Xact Web Portal: Introduction of New Shareholder Identification module – update

05.07.2021

Note: This announcement, originally published on 20 July 2020 and updated on 10 September, 2 October 2020 and 18 February 2021 has been further updated with an end date to the Interim Solution by using the disclosure notification MT564 DSCL MAND.

As Clearstream Banking1 already informed customers, a new Shareholder Identification (SI) module for Asset Services in the Xact Web Portal was introduced as of  5 October 2020. This module facilitatescustomers’ compliance with the Shareholder’s Rights Directive II (SRD II).

Background

As intermediary in the holding chain, Clearstream Banking has implemented the Shareholder Identification process.

When Clearstream Banking receives a Shareholder Identification Disclosure Request from an issuer, the request will be made available via Xact Web Portal, in addition, the ISO 20022 seev.045/seev.046 messages can be scheduled to be received via Xact File Transfer and/or SWIFTNet FINplus.

This request will provide all the information needed to respond to the issuer’s Shareholder Identification Disclosure Request (or the agent appointed by the issuer for this process).

Impact on Customers

This SI module allows customers to receive an SRD II driven Shareholder Identification Disclosure Requestand is available to all customers with accounts in Clearstream Banking S.A. (CBL), Clearstream Banking AG (CBF) or LuxCSD S.A. that have access to asset services through the Xact Web Portal. Access to the new module must be granted by an OU, Administrator to the users who will be in charge of processing Shareholder Identification Disclosure Requests.

Customers are able to retrieve the report manually or schedule the report within the Xact Web Portal.

A further option for customers is to receive the Shareholder Identification Disclosure Request in SWIFT message format with the seev.045/seev.046 messages. In order to receive these messages, customers must ensure the following:

  • SWIFT FINplus service is in place.
  • Relationship Management Applications (RMAs) are exchanged with Clearstream Banking S.A., Clearstream Banking AG and/or LuxCSD.
  • Communicate the Distinguished Name (DN) and the list of accounts that must be linked to it via SWIFT message MT599 and via email to customeradmin@clearstream.com.
  • Once the above is complete, customers need to schedule the report in the Xact Web Portal.

Interim solution between 3 September 2020 and 22 November 2021

Clearstream Banking provides the following interim solution:

  • Inform customers through current disclosure process by using the disclosure notification MT 564 DSCL MAND incl. SRD II relevant information in the narrative. Details are available in the sample and the dictionary (see attachments below).
  • Customers using the new ISO20022 messages for Shareholder Identification should be able to deal with the existing ISO15022 Disclosure message, as this is a format that will continue to exist for any disclosures outside of SRD II.
  • The Shareholder Identification Disclosure Request via MT564 will show the SRD II Identifier to enable customers to distinguish requests related to Shareholder Identification under SRD II from standard disclosure requests.

Further information

Further enhancements to the Xact Web Portal are planned in 2021 to cater for the general meetings part of the SRD II Directive. See announcement C21031

For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Manager.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

2. It will not be possible for customers to send a response to Clearstream Banking. The response has to be sent directly to the address provided in the Shareholder Identification Disclosure Request.