Market Link Guide – Serbia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect link |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Operational arrangements
CSD | Custodian | |
Name | Central Securities Depository and Clearing House | Raiffeisen Bank International AG |
FATCA GIIN | N/A | 28CWN4.00000.LE.040 |
LEI | N/A | 9ZHRYM6F437SQJ6OUG95 |
Country of incorporation | Republic of Serbia | Austria |
Account type | Dedicated Omnibus account | Dedicated Omnibus account under a Nominee structure |
Legal Account name / holder | Legal Account name: RBI Omnibus for CBL Legal Account Holder: Raiffeisen Bank International AG | Clearstream Banking S.A. |
Yes/No | Remarks | ||
Settlement free of payment | Yes | NCBO portfolio transfers only | |
Settlement against payment | Yes | NCBO and CBO portfolio transfers | |
Settlement against payment in central bank money | No | ||
Bridge settlement | No | ||
Shaping facility | No | ||
Partial settlement | No | ||
Settlement penalty fees | No | ||
Pre-matching | No | ||
Back-to-back processing | No | ||
Allegements | No | ||
Automatic compensation | No | ||
Registered securities | Yes | In the name of Raiffeisen Bank International AG for its client. (Omnibus structure) | |
Multi Market Securities | No | ||
Lending and borrowing | No | ||
Proxy voting | No | ||
Investment Funds | No | ||
Liquidity Hub Connect | No | ||
Sale and purchase of rights | No | ||
Repo services | No | ||
Market restrictions | No | ||
FTT | No | ||
Daily reconciliation | Yes | ||
Bilateral cancellation | No | ||
Settlement finality | Transactions settled in the books of the CSD are final and irrevocable. | ||
Local legislation
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. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD | Local legislation of the intermediary (Austria) | |
Date of legal opinion | 30 April 2025 | 30 April 2025 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are securities entitlements or contractual rights. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account. | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are rights in rem. Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). |
Recognition of nominee concept | Nominee concept recognized under local law (Only with respect to state debt Securities). | Nominee concept recognized under local law. |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the Securities under local law. | CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived. |
No upper-tier attachments | Securities would not be subject to Attachment. | Securities would not be subject to Attachment. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent. | Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent. |
Segregation of assets at the CSD | CSD is under legal/regulatory obligation to segregate the Securities held for each participant. | CSD is under legal/regulatory obligation to segregate the Securities held for each participant. |
Loss of assets | No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.). | No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.). |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to Cash as a general creditor in case of insolvency of the Subcustodian. | Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to Cash as a general creditor in case of insolvency of the Subcustodian. |
Shortfall pro-rated among holders | N/A | Shortfall in the Securities would be allocated among the holders of the applicable Securities pro rata to their respective ownership percentages. |
Settlement finality in case of insolvency | Transfer orders may be revoked in certain circumstances. | Transfer orders are irrevocable and finality of settlement is assured. |