CSDR Article 38 disclosure


For the protection of securities of participants and those of their clients, Article 38 of the CSDR (Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories) provides for obligations for CSDs as well as its participants. 

To comply with the requirements of Article 38 of the CSDR, Clearstream Banking S.A. (CBL) and Clearstream Banking AG (CBF) refer to their respectively attached Article 38 disclosure documents. Please note that CBL and CBF reserve the right to make changes to the document.

For CBL and CBF clients, the requirements of Article 38(5) and (6) of the CSDR apply. Accordingly, they shall be ready to offer their clients at least the choice between omnibus client segregation and individual client segregation and inform them of the costs and risks associated with each option (Article 38(5) of the CSDR). Further, CBL and CBF clients shall publicly disclose the levels of protection and the costs associated with the different levels of segregation that they provide (pursuant to the requirements of Article 38(6) of the CSDR) and shall offer those services on reasonable commercial terms (Article 38(6) of the CSDR).