ENDE
Announcement

Luxembourg: Reminder: Immobilisation of bearer shares and units issued by Luxembourg companies

Custody | Luxembourg

Reference

Code
A15243
Service level
CBL
Last Updated
24.12.2015

Further to Announcement A14178, dated 22 December 2014, and A14138, dated 30 October 2014, we wish to provide a reminder of holders’ obligations in view of the approaching second deadline with regards to the Luxembourg Law on immobilisation of bearer shares and units issued by Luxembourg companies (the “Law”).

18 February 2016

We remind you that each holder must deliver their bearer physical shares/units by the 18 February 2016 to the depository acting in the sense of the Law and compliant with the Law’s requirements. Any shares/units that are not immobilised with such depository by 18 February 2016 will be cancelled by the issuer and the holders will lose their rights as shareholders/unitholders.

Following our legal interpretation of the Law, the clarification published in the Luxembourg draft Bill 6625 and the press release of CSSF 15/16:

  • The securities that are held within a recognised Securities Settlement System (SSS), and transfers made by book-entry, are to be considered as already immobilised within the meaning of the Law.
  • If a holding in bearer shares and units remains with CBL or CBF, no further action is required from issuers or from our customers or custodians with regards to this holding.

Please note that after this deadline of 18 February 2016 and as per the Law’s requirements, any physical delivery to/from the vaults of Clearstream Banking1 of the bearer shares/units will be restricted.

Further information

For more information from the market please refer to the below sources: 

  • Official documentation (available only in French)
  • Publication of ABBL (available in both French and English)
  • Press release of CSSF (available in both French and in English)

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

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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.