Electronic signature: Acceptance of digitally signed and certified signatures for onboarding and due diligence documentation
Reference
Clearstream Banking1 informs clients that effective
25 October 2023
it will start accepting electronically signed digital certified signatures firstly for its account opening documents, modification services like novation or merger agreements, Collateral Management and KYC forms.
Background
For clients based in Continental Europe and the Nordics, Clearstream Banking has selected DocuSign as digital platform for electronic documents and signature acceptance based on the legislative framework established by the European Commission. Along with DocuSign, a few other options have also been added to the acceptance list based on the document type and its legality requirement.
Two signature types will be available:
- Simple electronic signature (SES); or
- Qualified electronic signature (QES)
based on the document type and level of security needed.
Simplified electronic signature (SES)
This signature type does not require any ID verification from the signer. As no tamper-proof security features are embedded within this type of signature, the electronic signatures performed and the mandatory digital certificate attached to it will only be recognised and accepted as SES at Clearstream Banking.
Qualified electronic signature (QES)
A qualified electronic signature (QES) is an advanced form of electronic signature based on a qualified certificate and created by a Qualified Electronic Signature Creation Device (QSCD) and issued by a certified qualified trust services provider (QTSP) attesting to the authenticity of the electronic signature through proof of signer identity.
This signature type provides the strongest level of signer assurance as it is the only signature type in the EU that is recognised as the equivalent to a handwritten signature. Therefore, a qualified certificate for electronic signatures is embedded in the signed documents. QES requires face-to-face ID verification. The identification of that individual (also called “signer”) is performed through video chat by a service provider or its sub-contractor (for example, IDNow for DocuSign).
Client Onboarding documentation, contracts and collateral management documentation will have to be signed by QES, while other forms can be signed by SES. Clearstream Banking clients will be directed and guided by the client facing team into providing the digital signature based on the product, document type and level of security required by the current legal framework. This will be possible via DocuSign (initiated by Clearstream Banking or the client) or any qualified trust service providers published by the EU Commission in accordance with the eIDAS Regulation.
Clients who do not accept the QES model for documents requesting handwritten signature will need to provide these in physical format as per the standard procedure.
The provision of an up-to-date, official and complete list of authorised signatures shall remain unaffected.
The Client Handbooks will be updated in due course.
Further information
For further information related to this topic, clients based in Continental Europe and the Nordics may contact the Client Onboarding and Lifecycle Management team or their Relationship Officer. For other locations, please contact your Relationship Officer.
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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 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.