Creation Link Guide - Belgium - NBB-eligible securities

16.05.2018

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

National Bank of Belgium (NBB)

KBC Securities NV

FATCA GIIN

LVPRMC.99999.SL.056

5DHUWX.00021.ME.056

LEI

CGYP50QBGGR6NCHTSN68

2138005SP78ELLT822P61

Country of incorporation

Belgium

Belgium

Account type

Omnibus account

Mirror omnibus account

Legal account name / holder

Clearstream Banking SA

Clearstream Banking SA

Operational arrangements

Yes/NoRemarks
Settlement in T2SYes
Settlement free of paymentYes 
Settlement against paymentYesEligible settlement currency Euro (EUR).
Settlement against payment in central bank money account of CBL/CBL customersYesAgainst payment settlement in EUR takes place on the DCA of CBL at the Central Bank of Luxembourg. 
Bridge settlementYes 
Shaping facilityNo 
Partial settlementYesCustomers are able to refrain from the partial settlement service.
Settlement penalty feesYes 
Hold and releaseYes 
Back-to-back processingYes
AllegementsYes 
Automatic compensationYes 
Registered securitiesNo 
Multi Market SecuritiesYes 
Lending and borrowingYes 
Proxy votingNo 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesNo 
Market restrictionsYesCBL has a "X" account at NBB. Refer to Tax Services in Other services.
FTTNo 
Daily reconciliationYes
Bilateral cancellationYes
Link eligible for use in Eurosystem credit operationsYes

Settlement finality

Settlement in T2S is simultaneous, final and irrevocable.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 2 October 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

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

The nominee concept is not generally recognised under local law, though a right of revendication exists for owners of securities in the event of a bankruptcy or any other situation of conflicting claims of creditors of the CSD.

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 

No impact on CBL's in rem rights cannot be confirmed, though protection against a bankruptcy or other situation of conflicting claims of creditors in the form of a revindication right is provided to particpants holding securities on own account and the owners. Consequently, the securities will be protected from the unsecured CSD creditors.

Shortfall pro-rated among holders

Confirmed

Settlement finality in case of insolvency

Confirmed