Shareholder Identification Request: How CASCADE customers can subscribe to the Report - update
Note: This announcement, originally published on 18 September 2020 and updated on 2 October 2020, has been further updated with changes to the MT564 - SRDII indicator has been moved from the narrative to field :17B:.
Clearstream Banking1 would like to inform customers that effective
immediately
in order to facilitate compliance with the Shareholder’s Rights Directive II (SRD II), it will provide the Shareholder Identification Request via the disclosure notification MT564 DSCL MAND to CASCADE customers.
Background
As intermediary in the holding chain, Clearstream Banking will implement the Shareholder Identification process.
When Clearstream Banking receives a Shareholder Identification Disclosure Request from an issuer, the request will be transmitted via MT564 DSCL MAND to the next intermediaries in the custody chain.
This request will provide all the information needed to respond to the issuer’s Shareholder Identification Disclosure Request (or the agent appointed by the issuer for this process).
Impact on Customers2
Customers with CASCADE accounts who wish to receive the disclosure notification MT564 DSCL MAND need to subscribe to event type 281 (TA281-AO).
This event type does not provide any filtering possibilities and contains the following events: DSCL (Disclosure), DLST (Delisting), CONV (Conversion), TEND (Squeeze out), CHAN (Notice of name change), EXWA (Expiry of option period with mandatory/automatic exchange (conversion), INFO (Information), REDM (Rights to tender shares of bonds), MRGR (Information about a funds merger).
In order to initiate the subscription please contact: connect@clearstream.com.
If customers wish to receive the DSCL notification for OneClearstream securities, they must have the report subscription scheduled via the Xact Web Portal. For all securities which are not in OneClearstream (for example, DE, US, CH securities), DSCL events will not be visible on the Xact Web Portal.
The MT564 DSCL MAND will provide the SRD II relevant information in the narrative, details are available in the sample and the dictionary (see attachments below). Please note that the Shareholder Identification Disclosure Request via MT564 DSCL MAND will also show the SRD II Identifier to enable customers to distinguish requests related to Shareholder Identification under SRD II from standard disclosure requests.
In addition, as of 5 October 2020, the MT564 DSCL MAND in ISO15022 for DE ISINs will also be sent to CASCADE accounts that have the MT564 report scheduled via Xact Web Portal (for instance, for SRDII DSCL events only, DE ISINs will be considered OneClearstream). This solution properly accounts for record dates in the past and automatic notification if there are new positions. With the implementation of this solution, customers who only hold OneClearstream and DE ISINs in their CASCADE accounts, as well as exclusively use TA281 for DSCL, may want to reconsider the need for this subscription if they already have the MT564 DSCL scheduled via Xact Web Portal. Customers should take note that securities held in CASCADE which are not OneClearstream (for example, U.S., CH), are not part of the Xact Web Portal scheduling.
Until 19 October 2020, customers need to be able to process ISO15022 MT564 DSCL MAND. As of 19 October 2020, the SI request is available in ISO20022 format and can be scheduled via the Xact Web Portal. This solution covers the entire range of ISINs eligible in Clearstream Banking AG.
ISO 20022 Solution as of 19 October 2020
Clearstream Banking will introduce a new Shareholder Identification (SI) module for Asset Services in the Xact Web Portal as of 19 October 2020. This new module will be available to all customers with accounts in Clearstream Banking S.A. (CBL), Clearstream Banking AG (CBF) or LuxCSD S.A3. that have access to asset services through the Xact Web Portal. Access to the new module must be granted by an OU, Administrator to the users who will be in charge of processing Shareholder Identification Disclosure Requests.
Customers will be able to retrieve the report manually or schedule the report within the Xact Web Portal.
A further option for customers is to receive the Shareholder Identification Disclosure Request in SWIFT message format with the seev.045/seev.046 messages. In order to receive these messages, customers must ensure the following:
- SWIFT FINplus service is in place.
- Relationship Management Applications (RMAs) are exchanged with Clearstream Banking S.A., Clearstream Banking AG and/or LuxCSD.
- Communicate the Distinguished Name (DN) and the list of accounts that must be linked to it via SWIFT message MT599 and via email to customeradmin@clearstream.com.
- Once the above is complete, customers need to schedule the report in the Xact Web Portal.
Note:The report will only be active and available as of 19 October 2020.
A solution via Xact File Transfer and MQ-Series will follow at a later stage.
Further information
Further enhancements to the Xact Web Portal are planned in 2021 to cater for the general meetings part of the SRD II Directive. These will be announced in due course.
For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Manager.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. It will not be possible for customers to send a response to Clearstream Banking. The response has to be sent directly to the address provided in the Shareholder Identification Disclosure Request.
3. LuxCSD S.A. (LuxCSD), registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.