Market Link Guide - Iceland

15.07.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Direct link to LuxCSD for holding Nasdaq CSD Iceland eligible securities

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


CSD (as LuxCSD’s depository)

Custodian (as CBL’s depository)

Name

Nasdaq verðbréfamiðstöð hf.
(Nasdaq CSD Iceland - INCSD)

LuxCSD

FATCA GIIN

T3K0RZ.00002.ME.352.

N1V1GJ.00001.ME.442

LEI

485100UDQ4I0YIGBY032

222100T6ICDIY8V4VX70

Country of incorporation

Iceland

Luxembourg

Account type

Omnibus account

Omnibus account

Legal account name/holder

LuxCSD

Clearstream Banking S.A.

Operational arrangements

(CBL link to LuxCSD – for details on LuxCSD link to Nasdaq CSD Iceland, please refer to the LuxCSD website)


Yes/No

Remarks

Settlement in T2S

No


Settlement free of payment

Yes


Settlement against payment

Yes

Eligible settlement currency: Icelandic Krona (ISK)

Settlement against payment in central bank money account of  CBL/CBL customer

Yes

Against payment settlement in ISK takes place on the CBL’s account at the Icelandic Central Bank.

Bridge settlement

No

 

Shaping facility

No


Partial settlement

No


Settlement penalty fees

No


Pre-matching

Yes

 Immediate release flag

Back-to-back processing

No


Allegements

Yes

 Via the CSD on against payment transactions only

Automatic compensation

No


Registered securities

No


Multi Market Securities

No


Lending and borrowing

Yes

 

Proxy voting

Yes


Investment Funds

No


Liquidity Hub Connect

No


Sale and purchase of rights

No


Repo services

Yes


Market restrictions

Yes

Foreign investment is not allowed in any company involved in “fish operations” or the primary fish processing industry.

Only Icelandic citizens and other Icelandic entities, as well as individuals and legal entities domiciled in another member state of the EEA, are permitted to own energy exploitation rights for non-domestic use of waterfalls and geothermal energy. The same applies to enterprises that produce or distribute energy.

FTT

No


Daily reconciliation

Yes


Link eligible for use in Eurosystem credit operations

No


Moment of entry of instructions

A transfer order is considered to have entered the system of Nasdaq CSD Iceland when the matched transfer orders have been transferred to the securities settlement system.

Irrevocability of instructions

Matched transfer orders irrevocable and cannot be unilaterally cancelled by the parties

Settlement finality

The full and final settlement of matched orders at Nasdaq CSD Iceland.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 5 June 2019. 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.

CBL  link to LuxCSD  (for details on LuxCSD link to Nasdaq CSD Iceland, please refer to the LuxCSD website)

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 to 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 CBL's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Record keeping period of at least 10 years

Confirmed

Settlement finality in case of insolvency

Confirmed