Usage of Assets - Update

08.01.2018

Note: This announcement originally published on 18 December 2017 was updated to clarify the details to be provided to CBF. Changes are highlighted.

Clearstream Banking AG1 (CBF) reminds customers2 to send us the usage of assets classification (“Bestandsart”) where missing by

31 March 2018

Background

In line with the requirements of CSDR Level 2 text Art. 55(3)(b) a CSD shall – amongst other items - record for each position the type of securities account, according to whether a securities account belongs to:

  • a participant (“participant’s own account”);
  • one of its clients (“individual client segregation”); or

  • several of its clients (“omnibus client segregation”).

CBF has its own terminology for these types of accounts and customers must indicate for each account and each sub-account whether the usage of assets (“Bestandsart”) is:

  • Own account;

  • Client omnibus account (please confirm that no underlying client holds 25% or more of the value of the deposited assets);

  • Client segregated account (for segregated third party assets, please indicate the details of the underlying client to be recorded in the CBF business partner register).

Note: All automatically opened accounts (xxxx/005, xxxx/051, xxxx/080, xxxx/230, xxxx/670, xxxx/671, xxxx/850, xxxx/851, xxxx/991, xxxx/995) will have the same asset flag as the customer’s main account xxxx/000.

The above disclosure requirement with regards to “client segregated accounts” is stipulated in the Fourth EU Anti Money Laundering Directive3, Article 13 No. 1 (b).

Please send the information for each sub-account (apart from the automatically opened accounts) either via SWIFT MT599 to DAKVDEFFXXX, attention Client Due Diligence & Admission CSC, or via a letter duly signed by authorised signatories, as follows:

Clearstream Banking AG
Client Due Diligence & Admission CSC
60485 Frankfurt am Main

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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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. A legal person or entity, whether public or private, or a partnership or a common fund which has been accepted by Clearstream Banking as a customer and being a participant within the meaning of the CSDR.
3. Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.