Creation Link Guide - Norway

11.05.2018

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct Operated

a. CSD Regulation (EU) No 909/2014 art. 2 (29)

 

CSD

Account operator

Name

Verdipapircentralen ASA (VPS ASA)

DNB Bank ASA, Oslo

FATCA GIIN

Not available

HHC0GH.00000.LE.578

LEI

5967007LIEEXZX9IEO75

549300GKFG0RYRRQ1414

Country of incorporation

Norway

Norway

Account type

Omnibus account

Mirror omnibus account

Legal Account name / holder

Clearstream Banking SA

Clearstream Banking SA

Operational arrangements

Yes/NoRemarks
Settlement free of paymentYes 
Settlement against paymentYesEligible settlement currency: Norwegian Krone (NOK).
Settlement against payment in central bank money account of CBL/CBL customerNoCBL holds a cash account at DNB Bank. Settlement against payment is conducted on the account of DNB Bank at the local central bank.
Bridge settlementYes 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo 
Pre-matchingYesAutomated through VPS.
Back-to-back processingYesB2B available for all equities and dematerialised bonds eligible in the Norwegian market.
AllegementsYes 
Automatic compensationNo 
Registered securitiesYes 
Multi Market SecuritiesYes 
Lending and borrowingYesNorwegian debt securities only, equities are not eligible.
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsYes 
Repo servicesYes 
Market restrictionsYesNo equities that are beneficially owned by Norwegian individual residents can be held through CBL account. 
FTTNo 
Daily reconciliationYes
Link eligible for use in Eurosystem credit operationsNo

Bilateral cancellation

Yes

Settlement finality

Settlement in VPS is irrevocable and final.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 27 January 2017. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.

No insolvency proceedings against the account operator or the CSD

Confirmed

Liability for negligence

Confirmed.

The CSD is liable for economical loss suffered as a result of errors in connection with its securities register business, including errors committted by the external registrars/account operators (such as the Account Operator), unless the CSD can establish that the error originated outside its control.

Book-entry regime with in rem rights

Confirmed

No entitlement of the account operator/CSD  

Confirmed

Recognition as direct CSD account-holder

Confirmed

Recognition of nominee concept

Confirmed

No right of retention to the account operator/CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of account operator/CSD with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Local law does not have rules explicity regulating shortfall of securities and no case law exists on this matter.

Settlement finality in case of insolvency

Confirmed