CFCL General information - Belgium
Reference
CFCL eligible fund types
Register market
- Undertakings for Collective Investment in Transferable Securities (UCITS) governed by the Law of 3 August 2012 on the Collective Investment Undertakings implementing the directive 2009/65/EC (UCITS Law);
- Alternative Investment Funds (AIFs) governed by the Law of 19 April 2014 on alternative investment funds and their managers, implementing the directive 2011/61/EU (AIFM Law)
- Undertakings for investments in receivables (instellingen voor belegging in schuldvordering/organismes de placement en créances) governed by part 3bis of the UCITS Law.
CSD link
Please refer to the CBL Market Link Guide – Belgium (Euroclear Belgium) and Market Link Guide Belgium (NBB SSS) for more information about funds available via the CSD link.
Eligible funds
Belgian investment funds that are eligible in Euroclear Belgium or T2S can be made eligible in Clearstream Fund Centre.
Custody chain and depository
Euroclear Belgium
Belgium is a T2S market.
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CFCL, CBL, and CEU.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
CFCL utilises the T2S infrastructure platform to access the Belgium’s CSD (Euroclear Belgium) through the intermediaries of CBL. Indeed, CFCL uses CBL as a global custodian across all markets.
Type of link | Register market and CSD link |
CSD (as CEU’s and CBL’s depository) | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | Asset Service Provider for CBL, Account Operator/custodian for CBLa | |
Name | Euroclear Belgium, Brussels | Clearstream Europe AG | Clearstream Banking S.A. | BNP Paribas S.A, Paris |
FATCA GIIN | 1X6QDZ.00000.LE.056 | N1V1GJ.00002.ME.276 | N1V1GJ.00000.LE.442 | 1G159I.00269.BR.528 |
LEI | 549300CBNW05DILT6870 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | R0MUWSFPU8MPRO8K5P83 |
Country of incorporation | Belgium | Germany | Luxembourg | France |
Account type | Omnibus | Segregated | Mirror omnibus / omnibus | |
Legal Account name/holder | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. | Clearstream Banking S.A. |
a. BNP Paribas S.A continues to be CBL’s depository for all non-T2S eligible securities and CBL's account operator.
Depository
Depository | CSD/Local custodian/Agent |
CBL | All T2S eligible assets Clearstream Banking AG All non-T2S eligible assets Account operator/Depository |
Operational arrangements
This section describes the operational arrangements of the Belgian market, which is both a domestic (CSD link) and a register market.
Euroclear Belgium
For CEU clients | For CBL clients | Register Market | Remarks | |
Settlement in T2S | Yes | Yes | n/a | |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes (EUR only) | Yes (EUR only) | Yes | Eligible settlement currencies (between CBL and CFCL counterparties only): AUD, CAD, CHF a, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money | No | Yes. Against payment settlement takes place on the DCA of CBL | n/a | |
Short selling of entitlement | No | No | n/a | Short selling of income or corporate actions proceeds is not authorised for settlement in CFCL. Please refer to CFCL Client Handbook. |
Settlement penalty fees | Yes | Yes | n/a | |
Partial settlement | Yes | Yes | n/a | |
Recycling | Yes | Yes | n/a | |
Settlement with Euroclear | Yes | Yes | n/a | |
Hold and Release | Yes | Yes | n/a | Partial release available for CEU and LuxCSD. |
Allegments | Yes | Yes | n/a | |
Transaction Linking | Yes | Yes | n/a | |
Bilateral cancellation | Yes | Yes | n/a | |
Registered securities | No | No | n/a | |
Transaction Management | Yes | Yes | n/a | |
Proxy voting | Yes | Yes | n/a | On a "best efforts" basis |
Liquidity Hub Connect | No | No | ||
Sale and purchase of rights | No | No | n/a | |
Repo services | No | No | n/a | |
Market restrictions | No | Yes | n/a | |
FTT | No | No | n/a | |
Daily reconciliation | Yes | Yes | n/a | |
Link eligible for use in Eurosystem credit operations | No | Yes | n7a | |
Moment of entry of instructions | Any instruction is considered to have entered the NBB-SSS as soon as it has been declared compliant with the technical rules of T2S and is, as from that moment, legally enforceable and binding on third parties. | |||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU
Belgium NBB
For CEU clients | For CBL clients | For LuxCSD clients | Remarks | |
Settlement in T2S | Yes | Yes | Yes | |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes | Yes (EUR only) | Eligible settlement currencies (between CEU, CBL and CFCL counterparties only): AUD, CAD, CHF a, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money | Yes | Yes. Against payment settlement takes place on the DCA of CBL | Yes | CeBM in EUR only |
Short selling of entitlement | No | No | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CFCL. Please refer to section 4.5 of the CBL Client Handbook. |
Settlement penalty fees | No | Yes | Yes | |
Partial settlement | Yes | Yes | Yes | |
Bridge settlement | No | Yes | Yes | |
Hold and Release | Yes | Yes | Yes | Partial release available for CEU and LuxCSD. |
Recycling | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | |
Allegements | Yes | Yes | Yes | |
Transaction Linking | Yes | Yes | Yes | |
Registered securities | No | No | No | |
Transaction Management | Yes | Yes | Yes | |
Multi Market Securities | No | Limited | No | Limited to transfers to and from T2S Out CSDs if the home market is in T2S. |
Lending and Borrowing | Yes | Yes | Yes | |
Proxy voting | Yes | Yes | Yes | On a "best efforts" basis |
Liquidity Hub Connect | No | No | No | |
Sale and purchase of rights | No | No | No | |
Repo services | No | No | No | |
Market restrictions | Yes | Yes | Yes | CEU has "X" account at NBB. Refer to Tax Services in Other Services. |
FTT | No | No | No | |
Daily reconciliation | Yes | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes | |
Moments of entry of instructions | Any instruction is considered to have entered the NBB-SSS as soon as it has been declared compliant with the technical rules of T2S and is, as from that moment, legally enforceable and binding on third parties. | |||
Irrevocability of instructions | Any instruction regarding a bilaterally agreed transaction is considered irrevocable as soon as it has been given the status "matched", that is received the status "matched" from T2S platform. | |||
Finality of instructions | The "moment of settlement" of the transactions is determined under Belgian law at the moment when book entries in the books of the NBB-SSS are performed. Book entries in the NBB-SSS are irrevocable and enforceable. Settlement of securities leg is operationally executed on the T2S platform and reflected in real-time in the books of the NBB-SSS. The settlement of the cash leg of the DVP and other instructions are operationally executed on the T2S platform in accounts in the legal scope of the RTGS on T2S. | |||
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
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.
As CBL is our sub-custodian, please refer to the Market Link Guide – Belgium (Euroclear Belgium) and Market Link Guide Belgium (NBB SSS) for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Euro (EUR) via T2 RTGS | Euro (EUR) via CCB |
CCB name: | Banque centrale du Luxembourg | KBC Bank Brussels |
CBL account: | 480-9163147-50 | |
Swift address: | TRGTXEPMRTG | KREDBEBBXXX |
