Xact Web Portal: Introduction of New Shareholder Identification module – update

02.10.2020

Note: This announcement, originally published on 20 July 2020 and updated on 10 September 2020, has been further updated to provide information on Shareholder Identification Disclosure Requests. The changes have been highlighted.

Further to Announcement C20019, Clearstream Banking1 would like to inform customers that effective

5 October 2020

in order to facilitate customers’ compliance with the Shareholder’s Rights Directive II (SRD II), it will introduce a new Shareholder Identification (SI) module for Asset Services in the Xact Web Portal.

Background

As intermediary in the holding chain, Clearstream Banking will implement the Shareholder Identification process.

When Clearstream Banking receives a Shareholder Identification Disclosure Request from an issuer, the request will be transmitted via Xact Web Portal and ISO 20022 seev.045/seev.046 messages.

This request will provide all the information needed to respond to the issuer’s Shareholder Identification Disclosure Request (or the agent appointed by the issuer for this process).

Impact on customers

This SI module will allow customers to receive an SRD II driven Shareholder Identification Disclosure Request2Customers should take note that Shareholder Identification Disclosure Requests can only be forwarded via this new module as of 19 October 2020.

This new module will be available to all customers with accounts in Clearstream Banking S.A. (CBL), Clearstream Banking AG (CBF) or LuxCSD S.A. that have access to asset services through the Xact Web Portal. Access to the new module must be granted by an OU Administrator to the users who will be in charge of processing Shareholder Identification Disclosure Requests.

Customers will be able to retrieve the report manually or schedule the report within the Xact Web Portal.

A further option for customers is to receive the Shareholder Identification Disclosure Request in SWIFT message format with the seev.045/seev.046 messages. In order to receive these messages, customers must ensure the following:

  • SWIFT FINplus service is in place.
  • Relationship Management Applications (RMAs) are exchanged with Clearstream Banking S.A., Clearstream Banking AG and/or LuxCSD.
  • Communicate the Distinguished Name (DN) and the list of accounts that must be linked to it via SWIFT message MT599 and via email to customeradmin@clearstream.com.
  • Once the above is complete, customers need to schedule the report in the Xact Web Portal.

Note: The report will only be active and available from 19 October 2020.

Customers who will not have finalised the migration from CreationOnline to Xact Web Portal will be provided with a distinct solution and informed in due course. 

The solution via Xact File Transfer and MQ will follow at a later stage.

Interim solution from 3 September 2020

Clearstream Banking will provide the following interim solution (no action required from customers):

  • Inform customers through current disclosure process by using the disclosure notification MT 564 DSCL MAND including SRD II relevant information in the narrative. Details are available in the attached example and the dictionary.
  • Customers using the new ISO20022 messages for Shareholder Identification should be able to deal with the existing ISO15022 Disclosure message, as this is a format that will continue to exist for any disclosures outside of SRD II.
  • The Shareholder Identification Disclosure Request via MT564 will show the SRD II Identifier to enable customers to distinguish requests related to Shareholder Identification under SRD II from standard disclosure requests.

Further information

Further enhancements to the Xact Web Portal are planned in 2021 to cater for the general meetings part of the SRD II Directive. These will be announced in due course.

For further information, please contact the Clearstream Connectivity Helpdesk or 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 (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

2. It will not be possible for customers to send a response to Clearstream Banking. The response has to be sent directly to the address provided in the Shareholder Identification Disclosure Request.