Iceland: Change of depository – Further information and cutover details

Further to our previous announcement A15048, dated 9 March 2015, effective

23 March 2015

LuxCSD S.A. will become Clearstream Banking’s¹ depository for the Icelandic market.

New depository details

LuxCSD S.A.
42 Avenue J.F. Kennedy
1855 Luxembourg
Grand Duchy of Luxembourg

Depository code: 1I
BIC address: LUXCLULLXXX

Impact on customers

The change of depository will be in place effective settlement date 23 March 2015.

Customers are requested not to instruct OTC instructions via off-market method with settlement date 23 March 2015 or OTC instructions via ISD, TRS matching system with requested settlement date 24 March 2015 before 10:00 CET on Monday 23 March.

New procedures for domestic counterparties

For instructions with a requested settlement date on or after 23 March 2015, customers must advise their counterparties to use the following new standard settlement instructions:

Instruction specifications

Instruction specifications for Creation via SWIFT, CreationDirect and CreationOnline remain unchanged.

Settlement timings

Settlement deadlines remain unchanged.

Disclosure Requirements

Disclosure requirements remain unchanged, and we take this opportunity to remind customers that they are only admitted to participate in the services offered on the Icelandic market if they deliver, upon request by Clearstream, all or part of customer information such as information related to their customers and their customers' holding including, but not limited to:

• The identity of the ultimate beneficial owner of financial instruments held in a nominee accounts; and
• The holdings of financial instruments and/or voting rights of these ultimate beneficial owners.

For details on the disclosure requirements, Customers are invited to refer to Disclosure Requirements - Iceland.

Tax service

Tax services to customers of Clearstream Banking will remain unchanged. Nevertheless, further to the intermediation of its link the exemption, relief at source and refund procedures will be handled through Clearstream Banking’s new depository, LuxCSD.

Subsequent changes in the exemption, relief at source or refund procedures will be treated in a separate announcement. Detailed tax information will also be available under the Tax Matrix as from 23 March 2015.

Customer guidelines for the cutover

The transfer of holdings to Clearstream’s new depository, LuxCSD, will take place on Friday 20 March 2015 based on end-of-day positions and will be effective on Monday 23 March 2015:

• All OTC instructions via off-market method with requested settlement date up to and including 20 March 2015 will be processed via Clearstream Banking direct account at the Icelandic Securities Depository, ISD;
• All OTC instructions via ISD, TRS matching system with requested settlement date up to and including 23 March 2015 will be processed via Clearstream Banking direct account at the Icelandic Securities Depository, ISD;
• All OTC instructions via off-market method with requested settlement date as from and including 23 March 2015 will be processed through LuxCSD as Clearstream Banking’s depository; and
• All OTC instructions via ISD, TRS matching system with requested settlement date as from and including 24 March 2015 will be processed LuxCSD as Clearstream Banking’s depository.

Specific settlement instruction deadlines

In order to minimise the risk of instructions being rejected through using the new depository details prematurely, Clearstream Banking highly recommend its customers to enter their domestic settlement instructions for OTC instructions via off-market method with settlement date 20 March 2015 and for OTC instructions via ISD, TRS matching system with requested settlement date 23 March 2015 before 13:00 CET on 20 March 2015.

All instructions received after 13:00 CET on 20 March 2015 as well as all matched instructions that remain pending at the end of the settlement cycles of 20 March 2015 (for instance, because the counterparty is short of securities) will be cancelled, with notice to the impacted customers. Customers will need to re-instruct with next settlement date with the new depository (LuxCSD) and no earlier than 10:00 CET on Monday 23 March 2015.

Further information

An updated Creation Link Guide (Iceland) will be available on our website on the effective date to reflect the changes.

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.