Reconciliation process requirements with Transfer Agents and Registrars for fund holdings in the framework of CSDR
In line with CSDR related holding requirements, Clearstream is notifying its participants of the reconciliation process applicable to the overall holding of a particular fund maintained by Clearstream for its customers with the holding position as confirmed by the Transfer Agent (TA) or Registrar appointed by the fund in question.
The reconciliation process follows the same frequency as that of the NAV calculation of the respective fund.
The reconciliation rules are applicable to all EU based TAs or Registrars which must cooperate in a way that allows Clearstream to comply with CSDR requirements.
This commitment to cooperate entails the following requirements:
- The TA or Registrar shall provide Clearstream with a statement of all holdings on the Position Account of Clearstream as at the close of a business day.
- The TA or Registrar shall provide Clearstream with a statement of all new transactions that have affected the Position Account of Clearstream since the previous statement of transactions (if any), and as at the close of a business day.
When there are no new transactions to report, a statement of holdings shall anyway be provided by the TA or the Registrar. We recommend that TAs or Registrars provide comprehensive statements for all fund shares with a daily dealing or trading frequency.
The statements shall be in a format as per the specifications detailed in the attachments available here.
Based on the statements received, Clearstream will reconcile the holdings and transactions of fund shares with its own records and will immediately inform the TA or Registrar of any discrepancies.
The CSDR Customer Readiness team can be reached at CSDRCustomerReadiness@clearstream.com