Market asset servicing - Austria
As CSD, OeKB CSD GmbH acts as general paying agent for income and redemption payments. Dividend and interest payments are received electronically from OeKB CSD net of withholding tax on payment date.
|Ex-date||Basis for entitlement||Standard interest calculation rule|
|Record date is Ex-date + 1|
Funds: Either corresponds to payment date or payment date minus up to 2 business days
Shares: Record date minus 1 business day
|Security position on close of business on Record date and pending trades if trade date is before Ex-date||Not applicable|
|Record date is payment date -1||Not applicable||Security position on close of business on Record date||In principal, no standard interest calculation rule is used in the market but, in general, for interest calculation, most fixed interest bonds use 30/360-day basis and most floating interest rate bonds use actual/360-day basis.|
Corporate action announcements are published in the Official Gazette (Amtsblatt zur Wiener Zeitung), Wiener Zeitung and other Austrian newspapers. Most common corporate actions include splits, bonus issues, purchase/exchange offers and rights issues.
|Market Record date||Ex-date||Basis for entitlement|
|Any equity corporate action||Record date is Ex-date + 1|
Funds: Either corresponds to payment date or payment date minus up to 2 business daysShares: Record date minus 1 business day
|Security position on close of business on record date and pending trades if trade date is before Ex-date|
|Any debt corporate action||Record date is payment date -1||Not applicable||Security position on close of business on record date|
Note: New bearer securities held in the WSB (GS-Verwahrung) are immediately available for delivery after the relevant corporate action has taken place. Rights are listed and traded at the Vienna Stock Exchange.
Listed companies are required by law (The Company Act and the Stock Exchange Act) to inform their shareholders, either through announcements in the newspapers (usually in the official Gazette) or by direct information, about all facts that affect shareholders’ rights. The custodian bank is not legally obliged to inform customers of general meetings.
In 2009 the Austrian Government approved a change in company law, based on EU shareholders rights directive, which had a major impact on the shareholder meetings as follows:
- Implementation of Record date
- Declaration of the beneficial owner to the issuer
- Declaration of the proxy voting
- Extension of announcement periods
- Additional voting modes like televoting, voting by mail or other technical means are allowed
In the Austrian market preferred shares (under usual circumstances) as well as corporate bond holders do not bear voting rights. So they are not entitled to participate in any shareholder meeting.
Notification Source: Official legal Gazette “Amtsblatt zur Wiener Zeitung” according to the Austrian Stock Corporation Act.
- AGMs - Convocation must be announced at least 28 calendar days prior to the meeting.
- EGMs - Convocation must be announced at least 21 calendar days prior to the meeting.
Vote Cast type: In general physical presence/attendance at the meeting is requested.
Record Date: 10 calendar days prior to the meeting.