Disclosure Requirements - Romania

04.05.2015

Disclosure Category: 2

With regard to municipal bonds held with the Romanian central depository (CSD), there are the following disclosure requirements for Clearstream and Clearstream's customers.

Upon the request of the Financial Supervisory Authority, of the CSD or of any other entity for which such right is recognised by the law, the entities having an account with the CSD that is managing the settlement and clearing system must report to the requesting party, as soon as possible, (i) the holdings of financial instruments per each underlying customers and (ii) the identity of such underlying customers for the respective financial instruments.

Such reporting shall include at least the following information:

Identification number of holder; Type (1. physical person/2. legal person); Citizenship; Name of holder; Country; City; Address; Phone Number; Fax Number; Mobile Number; E-mail Address; Legal representative; ISIN; Volume (no of instruments).

Background and legal basis

Regulation No. 13/2005 of the National Securities Commission on the authorisation and functioning of the central depository, the clearing houses and central counterparties, published in Part I of the Official Gazette No. 983 of 4 November 2005, as subsequently completed and amended ("Central Depository Regulation");

Regulation No. 5/2010 of the National Securities Commission on the use of global accounts system, implementation of mechanisms with or without pre-validation of financial instruments, performance of securities lending operations, operations of establishing associated guarantees and short selling operations, published in Part I of the Official Gazette No. 169 of 16 March 2010, as subsequently completed and amended ("Regulation No. 5/2010");

Regulation No. 4/2015 of the Financial Supervisory Authority amending and supplementing the Regulation No. 13/2005 and amending paragraph (1) of Article 9 of the Regulation No 5/2010 of the National Securities Commission on the use of global accounts system, implementation of mechanisms with or without pre-validation of financial instruments, performance of securities lending operations, operations of establishing associated guarantees and short selling operations, published in Part I of the Official Gazette No. 213 of 30 March 2015 ("Regulation No. 4/2015");

With regard to government securities held with the National Bank of Romania, the following reporting requirement applies.  

Reporting to the National Bank of Romania

CBL, as a direct participant in the National Bank of Romania settlement system (SAFIR), is obliged to disclose on a monthly basis, to the National Bank of Romania, all its global holdings per security and holder type of its underlying customers in the different SAFIR -eligible securities.

The identity of the holders within CBL and the underlying beneficial owners will remain undisclosed.