Market Link Guide - Georgia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via JSC Bank of Georgia to:
|
a.CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | National Bank of Georgia (NBG) Georgian Central Securities Depository (GCSC) | JSC Bank of Georgia |
FATCA GIIN | Not available | K5YGNR.00000.LE.268 |
LEI | NBG: 254900MHQHBC58M2GR84 GCSD: Not available | 549300RPLD8RXL49Z691 |
Country of incorporation | Georgia | Georgia |
Account type | NBG: Omnibus account GCSD: Omnibus account | Omnibus account |
Legal Account name / holder | Clearstream Banking S.A. nominee account via JSC Bank of Georgia Nominee account called “Bank of Georgia/Clearstream Banking S.A. nominee account” in the books of each CSD i.e. NBoG and GCSD. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | No | |
| 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 | No | |
| Pre-matching | No | |
| Back-to-back processing | No | |
| Allegements | Yes | Only for Government-issued securities settled with the Central Bank of Georgia. |
| Automatic compensation | No | |
| Registered securities | Not available | There is no registration of securities in Georgia as a separate process; an automatic and simultaneous registration process instead applies upon the purchase or sale of securities under the Bank of Georgia client nominee account. |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| Proxy voting | No | |
| Investment Funds | No | |
| Liquidity Hub Connect | 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 | No |
Moment of entry of instructions | The rules of National Bank of Georgia as operator of a CSD system or the rules of Georgian Central Securities Depository do not define the moment of entry within the meaning of the Settlement Finality Directive. |
Irrevocability of instructions | Settled transactions are irrevocable. |
Settlement finality of instructions | Transfer of securities from the seller to the buyer (delivery) occurs is simultaneous and final. |
Legal Arrangements
The below section is based on the legal opinion obtained by CBL that was issued on 2 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 |
Custodian’s liability for negligence | 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 | Confirmed, it being noted that deviations from the client's instructions if it can be presumed that the client would have approved the deviation. |
No upper-tier attachments | There is no express prohibition under local law concerning upper-tier attachments. |
Insolvency of the custodian with no impact on CBL's rights | Confirmed (other than for cash). |
Shortfall pro-rated among holders | Local law is unclear in this respect. |
Record keeping of at least 10 years | Confirmed |
Settlement finality in case of insolvency | Confirmed |