New Domestic Markets Monitoring Report
customers of Clearstream Banking1 can subscribe to a new report supplementing existing materials with additional reporting on the domestic market links maintained on the Creation platform (CBL) and those maintained on the CASCADE platform (CBF).
Covering information related to subcustodians, agents and local market infrastructure, the new Domestic Markets Monitoring Report, which is available to customers on an individual subscription basis and whose content will be reviewed and updated at least annually, is designed to help customers to obtain a comprehensive view of the network (and the custody chain) established and maintained by CBL and CBF, as well as of the legal framework applicable in the local markets.
This information can support the due diligence obligations and the regulator-related functions that the customer may be required to perform, particularly where, for example, it is acting as a “depositary bank” under AIFMD2 or UCITS V3.
The new Domestic Markets Monitoring Report, for which an annual fee is charged as stipulated in the Fee Schedule for the respective platform, contains information4 related to:
- The domestic markets covered by CBL and CBF;
- The structure of CBL and CBF direct and indirect custody links and a description of CBL and CBF relationships with key market institutions, including information on the restitution of securities in the event of loss;
- CSD account structures, regulatory supervision, audit provisions, liens on participant accounts and other relevant information;
- CBL's and CBF’s subcustodian account structures, corporate status, audit details, asset reconciliation and other relevant information (for example, due diligence visits);
- General information on CBL's and CBF's subcustodian network selection and review procedures.
Note: Due to market or link specificities, the level and quantity of information may differ from one market to another.
The report is prepared for general information purposes only, based on trusted third-party sources or publicly available information.
How to subscribe to the new report
The report application form is attached but can also be found on the Clearstream website or customers can request it from their Relationship Officer. A sample report can be provided to customers upon request.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
2. Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) came into force in 2011 and was to be transposed to the national laws of all 27 EU member states by July 2013. Among other things, AIFMs are required to provide reporting to their upstream regulators and investors that demonstrates their understanding of the custody chain through which securities belonging to an AIF are held.
3. Directive that was adopted by the European Parliament on 15th April 2014 (currently pending European Council approval) amending Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to Undertakings for Collective Investment in Transferable Securities.
4. Due to market or link specificities, the level and quantity of information may differ from one market to another.
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