Clearstream accepts investment funds - collective investment schemes that are ‘unitised’ as a security - for deposit and settlement. This is usually shown by the existence of an ISIN or an equivalent local market securities identifier (such as CUSIP, SEDOL).
Investment fund shares must be eligible for book-entry transfer in Clearstream. Participations in collective investment schemes that are only expressed as pro-rata participations, such as partnerships and other multi-person ventures, are not accepted for deposit and settlement.
Acceptance of investment fund shares in Clearstream is subject to the receipt of the final Fund prospectus, or the last available draft prospectus if the ISIN is included in the prospectus. In the latter case, the final prospectus must be sent to Clearstream as soon as it is available.
In the case of umbrella funds, where some funds have already been accepted and for which no modifications have been introduced in the first version of the prospectus, only the relevant addendum is required for an additional share class to be accepted in Clearstream.
In addition, for compliance and organisational requirements, Clearstream will request documentation in order to:
- have an overview of the legal structures behind asset managers and transfer agents.
- validate the legal nature of the position that will be held by Clearstream with the entity appointed by the fund to hold and manage its books.
Relevant forms and requirements are available via email from firstname.lastname@example.org
The eligibility assessment is performed by the Investment Fund Services/New Issues acceptance teams.
Further detailed information can be found in 'Operational Guidelines for Investment Funds Shares