Asset servicing - Serbia
Income collection
The Serbian Market does not recognise ex-date concept. All entitlements or other rights (for example, voting) are based exclusively on record date settled positions. There are no strict rules on determination of record date (usually set in the past) and pay-date, thus giving the issuer full discretion in determining these dates. The coupon or maturity payment of government debt securities is executed via the CSD, therefore the pay dates are strictly defined and carried out via the CSD.
| Service offered | Remarks |
| Notification to customers | |
Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal and Xact File Transfer. | See Section 8 “Asset servicing” of the Customer Handbook. See Connectivity manuals on the Clearstream website. |
| Payment of proceeds | |
Interest and redemption payments from issuers will be processed on CBL’s Republic of Serbia Dinar (RSD) cash account opened with Raiffeisen Bank International AG. Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the customer's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value. | For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Customer Handbook. |
CSD Fees
A redemption payment fee of 0.055% applies with a maximum amount of Serbian Dinar (RSD) 5500 on issuances after 13 October 2011.
Interest and coupon payment fees of 0.055% apply without a limit.
Repatriation
The RSD is fully convertible within Serbia and can be freely traded against any other hard currency.
There are no restrictions on the transfer of RSD in and out of Serbia for investment purposes.
Proxy Voting procedures
Proxy voting services are not available in CBL for this market.
Entitlement compensation rules
Entitlement compensation is not a market practice and therefore does not apply to the market.