CFCL General information – The Netherlands
Reference
CFCL eligible fund types
Register market
Dutch investment funds established under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertaking for Collective in Transferable Securities Directive (UCITS Directive) are eligible in Clearstream Fund Centre.
Common legal forms include:
- Co-operative (coöperatie, Co-op);
- General partnership (maatschap, GPS);
- Partnership (vennootschap onder firma, VOF);
- Public limited liability company (naamloze vennootschap, NV);
- Limited partnership (commanditaire vennootschap, CV);
- Private limited liability company (besloten vennootschap met beperkte aansprakelijkheid, BV).
CSD link
Please refer to the Market Link Guide – Netherlands for more information about funds available via the CSD link.
Eligible funds
Investment funds that are eligible in The Netherlands CSD, Euroclear Nederland’s ESES or T2S can be made eligible in CFCL.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the Dutch market.
Listed ETFs have the same settlement process as listed equities.
Custody chain and depository
Netherlands 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 harmonization of asset services and connectivity channels between CFCL, CBL, and CEU. This service is available to all our clients via a single interface and log-on.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
CFCL utilises the T2S infrastructure platform to access The Netherlands’ CSD (Euroclear Nederland) through the intermediaries of CBL and CEU. CFCL uses CBL as a global custodian across all markets.
Type of link | Direct linka to Clearstream Europe AG for holding Euroclear Nederland and T2S eligible securities. Direct operated link via BNP Paribas S.A., Paris, to Euroclear Nederland for holding selected securities. |
a. Interoperable link for T2S-related aspects.
CSD (as CEU’s and CBL’s depository) | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | Euroclear Nederland, Amsterdam | Clearstream Europe AG | Clearstream Banking S.A. |
FATCA GIIN | 1X6QDZ.00000.LE.056 | N1V1GJ.00002.ME.276 | N1V1GJ.00000.LE.442 |
LEI | 549300CBNW05DILT6870 | 549300298FD7AS4PPU70 | 549300OL514RA0SXJJ44 |
Country of incorporation | The Netherlands | Germany | Luxembourg |
Account type | Omnibus | Omnibus | Segregated |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Fund Centre S.A | Clearstream Fund Centre S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | All T2S eligible assets CLEARSTREAM EUROPE AG Selected investment funds EUROCLEAR NEDERLAND Account operator/Depository BNP Paribas S.A., PARIS |
Operational arrangements
This section describes the operational arrangements of the Dutch market:
For CFCL clients (link to CEU through CBL) | For CFCL clients (link to Euroclear Nederland) | Register Market | Remarks | |
Settlement in T2S | Yes | Yes/No | N/A | |
Settlement free of payment | Yes | Yes | Yes | |
Settlement against payment | Yes | Yes (EUR only) | Yes | Eligible settlement currencies (between CEU, CBL and CFCL counterparties only): AUD, CAD, CHFa , 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 | No | 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 | |
Allegements | Yes | Yes | N/A | |
Transaction Linking | No | No | 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 | |
Liquidity Hub Connect | No | No | N/A | |
Sale and purchase of rights | No | No | N/A | |
Repo services | No | No | N/A | |
Market restrictions | No | No | N/A | |
FTT | No | No | N/A | |
Daily reconciliation | Yes | Yes | N/A | |
Link eligible for use in Eurosystem credit operations | Yes | No | N/A | |
Moments of entry of instructions | The moment of entry of a transfer order is when the instruction has successfully passed the business validation of T2S | |||
Irrevocability of instructions | The securities leg of an instruction shall be considered as irrevocable and thus may no longer be unilaterally amended or cancelled as from the moment such instruction is reported ‘matched’ on T2S | |||
Finality of instructions | Settlement in T2S is simultaneous, final and irrevocable | |||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU.
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 CBL General information - Netherlands for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Euro (EUR) via T2 RTGS |
CCB name: | Banque Centrale du Luxembourg |
CBL account: | |
Swift address: | TRGTXEPMRTG |