipateinmeetings11

2.5Righttoparticipateincorporateeventsrelatingtopending

transactions12

3Investoridentification13

3.1Scopeofsecuritiessubjecttodisclosurerequests15

3.2Authenticationofdisclosurerequests16

3.3Targetedrequests19

3.4SRDthreshold21

3.5Standardisedcommunicationformats21

3.6Dataquality22

3.7SRDindicator35

3.8Timelinessoftransmissionofrequestsandresponses37

3.9Feesandinvoicing41

3.10EnforcementofSRDII42

Annex:Overviewofmeasures44

Facilitatingtheexerciseofinvestorrights–Executivesummary2

Executivesummary

Corporateeventsaredecisionsoractionstakenbyentitiesissuingfinancial

instruments,suchassharesorbonds,thatmayaffectinvestors’rightsandinterests.Investorsrequireclearandtimelyinformationabouttheseeventstomakeinformeddecisionsandeffectivelyexercisetheirrights.Significantefforts,bothregulatoryandmarket-driven,havebeenundertakenovertheyearstoenhanceandfacilitatethe

exerciseoftheserights,including:

•theintroductionofthe

ShareholderRightsDirective

,aimedatensuringthatshareholdersreceivealltheinformationtheyneedfromthecompanyto

exercisetheirrightseffectively;

•thedevelopmentofmarketstandardsforprocessingcorporateevents,thushelpingtofacilitateanefficientflowofinformationbetweenissuersand

investors.

Whilethesemeasureshaveimprovedprocesses,gapsincomplyingwithagreed

marketstandards–ashighlightedintheannual

CorporateEventsCompliance

Reports

preparedbytheAdvisoryGrouponMarketInfrastructuresforSecuritiesandCollateral(AMI-SeCo)–undermineefficiencyandhindertheseamlessandtimely

flowofinformationacrossAMI-SeComarkets.TheabsenceofaunifiedEuropeanregulatoryframeworksafeguardingtherightsofallinvestors,togetherwiththelackofasinglerulebookforcorporateevents,contributestothesechallenges.

Toaddressthesechallenges,thisreportproposesaseriesofmeasures,including:

•Enhancinginvestorrights:ExtendingtherightscurrentlygrantedtoinvestorsinequityinstrumentsundertheShareholderRightsDirectivetoinclude

bondholdersandotherinvestorsinfinancialinstrumentsissuedthroughcentralsecuritiesdepositories(CSDs)acrosstheEU,therebyensuringalevelplayingfieldforallinvestors.

•Strengtheninglegalfoundations:ConvertingtheexistingShareholderRightsDirectiveintoanInvestorRightsRegulationtoensuretheconsistentapplicationofrulesacrossalljurisdictions.

•Creatingasingledatasourceforcorporateevents:Requiringissuersto

delivercomplete,accurateandtimelycorporateeventinformationtotheirissuerCSD,enablingittoserveasacentralisedandreliablesourceofdataforthe

entirecustodychain.

•Eliminatingoptionaldisclosurethresholds:AbolishingoptionalthresholdsforthedisclosureofinvestorinformationandremovingthepossibilityofroutinginvestoridentificationrequeststhroughpartiesotherthantheissuerCSD.

•ImplementingaSingleRulebookforCorporateEvents:Implementinga

singlerulebookforcorporateeventsdevelopedbytheAMI-SeCo,comprisinga

Facilitatingtheexerciseofinvestorrights–Executivesummary3

setofcommonrulesandstandardsgoverninginteractionsbetweenallmarketplayersacrossallAMI-SeComarkets.

Figure1

Towardsasavingsandinvestmentsunion–facilitatingtheexerciseofinvestorrights

Byimplementingthesemeasures,asfurtherdetailedthroughoutthisreport,theEUcanaddressexistinginefficiencies,enhancetransparencyandfosteramore

harmonisedandresilientpost-tradeenvironment.TheseactionswillalsocontributetoadvancingtheSavingsandInvestmentsUnion(SIU)andtheremovalofthe

remainingbarrierstointegrationinsecuritiespost-tradeservices

identifiedbyAMI-SeCo,ultimatelybenefitingissuers,investorsandintermediaries.Inthefuture,thesemeasurescouldalsobeextendedtoadditionalentities,consideringtheemergenceofdigitalassetsandthedevelopmentofaEuropeantokenisedfinancialecosystem.

AMI-SeCowillcontinueitsworkondevelopingmarketstandardstosupporttheSIUobjectives,inparticularthroughitsongoingeffortstocreateaSingleRulebookforCorporateEvents.

Facilitatingtheexerciseofinvestorrights–Introduction4

1Introduction

Significantefforts,bothregulatoryandmarket-driven,havebeenundertakenover

severalyearstoenhanceandfacilitatetheexerciseofinvestorrights.Theseefforts

haveassumedincreasedimportanceinlightoftheEuropeanCommission’s

Savings

andInvestmentsUnion(SIU)

strategywhichaimstocreatebetterfinancial

opportunitiesforEUcitizens,whileenhancingthefinancialsystem’scapabilityto

connectsavingswithproductiveinvestments.ThiswillleadtomorechoiceforsaverswhowishtogrowtheirhouseholdwealthandallowbusinessesacrossEuropeto

grow.

InDecember2025theEuropeanCommissionpublishedits

MarketIntegrationand

SupervisionPackage

tosupporttheimplementationofthisstrategyby,amongotherthings:

•reducingrestrictionsonissuersofsecuritiesbylimitingadditionalrequirementsimposedbyMemberStates;

•simplifyingcross-borderprocessesforCSDservices;

•improvingaccesstofinancialinstrumentsbyenhancingconnectivityamongEUsettlementsystems;

•convertingdirectivestoregulationsformoreuniformrulesacrosstheEU.

Twoparallelandcomplementaryinitiativesinthefieldofcorporateeventscontributetotheimplementationofthisstrategy:

•TheEuropeanCommission’sreviewoftheShareholderRightsDirective.

•AMI-SeCo’sworkonthecreationofaSingleRulebookforCorporateEvents.

1.1ReviewoftheShareholderRightsDirective

The

ShareholderRightsDirective

protectsandempowersshareholdersinlisted

companies,ensuringthattheyhaveasayinthecompaniesinwhichtheyinvestandthattheirinterestsarerepresentedandrespected.Indoingso,itaimstoimprove

conditionsforinvestingacrosstheEU.TheeffectivenessoftheShareholderRightsDirectiveiscurrentlybeingevaluatedinresponsetofeedbackfromstakeholders

regardinginefficienciesininteractionsbetweencompanies,theirshareholdersandintermediaries.Apotentialrevisionofthislegislationwouldsupportthe

implementationoftheSIUbyreducingfragmentationacrosscapitalmarketsanddrivingcross-borderinvestmentbymakingiteasierandcheaperforinvestors,

intermediariesandissuerstooperateacrossMemberStates.

ThisreportrepresentsAMI-SeCo’sinputtothereviewoftheShareholderRightsDirective.

1.2CreationofaSingleRulebookforCorporateEvents

Facilitatingtheexerciseofinvestorrights–Introduction5

ThesecondkeypillarforenhancinginvestorrightsisAMI-SeCo’songoingworkon

thecreationofaSingleRulebookforCorporateEvents.Thesinglerulebookwill

comprisecommonrulesandstandardsforinteractionsbetweenallmarketplayersandwill:

•facilitatethefreeflowofinformationbetweenissuers,investors,andintermediaries;

•supportcompliancewithregulatoryrequirementsbydetailingtherelatedoperationalprocesses;

•simplifytheimplementationofcorporateeventstandardsbyservingasasinglepointofreference.

AfirststeptowardsthecreationofasinglerulebookwastakeninMarch2026with

thepublicationofthe

AMI-SeCoT+1CorporateEventsHarmonisedImplementation

Guide

,whichsetsoutharmonisedrulesfortheprocessingofmarketclaims,

transformationsandbuyerprotectioninaT+1environmentandwillformpartofthefutureSingleRulebookforCorporateEvents.FurtherworkindevelopingtheSingleRulebookwilltakeplacethroughout2026.

Figure2

Towardsasinglerulebookforcorporateevents

1.3Structureofthisreport

ThisreportoutlinesaseriesofmeasuresdesignedtoenhanceinvestorrightsandsupporttheimplementationoftheSIUstrategy.Itisstructuredasfollows:

•Section1providesbackgroundinformation,includingtheimportanceofinvestorrightstotheSIUstrategy.

Facilitatingtheexerciseofinvestorrights–Introduction6

•Section2identifiescurrentbarrierstotheexerciseofinvestorrightsandsetsoutproposalsonhowbesttoaddressthem.

•Section3analysesexistinginvestoridentificationprocesses,highlightskeyissuesbasedonthefindingsofadetailedfact-findingexercise,andoutlinesmeasurestoaddressthem.

•TheAnnexsummarisesthemeasuresproposedinthisreporttofacilitatetheexerciseofinvestorrights.

Facilitatingtheexerciseofinvestorrights–Investorrights7

2Investorrights

TheShareholderRightsDirectiveandmarketstandardsfortheprocessingofcorporateeventsaimtosupporttheexerciseofinvestorrightsby,amongotherthings:

•ensuringthatshareholdersreceiveallnecessaryinformationfromthecompanysothattheycanexercisetheirrightseffectively;

•makingiteasierforshareholdersresidinginotherMemberStatestoparticipateingeneralmeetingsandvotebyrequiringintermediariestofacilitatethe

exerciseoftheirrights,includingtherighttoparticipateandvoteingeneralmeetings.

•requiringintermediariestoprovideshareholderswithallnecessaryinformationfromthecompanysothattheymayexercisetheirrightseffectivelyandto

transmittothecompanytheinformationreceivedfromshareholdersinrelationtotheexerciseofthoserights.

Thissectionproposesaseriesofmeasurestosupportinvestorsinexercisingtheirrights:

•Section3.1proposesextendingthesamerightsaffordedtoinvestorsin

equities(shareholders)toinvestorsinothertypesofinstruments,supportedbyaharmoniseddefinitionof“endinvestor”.

•Section3.2highlightstheimportanceofissuersprovidingtimelyandaccuratedataoncorporateeventstoestablishasingle,trusted“goldensource”of

informationforinvestors.

•Section3.3emphasisestheneedfortheconsistentapplicationofharmonisedcorporateeventkeydatestoensurethatinvestorsreceiveinformationina

timelymanner,thusenablingthemtorespondwithinreasonabletimeframesandbythedeadlinessetbyissuersandintermediaries.

•Section3.4identifiesexistingobstaclespreventinginvestorsfromeffectivelyexercisingtheirrighttoparticipateinmeetingeventsandproposeskey

improvementstoenhancethoserights.

•Section3.5underscorestheimportanceofhavingharmonisedstandardsinplacetosafeguardtherightsofinvestorsinsecuritiesthatarepending

settlementatthetimeofacorporateevent.

2.1Extensionofrightstoallinvestors

TheShareholderRightsDirectiveaimstoimprovethecommunicationbylistedcompaniestotheirshareholders,inparticularbyfacilitatingthetransmissionof

Facilitatingtheexerciseofinvestorrights–Investorrights8

informationalongthechainofintermediaries.Itlikewiserequiresintermediariesto

facilitatetheexerciseofshareholderrights,includingtherighttoparticipateandvoteingeneralmeetings,aswellasfinancialrightssuchastherighttoreceivethe

distributionsofprofitsorparticipateinothercorporateeventsinitiatedbytheissuerorthirdparty.

TosupporttheobjectivesoftheSavingsandInvestmentsunion,thesamerights

affordedtoinvestorsinequities(shareholders)shouldbeextendedtoinvestorsin

othertypesofinstruments,suchasbonds.Toensuretheharmonisedapplicationoftheserules,createalevelplayingfieldandimprovelegalcertainty,therevisedrulesshouldtaketheformofaregulationratherthanadirective.Forthisreason,AMI-

SeCoconsidersthattheShareholderRightsDirectiveshouldnaturallyevolveintoanInvestorRightsRegulationdesignedtosupportandfacilitatetheimplementationof

theSavingsandInvestmentsunion.

SuchanInvestorRightsRegulationshouldincludeacommondefinitionof“end

investor”.Thecurrentabsenceofsuchacommondefinitionacrossmarketscreatesdifficultiesincaseswheretheinvestorisconsideredtobetheaccountownerratherthanthebeneficialowner.Changesshouldthereforebeintroducedtoensurethat

shareholderidentification(SI)requestsalwaysreachthelastintermediaryinthechain.

Fromaconceptualstandpoint,thedefinitionoftheterm“endinvestor”wouldbe

closetothatof“beneficialowner”,meaningthepersonwhoenjoystheeconomic

benefitsandrightsattachedtoasecurity.Nevertheless,incaseswheresecurities

areheldbycollectiveinvestmentundertakingsortrusts,identifyingthebeneficial

ownercanbehighlycomplex(e.g.determiningwhichentityhasacontrollinginterestinatrustwherefiduciaryrelationshipsexist).

TherevisedShareholderRightsDirective(SRDII)focusesonoperationalflows

ratherthanownershipconcepts.Theconceptof(beneficial)ownershipisnot

harmonisedatEUlevelandisembeddedinnationallegalsystems.AnyattempttointroduceaharmonisedEUdefinitionofownershipwouldrequireabroaderrevisionextendingbeyondthescopeofSRDII.Againstthisbackdrop,forthepurposeoftheSRDreview,the“endinvestor”couldbedefinedas“thenaturalorlegalpersononwhoseaccountthesecuritiesareheldwiththelastintermediary”.

Anyintroductionofnewterminologyshouldbemadetakingintoaccountthe

objectivesoftheSIU,namelystrengtheninginvestmentinalltypesoffinancialinstruments.Therefore,theterm“investor”shouldbefavouredovertheequity-specificterm“shareholder”.

Measure1:Extendtherightscurrentlyaffordedtoshareholdersinequity

instrumentstoinvestorsinalltypesoffinancialinstrumentsissuedthroughEuropeanCSDsandenshrinethoserightsinanInvestorRightsRegulation.

Measure2:Introduceaharmoniseddefinitionof“endinvestor”as“thenaturalorlegalpersononwhoseaccountthesecuritiesareheldwiththelastintermediary”.

2.2Righttoreceivetimely,completeandaccuratecorporate

Facilitatingtheexerciseofinvestorrights–Investorrights9

eventdata

Theabsenceofasingle,trustedandfullyverifiedsourceofdefinitiveinformationoncorporateeventspresentsasignificantobstacletotheefficientfunctioningof

Europeancapitalmarketsandunderminestheprotectionofinvestorrights

.1

WhiletheSRDrequiresissuerstoprovideintermediarieswithtimelyinformationabout

corporateevents–specifically,“nolaterthanonthesamebusinessdayonwhich

theissuerannouncesthecorporateeventunderapplicablelaw”–regularAMI-SeComonitoringexercisesrevealthatsuchinformationisoftennotprovidedtotheissuerCSDinatimely,completeoraccuratemanner.

Toaddressthisissue,itisessentialforissuers(ortheiragents)toprovidecompleteandaccuratecorporateeventdatatotheissuerCSD,whichcanthenactasa

uniqueandreliablesourceofinformationfortheentirecustodychain.Requiring

issuerstodelivercorporateeventdatausingtheISO20022standard,aspartofanInvestorRightsRegulation,wouldresolveacriticalbarriertotheefficientand

effectiveprocessingofcorporateevents.AssetoutinSection2.1,thisrequirementshouldapplytoissuersofalltypesofinstrumentsissuedthroughEuropeanCSDs.

The

SCoRECorporateActionsRulebook

providesacommonminimumsetofdatathattheissuerCSDmustmakeavailabletoitsparticipants.Thisrulebookcould

serveasthebasisfordefiningtheminimumsetofdatathatissuers(ortheiragents)mustprovidetotheissuerCSDforeachcorporateevent.

OncetheissuerCSDreceivesthecorporateeventdata,itshoulddistributetheinformationwithoutdelaytoallinvestorCSDsandotherCSDparticipants,thusensuringthatallinvestorshaveaccesstothesamereliableandtrustworthy

informationandenablingthemtotakenecessaryactionsinatimelymanner.

Tofurtherenhancetheefficiencyofcorporateeventprocessing,intermediaries

shouldcommunicateinformationusingmachine-readable,standardisedformatsthatpromoteinteroperabilityandstraight-throughprocessing,inlinewithAMI-SeCo’s

roadmapforthefuturestateofinformationdeliveryacrossEuropebasedontheadoptionoftheISO20022standard

.2

Measure3:EstablisharequirementintheInvestorRightsRegulationforanissuer(oritsagent)toprovidecomplete,standard-compliantcorporateeventdatatotheissuerCSDusingtheISO20022standardassoonassuchinformationbecomesavailable.

Measure4:RequiretheissuerCSDtomakeallcorporateeventdataavailable

withoutdelaytoallitsinvestorCSDsandotherCSDparticipantstoensurethattheinformationreachesallinvestorsinatimelymannerregardlessofwheretheyholdtheirsecurities.

1SeealsoBarrier8ofAMI-SeCo’s

reportontheremainingbarrierstointegrationinsecuritiespost-trade

services.

2Formoreinformation,seethe

AMI-SeCoISO20022MigrationStrategy.

Facilitatingtheexerciseofinvestorrights–Investorrights10

Measure5:Definethecompletesetofstandard-compliantdatarequiredfrom

issuersforeachcorporateeventandincludethesedatarequirementsintheSingleRulebookforCorporateEvents.

2.3Harmonisedsequenceofcorporateeventkeydates

Assetoutinthe

SRDIIImplementingRegulation

(SRDIIIR),theswiftprocessingoftransmissionswithinthechainofintermediaries–particularlywhenthechain

consistsofcustodiansorotheroperatorsacrossmultiplelayers,andwhenomnibusclientaccountsareused–iscrucialinensuringthatinformationreaches

shareholdersacrossbordersandthattheyareabletoreactwithinareasonabletimeframeandwithinthedeadlinessetforcorporateeventsbyissuersand

intermediaries.

TheSRDIIIR(Article8(2))includesthefollowingminimumrequirements–which,inlinewiththecurrentscopeoftheSRD,applyonlytoissuersofequityinstruments–regardingthesequenceoftransmissions,datesanddeadlinesrelatingtoacorporateeventotherthanageneralmeeting:

(a)theissuershallnotifythefirstintermediaryandtotheextentnecessary,

otherintermediariestheinformationofthecorporateeventsufficiently

earlyastoallowthemarketparticipantstoreacttoandtransmitthe

information,andtoallowpendingtradesormarketclaimstobeprocessedappropriatelybeforeanyrelevantdeadlinesorthestartofanelection

period,asapplicable;

(b)thepaymentdateshallbesetascloseaspossibletotherecorddate,

issuerdeadlineorthedeadlinesetbythethirdpartyinitiatingacorporateevent,asapplicable,soastoallowfortheprocessingofpaymentstotheshareholdersasswiftlyaspossible;

(c)inacorporateeventwhichincludesoptionsfortheshareholder,the

electionperiodshouldbesufficientlylengthyastoallowtheshareholdersandintermediariesreasonabletimetoreact;

(d)inacorporateeventwhichincludesoptionsfortheshareholder,thelast

participationdateandthebuyerprotectiondeadlineshouldprecede,inthisorder,theissuerdeadlinesoastoallowforthebuyerclaimstobe

processedappropriatelybeforethecloseoftheelectionperiod;

(e)inacorporateeventwhichisconditional,theissuershallnotifythefirst

intermediarytheinformationregardingtheoutcomeofthecorporateeventassoonaspossiblefollowingtheissuerdeadlineandbeforeanypaymentismadeinthecorporateevent.

Themarketstandardsprovidefurtherdetailsontheserequirements,establishingaharmonisedsequenceofkeydatesandtheintervalsbetweenthem.However,

regularmonitoringexercisesconductedbyAMI-SeCoshowthatthecorporateevent

Facilitatingtheexerciseofinvestorrights–Investorrights11

keydatestandards–and,byextension,SRDIIIRrequirements–arenotalwaysadheredto.Suchnon-compliancecreatessignificantissuesintheprocessingofcorporateevents.Italsohinderstheprotectionofinvestorrights,asthekeydatesassociatedwithacorporateeventdeterminetheeligibilityofanentitledpartyto

receiveproceedsorparticipateintheevent.

Measure6:EstablisharequirementwithintheInvestorRightsRegulationforissuersofallinstrumentsissuedthroughEEACSDstoadheretotheharmonisedsequenceofkeydatesforcorporateevents,assetoutinmarketstandards,toensure

consistentanduniformapplicationacrossallmarkets.

2.4Righttoreceivemeetinginformationandparticipateinmeetings

AshighlightedinAMI-SeCo’sreportonbarrierstopost-tradeintegration,investors’

rightstoparticipateandvoteingeneralmeetingsaresignificantlyhinderedby

fragmentedanddivergentnationalproceduresandrequirements.Moreover,

bondholdersoftenfacefurtherchallengesinexercisingtheirrights,asAMI-SeCohasobservedthat,inseveralmarkets,informationrelatingtobondholdermeetingsisnotprovidedtotheissuerCSD.Asaresult,theseinvestorsarenotinformedandare

unabletoexercisetheirrights.

Toaddresstheseissues,allinvestorsinEuropeansecuritiesshouldbeabletofullyexercisethegovernancerightsattachedtotheirsecuritiesthroughcommon,

harmonised,pan-Europeanoperationalproceduresbasedontheprovisionoftimely,completeandaccuratedatatotheissuerCSD(assetoutinSection2.2).

Specifically,investorswhoholdapositionasoftherecorddatefora(bondholderorshareholder)meetingmustbeabletoexercisetheirrightsinrelationtothatmeeting,regardlessoftheirgeographiclocation,thecustodychain,orthelocationofthe

intermediariesthroughwhichthesecuritiesareheld.

Therecorddateshouldbesetsufficientlyearlytoensurethatallinvestorsholdingsecuritiesontherecorddatehavetheopportunitytovote.Additionally,therecorddatemustprecedethedeadlineforthelastintermediary,thusensuringthatend

investorsareabletovotebasedontheiractualrecord-datepositionsratherthananticipatedpositions,whichmightotherwiseresultinrejectedvotes.

Measure7:Settherecorddatesufficientlyearlytoensurethatallinvestorsholdingsecuritiesontherecorddateareabletovotepriortothelastintermediary’sdeadline,therebyallowingendinvestorstovotebasedontheiractualrecord-datepositions

ratherthananticipatedpositions.

Measure8:IncludestandardsfortheprocessingofmeetingsintheSingleRulebookforCorporateEventsandmonitorcompliancewiththesestandardsaspartofAMI-

SeCo’sregularcorporateeventscompliancemonitoringexercise.

2.5Righttoparticipateincorporateeventsrelatingto

Facilitatingtheexerciseofinvestorrights–Investorrights12

pendingtransactions

Forcorporateeventsrelatingtosecuritiestransactionsthathavealreadybeen

settled,theproceedsaredistributedtotheentitledparty,i.e.theholderofthe

security.However,transactionsthatconcludeorsettleonthekeydatesofa

corporateeventmayrequire(i)thereallocationofproceedstothecontractually

entitledparty,or(ii)theadjustmentofpendingsettlementinstructionstoaccountforthecorpor