Canada: Closure of Canadian physical certificate deposit and Direct Registration System (DRS) service


Clearstream Banking1 would like to inform customers that effective

31 March 2021

the end of the service offering related to the definitive Canadian certificate form entry request and to Direct Registration System (DRS) eligible securities will take place.


Treatment of physical securities

Further to a rising trend of forgeries and invalid securities encountered in recent years within the local market, Clearstream Banking will suspend the acceptance of such securities.

Treatment of a DRS security

The treatment of a DRS security is identical to one of a physical certificate in terms of accepting delivery and completing the re-registration or deposit into the Canadian Depository for Securities (CDS). Therefore, the decommissioning of physical securities includes DRS paper certificates.

Impact on customers

No new entry of physical Canadian securities that require a medallion stamp from RBC Investor & Treasury Services (RBC I&TS) or new DRS securities will be accepted by Clearstream Banking and these services will no longer be supported. Any physical Canadian or DRS securities will be rejected by Clearstream Banking’s depository as of 1 April 2021.

The existing securities already on deposit with RBC I&TS are not in scope, as the re-registration processes have already been completed with Clearstream Banking's depository. RBC I&TS will continue to hold them until instructions are received from Clearstream Banking customers to deliver out.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.