CP0571 – Amendments to the ECVAA URS

Formal title: Amendments to the ECVAA URS

Summary

This CP has been raised to address inconsistencies initially identified by the NETA Programme and subsequently reviewed and deemed to be valid by the Inconsistency Review Project (IRP CP002). a) The BSC Code section M 3. 3. 3 refers to Credit Default Refusal and Rejection Periods for ECVNs/MRVNs. These terms are not mentioned in the ECVAA URS.
b) BSCP71section 3. 2. 5 states that when an ECVNA/MVRNA Authorisation specifically supersedes another one, the ECVAA should send confirmation to the ECVNA/MVRNA and Lead and Subsidiary Parties. The ECVAA URS makes clear that an acceptance confirmation is sent, but no mention is made of the process when one Authority supersedes another.