Market Link Guide ‒ Croatia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Erste Group Bank Vienna and sub-deposited at Erste & Steiermärkische d.d. Zagreb |
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Custodian | |
Name | Central Depository & Clearing Company Inc. (CDCC) | Custodian: Erste Group Bank AG Vienna Sub-custodian: Erste & Steiermärkische d.d. Zagreb |
FATCA GIIN | Not available | Custodian: L99T2F.00000.LE.040 Sub-custodian: L99T2F.00032.ME.191 |
LEI | 747800V0CCQGC89GOW91 | Custodian: PQOH26KWDF7CG10L6792 Sub-custodian: 549300A2F46GR0UOM390 |
Country of incorporation | Croatia | Custodian: Austria Sub-custodian: Croatia |
Account type | Omnibus account | Custodian: Omnibus account Sub-custodian: Omnibus account |
Legal Account name / holder | Erste & Steiermärkische d.d. Zagreb holds individually segregated account at the CSD for Clearstream Banking SA | Custodian: Clearstream Banking SA Sub-custodian: Erste Group Bank for Clearstream Banking SA |
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | |
| Settlement against payment in central bank money account of CBL/CBL customers | Not available | |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | Yes | Failing to meet cash obligations to the CDCC (SELL OUT): Not available. Failing to meet the obligation to deliver securities to the CDCC (BUY IN):
|
| Pre-matching | Yes | Manual by telephone or email |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | No | |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| Proxy voting | No | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | In Croatia the market practice of right trading does not exist. |
| Repo services | No | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Moment of entry of instructions | Settlement instructions that are directly entered into the CDCC system by the participants are considered to have been accepted in the system at the time of approval. |
Irrevocability of instructions | The moment of irrevocability of settlement instruction (transfer order) to be settled in the CDCC system will be at “matching” of those transfer orders. Participant members are allowed to cancel settlement instructions unilaterally prior to matching. After this moment, CDCC shall allow only bilateral cancellations for matched instructions |
Finality of instructions | The moment of finality of settlement instruction will be the moment of the processing of the settlement. Against payment settlement instructions are settled in the CDCC system at the time of transfer of securities to the securities account and the creation of a payment order on the relevant cash account. Settlement instructions free of payment are settled at the time of transfer of securities to the securities account. |
Legal Arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 26 September 2022. 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 custodian | Confirmed |
Liability for negligence of the custodian | Confirmed |
Book-entry regime with in rem rights | Confirmed |
Recognition of nominee concept | Confirmed |
No right of retention for the custodian | Confirmed |
Segregation of assets at the custodian | Confirmed |
No right of use for the custodian | Confirmed |
No upper-tier attachments | Confirmed |
Insolvency of the CSD with no impact on custodian's rights | Confirmed |
| Record keeping for a period of at least 10 years | Confirmed |
Shortfall pro-rated among holders | Confirmed under the laws of Austria There are no clear provisions regulating shortfall under Croatian law. It is however expected that the shortfall would be pro-rated among holders. |