Norway: Seller/Buyer BIC or Account Number to be mandatory matching criteria

Effective

29 February 2012

the Norwegian central securities depository, VPS, in cooperation with the SWIFT National Market Practice Group (NMPG), has agreed to implement the following fields in domestic settlement instructions as mandatory matching criteria:

• Seller/Buyer BIC; or
• Seller/Buyer account number

Impact on customers

If, as is generally the case, a respective Seller/Buyer BIC is available, Clearstream Banking¹ customers must ensure that they include it in their Norwegian domestic instructions. When the Seller/Buyer BIC is provided, inclusion of the Seller/Buyer account number is optional.

Customers must avoid, whenever possible, the use of name and address to specify the ordering party/beneficiary if a respective BIC code is available.

If, exceptionally, a respective Seller/Buyer BIC is not available and the name and address must be used, then the Seller/Buyer account number field must be included in the instruction. Failure to do so in these circumstances will mean that the instruction will have to be repaired and delays in the settlement of the instruction may occur as a consequence.

Also, customers must avoid using the field Delivering/Receiving Custodian fields as these are not used in the Norwegian market and their inclusion will result in instructions not being regarded as STP-compliant.

Further information

For the instruction specification formats used in the Norwegian market, please refer to the Creation Link Guide (Norway).

For further information, please contact Clearstream Banking Customer Service or your Relationship Officer.

1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).