CFCL General information - Bulgaria
CFCL eligible fund types
CSD link
Eligible funds
Investment funds (closed-ended only) that are eligible in Bulgaria CSD, Central Depository AD (CDAD) and Bulgarian National Bank (BNB) or T2S can be made eligible in CFCL.
Exchange Traded Funds
Exchange Traded Funds (ETFs) are permitted and can be traded within the Bulgarian market.
Custody chain and depository
Bulgaria is a T2S Market.
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CFCL, CBL, and CEU. This service is available to all our clients via a single interface and log-on.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
CFCL utilises the T2S infrastructure platform to access Bulgaria’s CSD (Central Depository AD) through the intermediaries of CBL. CFCL uses CBL as a global custodian across all markets.
Type of link |
|
CSD (as CBL’s depository) | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | Central Depository AD (CDAD) Bulgarian National Bank (BNB) | Eurobank Bulgaria AD | Clearstream Banking S.A. |
FATCA GIIN | Not available | 0T0F5N.00005.ME.101 | N1V1GJ.00000.LE.442 |
LEI | CDAD: 74780000G07H7WL0WI31 BNB: 5299001WEKCK7E65TI48 | 549300IRGNL8Q3O8Y413 | 549300OL514RA0SXJJ44 |
Country of incorporation | Bulgaria | Bulgaria | Luxembourg |
Account type | Omnibus | Omnibus | Segregated |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | EUROBANK BULGARIA AD Depository Code: 3B |
Operational arrangements
This section describes the operational arrangements of the Bulgarian market:
For CFCL clients | Remarks | |
Settlement in T2S | Yes | |
Settlement free of payment | Yes | |
Settlement against payment | Yes |
|
Settlement against payment in central bank money | No | CDAD/BNB: CFCL holds a cash account at the custodian. Against payment settlement in BGN and in EUR takes place on the cash account of Eurobank Bulgaria at the Bulgarian National Bank and in TARGET2-Securities (T2S). |
Short selling of entitlement | No | |
Settlement penalty fees | Yes | |
Partial settlement | No | |
Recycling | Yes | |
Settlement with Euroclear | No | |
Hold and Release | No | |
Allegements | Yes | |
Transaction Linking | No | |
Bilateral Cancellation | Yes | |
Registered securities | Yes | Registration takes place automatically upon settlement. |
Transaction Management | No | |
Proxy voting | Yes | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | Yes | |
Repo services | Yes | |
Market restrictions | No | |
FTT | No | |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | No | |
Moment of entry of instructions | BNB: The moment of entry of a transfer order (request) is considered to have entered in the ESROT system as soon as it has successfully passed the entry check and admitted to further processing. CDAD: The moment of receiving syntactically matched messages. T2S: The moment of successful validation in T2S. | |
Irrevocability of instructions | BNB: If there are matching requests from the two parties to the transaction, the transaction shall become irrevocable. CDAD: The moment of participants’ messages matching and the formation of a common settlement request. After that moment no one can deny or cancel the transfer. T2S: The moment when the instruction receives "matched" status in T2S. | |
Finality of instructions | CDAD: The moment of transferring the money and the securities. T2S: The moment when the instruction receives "settled" status in T2S. | |
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
As CBL is our sub-custodian, please refer to the CBL General information - Bulgaria for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Bulgarian Lev (BGN) |
CCB name: | Unicredit Bulbank AD |
CBL account: | BG03 UNCR 9660 1026 7012 00 |
Swift address: | UNCRBGSFXXX |