Asset servicing – Saudi Arabia

The Saudi Arabian market follows standard rules with respect to income collection. The Saudi Exchange, acts as the official source of information and determines entitlement based upon holdings at ex-date. Payment date is not usually pre-defined and is usually five to eight weeks after the company announcement date. Issuers in Saudi Arabia typically use the CSD or remit the payments themselves through the banking channel.

Income collection

Service offered	Remarks
Notification to clients
Standard Asset Servicing reporting via Swift MT56x, Xact Web Portal and Xact File Transfer.	See Section 8 “Asset servicing” of the Client Handbook. See Connectivity manuals on the website.
Payment of proceeds
Proceeds are calculated based on the settled positions on the record date. and paid to the client's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value. The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR.	The depository has a maximum 24-hour turnaround time to send information and to make payments to CBL. For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Client Handbook.

Corporate actions

Service offered	Remarks
Notification to clients
Clearstream advises clients of their entitlement to participate in Saudi Arabian corporate actions.	The depository has a maximum 24 hour turnaround time to send information to CBL.
Instruction to CBL
Clients may instruct CBL to carry out options foreseen in the terms and conditions of the underlying type of security.	In addition, CBL informs clients on an “as and if received” basis of unscheduled securities events occurring on account holdings, such as rights offers, reinvestment options, exchange offers, purchase offers, mergers etc. The response deadline is at least three business days prior to the market deadline.

Proxy Voting procedures

Proxy voting services are available in CBL for this market.

Voting entitlement is determined by settled positions on the record date and split voting is allowed.

For details about the proxy voting services offered by CBL, please refer to the CBL Client Handbook.