FAQs - Transition to Clearstream General Meeting Service
In this section, you will find answers to the following questions related to Transition to Clearstream General Meeting Service (Announcement C25023).
- What actions need to be taken to activate the Clearstream Service?
- Is any fee applied for activating the service?
- Can the accounts be discontinued, and not transitioned to Clearstream Service?
- What if no action is taken?
- What if ISO 20022 messaging is not supported?
- Is it possible to test?
- What are the main differences between the two services?
- To what BIC can instructions be sent?
- Do clients need to take any action to ensure the right accesses in Xact Web Portal?
1. What actions need to be taken to activate the Clearstream Service?
In order to start the service, reporting subscriptions should be put in place and access to Xact Web Portal should be ensured, if needed. No specific contract is required and no fee is applied.
2. Is any fee applied for activating the service?
No, the activation of the service is for free. Clients should refer to the Fee Schedule to have an overview of the charges related to service usage.
3. Can the accounts be discontinued and not transitioned to Clearstream Service?
Yes, it is possible to just terminate the service. Clients should contact their Relationship Manager for further guidance.
4. What if no action is taken?
The termination of contract and Terms & Conditions related to the General Meeting Service via ISS will be communicated in October/November.
5. What if ISO 20022 messaging is not supported?
If clients' systems do not support ISO 20022 messaging, there are two options
- Clients can use the Xact Web Portal, which includes a dedicated General Meeting module. This secure and intuitive interface allows clients to view meeting details, submit instructions and track statuses without the need for ISO 20022 integration.
- Alternatively, clients may choose to subscribe to a third-party service provider, such as ISS Global Proxy Distribution (GPD) Shareholder Identification Service, to manage their General Meeting instructions and communications on their behalf. These providers can act as intermediaries and help bridge any technical or operational gaps.
Clients should contact their Relationship Manager to discuss the best approach for their setup.
6. Is it possible to test?
Yes, further information on testing availability is reported in Announcement C25031 (Testing Windows for Clearstream General Meeting Service).
7. What are the main differences between the two services?
The main difference is that Clearstream Banking does not accept instruction in MT565 format.
In addition, Clearstream Banking offers BMETs announcement via MT564 message. For further information, clients should refer to Announcement C25016 (Handling of Bondholder Meeting events).
8. To what BIC can instructions be sent?
Clearstream Banking accepts only instructions sent to CBL BIC. This applies to CBF and CBL accounts.
9. Do clients need to take any action to ensure the right accesses in Xact Web Portal?
The administrator should grant operation teams with the access to Asset Servicing/Event/Meeting Event and Asset Servicing/Event/Meeting Results.