A central securities depository (CSD), in Swedish central värdepappersförvarare, is a company that registers securities electronically and keeps the CSD register for CSD-registered companies. In Sweden this is Euroclear Sweden, formerly known as VPC.
In CSD-registered companies, the depository keeps the share ledger, and owners hold their shares in a securities account (VP account) or through a nominee. Most limited companies, however, are non-CSD companies with no connection to a depository. There the board itself is responsible for the share ledger.
A CSD-registered company is a limited company whose share ledger is kept by a central securities depository.
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A CSD register is the register kept by a central securities depository that serves as the share ledger.
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A securities account (VP account) is an account with Euroclear Sweden for shares in CSD-registered companies.
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A non-CSD company (kupongbolag) is a limited company not registered with a CSD, like most Swedish companies.
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