T2S Link Guide - Malta

29.01.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct linkb to Malta Stock Exchange plc

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

b. Interoperable link for T2S-related aspects.

 

CSD (as CBF’s depository)

Name

Malta Stock Exchange plc operating Maltaclear

FATCA GIIN

MRJBCF.99999.SL.470

LEI

5299009CKES2S5E3YG94

Country of incorporation

Malta

Account type

Omnibus account

Legal Account name/holder

Clearstream Banking AG

Operational arrangements

 

Yes/No

Remarks

Settlement in T2S

Yes

 

Settlement free of payment

Yes

 

Settlement against payment

Yes

Eligible settlement currency: Euro (EUR).

Settlement against payment in central bank money

Yes

 

Settlement penalty fees

No

 

Partial settlement

Yes

 

Hold and release

Yes

 

Allegements

Yes

 

Automatic compensation

Yes

 

Transaction Linking

Yes

 

Registered securities

Yes

All securities are registered and there are no bearer shares in the Maltese market.

Market claims

Yes

 

Transformation

Yes

 

Transaction management

Yes

 

Multi Market Securities

No

 

Lending and borrowing

No

 

Proxy voting

Yes

 

Investment Funds

No

 

Sale and purchase of rights

No

 

Repo services

No

 

Market restrictions

No

 

FTT

No

 

Daily reconciliation

Yes

 

Link eligible for use in Eurosystem credit operations

Yes

 

 

Moment of entry of instructions

The moment of entry of MaltaClear securities or cash transfer

orders shall occur upon validation, which shall comply with T2S validation criteria where such an order is entered for T2S settlement. Upon entry into MaltaClear, all orders shall benefit from protection under the Central Bank of Malta Directive No. 2 and they will be acknowledged as valid transfer orders.

Irrevocability of instructions

Transfer orders become irrevocable upon matching.

Finality of instructions

Settlement in T2S  is simultaneous, final and irrevocable.

Legal Arrangements

The below section is based on the legal opinion that was issued to CBF on 23 October 2018. 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 CSD

Confirmed

Liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition as direct CSD account-holder

Confirmed

Recognition of nominee concept

Confirmed

No right of retention for the CSD

Confirmed

Segregation of assets at the CSD

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of CSD with no impact on CBF's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Settlement finality in case of insolvency

Confirmed

Record keeping period of at least 10 years

Confirmed