New Power of Attorney forms for ISO 20022
Reference
Clearstream Banking1 informs clients that, effective
immediately
Power of Attorney forms will incorporate corporate action messages in ISO 20022 format.
Background
Clearstream will support the co-existence of both ISO 15022 and ISO 20022 formats until a final date for the decommissioning of ISO 15022 is announced.
As a result, Power of Attorney (POA) forms will be adapted to support both formats.
Benefits for clients
Early access to ISO 20022-compliant POAs is available for clients wishing to appoint an Attorney using the new format or to update their existing POAs. The following attached new forms must be signed:
- POA for Instructions and Reporting;
- POA for Account Administration (as applicable).
These new POA forms are also ready to support ISO 20022 changes for other Clearstream Banking products, such as Cash and Settlement as applicable, also allowing the co-existence of both ISO formats.
The forms are optimised and digitised (Simplified/Qualified Electronic Signature capable) bringing increased efficiency and transparency for clients. Clients may nevertheless still use wet ink signatures.
The new POAs will supersede any previous versions.
Exceptions
POAs for Trading Venue service, Proxy Voting service and Collateral Accounts are not in scope for this change.
Further information
For further information, please contact the Clearstream Banking Client Services or your Relationship Manager.
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1. Clearstream Banking refers collectively to 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, and Clearstream Banking AG, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.
