Creation Link Guide - Finland

08.05.2018

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

Euroclear Finland (EFI)

Nordea Bank AB Finnish Branch

FATCA GIIN

G7IYVV.99999.SL.246

NATWSC.00000.BR.246

LEI

74370020ZOTVC5EOAA37

6SCPQ280AIY8EP3XFW53

Country of incorporation

Finland

Sweden

Account type

Custodial nominee account

Mirror omnibus account

Legal Account name / holder

Clearstream Banking SA

Clearstream Banking SA

Operational arrangements

Yes/NoRemarks
Settlement free of paymentYes  
Settlement against paymentYes Eligible settlement currency: Euro (EUR).
Against payment settlement in EUR is not applicable to non-EUR denominated securities in Infinity.
Settlement against payment in central bank moneyNoCBL holds a cash account at the account operator. Against payment settlement in EUR takes place on the cash account of Nordea Bank AB Finnish branch at the Finnish Central Bank.
Bridge settlementYes 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesNo 
Pre-matchingYesImmediate release flag.
Back-to-back processingNo
AllegementsNo
Automatic compensationYesAdjustments (trade date after ex date but settlement after record date) for trades on equities with the settlement cycle of T+2 and above.
Registered securitiesYesRegistration takes place automatically upon settlement.
Multi Market SecuritiesYes 
Lending and borrowingYes 
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsYesOnly sale of rights is available.
Repo servicesYes 
Market restrictionsYesSecurities that are beneficially owned by Finnish nationals cannot be held in CBL.
FTTNo 
Daily reconciliationYes
Link eligible for use in Eurosystem credit operationsYes

Settlement finality

Settlement is final upon settlement in the books of Euroclear Finland.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 28 August 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

Confirmed

No right of retention to the account operator/CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Under Finnish law, the CSD holds a statutory right of pledge to book-entry securities registered in a commission as security for the settlement obligations , that the settlement system has assumed in accordance with the rules of the settlement system.

 

No upper-tier attachments

Confirmed

Insolvency with no impact on CBL's rights 

Local law does not contain explicit provisions for the means of recovery of securities held in the book-entry system maintained by the CSD if the CSD would be subject to insolvency proceedings.

Shortfall pro-rated among holders

Confirmed

Settlement finality in case of insolvency

Confirmed