Announcement

Reminder: Shareholder Identification Reporting Setup in ISO20022 (seev.045, seev.046) or Xact Web Portal

Custody | Connectivity

Reference

Code
D22065
Service level
CEU Legacy
Last Updated
17.10.2022

Further to Announcements C20019, C20030 and C20058, Clearstream Banking1 would like to remind customers to schedule the reporting of ISO 20022 seev.045/seev.046 shareholder identification disclosure (SID) requests if not yet set up.

Failure to schedule the reporting could result in non-compliance with the Shareholder Rights Directive II (EU) 2017/828 (SRD II), together with the Commission Implementing Regulation (EU) 2018/1212 that have been transposed into national law by EEA Member States. Non-compliance could result in penalties for intermediaries or the suspension of voting and dividend rights for the investors attached to the relevant securities.

Clearstream Banking recommends that customers check that the reporting setup is in place for all accounts where a position could be held at the end of a business day.

Who does it apply to?

Intermediaries operating with customers holding EEA issued securities are required to disclose using ISO 20022 seev.045/seev.046 messages, because these messages are currently used for disclosures applicable to such assets.

The usage of these ISO 20022 messages may be extended to other assets at a later stage.

Intermediaries who operate outside of the EU have to consider local data privacy laws that possibly conflict with the law of the EEA country. If the intermediary holds shares issued in an EEA-based issuer country the customers are required to disclose using ISO 20022 seev.045/seev.046 messages. 

Please note that the response must be sent by each intermediary directly to the issuer or their appointed agent that is mentioned in the request.

Reporting Set Up

When Clearstream Banking receives an SID request from an issuer in ISO 20022, customers can decide to receive the request through one of the following connectivity channels:

  • ISO 20022 format via SWIFTNet FINplus
  • ISO 20022 format via the SI module in Xact Web Portal
  • Xact File Transfer via Internet (XML reports)

Customers have the possibility to retrieve the report manually or schedule the report within the Xact Web Portal. Clearstream Banking strongly recommends scheduling the report in Xact Web Portal so that the possible forwarding of the request to other intermediaries in the chain complies with the time delay imposed by SRD II.

For SWIFT ISO 20022 reporting, we remind customers to ensure the SWIFT RMA key exchange for ISO20022 SWIFTNet FINplus is in place.

Proper reporting setup will allow customers timely to receive an SID request and provide all the information needed, forward the request to their clients and to respond to the issuer’s SID requests. The response must be sent directly to the address provided in the SID request. A separate technical setup with the recipient needs to be established.

Further information

For further information, please contact the Clearstream Connectivity Helpdesk or your Relationship Manager.

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1. Clearstream Banking refers 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.