Changes in Conversion table 5-1-10

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Changes in Conversion table 5-1-10 Powered By Docstoc
					              Cyprus Stock Exchange                                                                                            Services Conversion table




                                                                                              3. Complete which tariff sections/captions refer to                 4. Reference to         5. Fees charged to (issuer
1. Services                             2. ECSDA proposed sub-sections to ease completion                                                                                                                                                6. Service description
                                                                                                                  which service                                   tariff brochure -        or its agent, intermediary,
(as listed in section V of Code)                        conversion table                                                                                                                                                      (in summary or reference to existing documents)
                                                                                              (one caption per row - insert as many rows as required)                (Fees table)              end investor, 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 Offered to Account Operators include
                                                                                                                                                                                                                         CSD terminals and application licences,
                                                                                            Clearing and Settlement Infrastructure Usage for Account
                                      Opening and maintenance of investors share account                                                                        Table II, pt. 8           Intermediary                   Software upgrades,
                                                                                            Operators (on an annual basis)
                                                                                                                                                                                                                         Reports and files uploading to the terminals of the operators,
                                                                                                                                                                                                                         Account operator helpdesk support,
                                                                                                                                                                                                                         Information about beneficiary owners dates and other relevant
                                                                                                                                                                                                                         corporate action information,
                                                                                                                                                                                                                         All (clients) accounts are kept by CSD



                                                                                                                                                                                                                         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 registers
                                                                                                                                                                Table IV, pt. 3 & Table
                                      Asset servicing dematerialised securities             Issuers’ register maintenance (on annual Basis)                                               Issuer                         Annual maintenance of corporate bonds register
                                                                                                                                                                VI pt.1.3
                                                                                                                                                                                                                         Annual maintenance of municipal bonds register
                                                                                                                                                                                                                         Annual maintenance of government bonds register excluding
                                                                                                                                                                                                                         Treasury Bills registers



                                                                                                                                                                                                                         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
                                      Asset servicing dematerialised securities             Corporate Actions - Procedure of archieve preparation               Table IV, pt.6.1/6.2      Issuer                         actions purposes (i.e. assignment beneficiaries archives)
                                                                                                                                                                                                                         Conversion of software standards regarding the archives
                                                                                                                                                                                                                         prepared by CSE (i.e. conversion in excel format).



                                                                                                                                                                                                                         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
                                                                                                                                                                                                                                  Transfer of 'exchanged ' shares from offeror to investor


                                                                                                                                                                                                                                  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 compulsory use of 2 access codes



                                                                                                        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
                                      Sundry Servises to Investors                                      Sundry Servises to Investors                                        Free of charge                                        Documents.
                                                                                                                                                                                                                                  Correction/updating of Investors details in Share Accounts



                                                                                                                                                                                                                                  Delivery of the Electronic Registry,
Establishing securities in book-      Issuance dematerialised securities                                Undertaking of new Register by the Central Depository and the
                                                                                                                                                                            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   Investor                    Pledging, releasing of Securities, modification of the terms of
                                      Registration Services                                             Securities Pledges
                                                                                                                                                                            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                                             executed outside the Exchange (Article 23)                          Table III pt 1                                        Transfer of Securities held in CSD at the End Client Level.
                                                                                                                                                                                                      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 of
                                                                                                                   from Account operators                                                                                             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 and
Collateral management                                                                                          Free of Charge
                                         liquidity                                                                                                                                                                                    performs Collateral Management




                                                                                                                                                                               Regulatory
                                                                                                                                                                                                                                      Management of the Fund that is owned by the CSE Members.
                                                                                                                                                                               Admitistrative Act
                                         Management of Guarantee Funds                                         Members' contributions to the Joint Guarantee Fund                                         Other                       The Fund is used to guarantee daily clearing for all trading
                                                                                                                                                                               396/2006
                                                                                                                                                                                                                                      Members of CSE.
                                                                                                                                                                               Table II, 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,
Communication                                                                                                                                                                  Table VIII pt.1 Table II                               2. On-line connection of an issuer with the Central Securities
                                         Technical communication set-up and maintenance                        CSD on line connection with issuers and members                                            Issuer & Intermediaries
(note: not in Code)                                                                                                                                                            pt 2.4, Table IX pt.1, 2                               Depository and the Central Registry 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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