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Investor Settlement and Release Agreement document sample
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Cyprus Stock Exchange Services Conversion table
5. Fees charged to
3. Complete which tariff sections/captions refer to 4. Reference to
1. Services 2. ECSDA proposed sub-sections to ease completion (issuer or its agent, 6. Service description
which service tariff brochure -
(as listed in section V of Code) conversion table intermediary, end investor, (in summary or reference to existing documents)
(one caption per row - insert as many rows as required) (Fees table)
other)
Account Provision & Asset Creation of Investor Account in the Central Securities Depository Account Operators (CSE Members and Custodians) create
Opening and maintenance of investors share account Table III, pt. 5 Intermediary
Servicing (CSD) of Cyprus Stock Exhange (CSE) securities accounts and maintain client information
Maintenance Cost For one calendar year
Rebate Scheme is applied for this charge as it is
described in the pricing policy
Servises
Clearing and Settlement Infrastructure Usage for Account
Opening and maintenance of investors share account Table II, pt. 8 Intermediary Offered to Account Operators include
Operators (on an annual basis)
CSD terminals and application licences,
Software upgrades,
One time fee for legal electronic connection
CSD membership Members and Custodians Table IX pt.1 pt. 2 Intermediary Annual fee for on line
connection
Securities held at the end-client level account with CSD acting
Asset servicing dematerialised securities Investor portfolios held in the special accounts Free of charge Investor
as an Account Oprerator
Maintenance of shares, warrants and bonds register
The maintenance of registers
Annual maintenance of shares and warrants
Table IV, pt. 3 & Table
registers
Asset servicing dematerialised securities Issuers’ register maintenance (on annual Basis) Issuer Annual maintenance of
VI pt.1.3
corporate bonds register
Annual
maintenance of municipal bonds register
Correction in the investors account due to false entry at the
time when the registry was submited to the CSD. Blocking of
Asset servicing dematerialised securities Corrections of Investors account Table IV, pt.5.1/5.2 Issuer
securities due to a false input until the completions of the
correction.
Allocation of bonus shares, shares splits, mergers etc.
Asset servicing dematerialised securities Corporate Actions Table IV, pt.4 Issuer
The exercise of warrants, acquisition etc.
Archive preparation under request, from the issuer which are
necessary either for the listing of securities or for corporate
actions purposes (i.e. assignment beneficiaries archives)
Asset servicing dematerialised securities Corporate Actions - Procedure of archieve preparation Table IV, pt.6.1/6.2 Issuer
Conversion of software
standards regarding the archives prepared by CSE (i.e.
The service includes the trasnfer of shares from investor to
Asset servicing dematerialised securities Corporate Actions : Squeeze out payment Table V,D, pt.4 Offeror
offeror
Actions taken by the CSD to serve the CSE Operator that acts
as consultant within the framework of the Public Offer, (i.e.
examination of the acceptance form, the completion after
Asset servicing dematerialised securities Corporate Actions : Procedure of Public Offer Table IV, pt.8 Intermediary
having forwarded the archive of off-exchange conveyance of
the transfer of securities from the investors’ share account to
the share account of the person who made the public offer.
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Cyprus Stock Exchange Services Conversion table
The servise includes:
Asset servicing dematerialised securities Corporate Actions : Sell out payments Table V,D, pt.4 Investor or offeror The transfer of shares from investor to offeror
Preparation of electronic archives that are necessary in cases of
public offer, and the submition of these archieves to the CSE
Asset servicing dematerialised securities Corporate Actions : Procedure of squeeze out and sell out Table IV, pt.7 Intermediary
Operator that acts as a consultant within the framework of the
Public Offer
Information from the Registry to the issuers regarding Dividents
Asset servicing dematerialised securities and Interest Payments Table VIII, pt.3.1 Issuer End -Client Information given to Issuers
Asset servicing dematerialised securities Redemption of Debentures and Return on Capital in Cash Free of charge
Asset servicing physical/immobilised securities Service not offered
Proxy voting Service not offered
Withholding tax services Service not offered
CSD on line service includes:
Provision of information on investor account via internet (CSD on Transactions and balances
Information Services to End-Investors Table VIII pt. 21 Investor
line service)
Portfolio evaluation
Securities Security through
Investor helpline
Information Services to End-Investors Free of charge Business day service 7:30 - 17:00 through phone or e-mail
Securities Account information via help desk
Information Services to End-Investors Table VIII pt.3.3, pt 4 Investor Issue of Statements, Issue of Registry, Inspection of Registry
Approval and Maintenance of Proxies and Corporate Legal
Documents.
Sundry Servises to Investors Sundry Servises to Investors Free of charge
Correction/updating of Investors details in Share
Accounts
Delivery of the Electronic Registry,
Establishing securities in book- Undertaking of new Register by the Central Depository and the
Issuance dematerialised securities Table IV. 2 Issuer Evaluation of the Registry,
entry form Central Registry
Finalisation of Registry
Cancellation of securities (e.g. due to issuer buy-back of owed
Redemption/cancellation dematerialised securities Table IV, pt.4 Issuer
shares)
Deposit physical securities in book-entry form (immobilisation) Servise not offered
Withdrawal physical securities from book-entry system Not applicable
Table III pt. 4 & Table Pledging, releasing of Securities, modification of the terms of
Registration Services Securities Pledges Investor
VIII pt. 8-9 the pledge
Registration Services Securities' Freezes Free of charge Freeze of Securities due to Court Order
Transfer of securities from the Special Account to Operators Table III pt. 5 & Table Investor
Registration Services Transfer of securities to Operators from the Special Account
Accounts VIII pt. 10
Registration of Securities due to incheritance and transfers Investor ( Beneficiary of
Registration Services Table III pt 1 Transfer of Securities held in CSD at the End Client Level.
executed outside the Exchange (Article 23) Incheritasnce )
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Cyprus Stock Exchange Services Conversion table
Fee for keeping the securities in Special Account. It is paid
Keeping Securities in the Special Account (valid as from once per Share Account in case there is a transfer of securities
Registration Services Table III pt. 6 Intermediary
1/7/2010) from the Special Account - the value of the Special exceeds
€2.000.
Investor ( Beneficiary of
Registration Services Release blocked securities Table III pt. 7 Release of blocked securities in order to be sold
Incheritasnce )
Clearing and Settlement
Verification This service is not charged seperately This servise is part of the Clearing and Settlement procces
(including verification)
Settlement netting Free of charge Netting is allowed only for cash
Stock Exchange transfer of
- Shares
Investor Cash Settlement at the operators' level and Securities
Clearing and settlement for Stock Exchange transactions - Warrants Table III pt.3
(both parties) Settlement at end client level
- Rights
- Bonds
The servise includes change of Account Operator for any end-
client that is kept with CSD, free of charge for: any number of
Own account transfers Change of Account Operators ( for the same end-client) Free of Charge Intermediary
securities or ISINS, any number of Account Operators involved,
any number of times
Spot 1 and Spot 2 are pre-agreed transactions through which a
Investor member buys securities in order to cover its obligation to
Other Fail trades (Spot 1 & Spot 2) Table III pt.3
(both parties) deliver securities to the settlement system (as a result of a fail
trade).
Registration of (disentemediated) OTC transfers
Registration for OTC transactions DvP or FoP -Shares, Not applicable yet
-Bonds
Registration of FOP OTC transfers
Registration for OTC transactions DvP or FoP - Shares, Not applicable yet
- Bonds and Dedentures
Registration of DvP OTC transfers
Registration for OTC transactions DvP or FoP - Shares, Not applicable yet
- Bonds and Dedentures
Charge per instruction in case of Charge for ammending the settlement instruction for:
- Transfers - Trade transfers or trade splits for any type of a settlement
Other - Split Table II, pt. 11 Intermediary instruction
- Cancelations - Cancellation on trade transfers or trade splits for any type
from Account operators of a settlement instruction
Ability of the Operator to tranfer the oblication for Settlement to
Free of charge
another operator
Securities Lending and Borrowing Fail related SLB Not applicable
Other Very soon will be introduced ( as OTC trade)
Collateral management related to collateralisation of central bank The Central Bank has a special Role as Operator in the CSD
Collateral management Free of Charge
liquidity and performs Collateral Management
Regulatory
Admitistrative Act Management of the Fund that is owned by the CSE Members.
Management of Guarantee Funds Members' contributions to the Joint Guarantee Fund 396/2006 Other The Fund is used to guarantee daily clearing for all trading
Table II, Members of CSE.
pt.9.1/9.2
Risk Management Free of charge Operators Calculation of Members trading limits / Guarantee levels
1.On-line connection of Member for the provision of data on
client orders, transactions and trading account balances,
2. On-line connection of an issuer with the
Communication Table VIII pt.1 Table II
Technical communication set-up and maintenance CSD on line connection with issuers and members Issuer & Intermediaries Central Securities Depository and the Central Registry
(note: not in Code) pt 2.4, Table IX pt.1, 2
system for the provision of information, 3. One - off fee for
on line connection within Cyprus, 4.On - line connection
fee for the provision of data
* Is always an Account Operator of CSE
Intermediary :
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Guidelines for completion conversion table
General
Please put your entity's name in the header of the table and on the worksheet tab
Column 1 The list of services corresponds to the one from the Code of Conduct and uses the Commission definition (if any). The Commission definitions are repeated in worksheet 3
Column 2 Provides guidelines on which subsections belong to the defined services. As the list is not exhaustive, the "other" category may need to be used.
Column 3 The table should at least include tariff captions that related to domestic equities. CSDs can decide to cover all asset classes
All captions of the tariff (related to domestic equities) should be introduced in the table; if they cannot be allocated to a specific service, introduce them in the "other" category
If you combine various tariff captions into one entry (e.g. because otherwise too many lines appear), clarify this
To the extent possible, ensure that you use exactly the same wording as the text in your tariff brochure
Column 4 Use column 4 to make the link to the tariff brochure as clear as possible
Column 5 Specify to whom the fees are charged. Four possibilities: issuers (or their agent), intermediaries, end investor and other
Column 6 Optional. Includes short service description, explanation of acronyms, or a reference to service description documentation
Guidelines related to services
Reporting charges should be included in the relevant service caption, not in the other category
If a certain line of the table is not applicable to your CSD, please complete with "service not offered" or "service not charged for separately"
Account provision and Should include all standard charges that are related to opening and maintaining securities accounts (e.g. membership fees, minimum fees, annual fees, etc) as well as holding and administrating securities on
Asset servicing those accounts including special event driven as
Establishing securities in Includes services to issuers in the issuance (redemption/cancellation) of their securities as well as the deposit (withdrawal) of physical securities; the other category may include registration services (if
book-entry form applicable)
Clearing and Settlement
Should at least include domestic, internal settlement. CSDs may decide to also include external settlement .
(including verification)
Securities Lending and
This caption should includes all types of SLB but makes the difference between fail related SLB and other forms of SLB offered
Borrowing
Should include all collateral management services but make the difference between collateral management related to central bank liquidity provision and other collateral management services
Collateral Management
as well as services (operational, risk management, etc) related to running guarantee-type of funds for their members or third parties
Communication Includes technical set-up and maintenance of communication network; can also include (re-)charges of network provider fees
Other Other section should contain all services that cannot be classified in the above categories so that all captions of tariff brochure are shown in conversion table
Services Commission definition
Account provision The maintenance of securities accounts
The initial representation and subsequent maintenance of securities in book-entry form through initial credits and
Establishing securities in book-entry form subsequent credits or debits to securities accounts, on the basis of: (a) the information provided by the issuer or its
agent; or (b) the number of physical securities on deposit
Securities administration activities performed for others , e.g. processing of corporate actions, tax reclaims and portfolio
Asset Servicing
valuation
Deposit The storage of physical securities on behalf of others
The process of comparison and reconciliation of transaction or settlement details, to ensure that there is agreement on
Verification
these details
The process of establishing settlement positions, possibly including the calculation of net positions, and the process of
Clearing
checking that securities, cash or both are available
The act of crediting and debiting the transferee’s and transferor’s accounts respectively, with the aim of completing a
Settlement
transaction in securities
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