Enhancement to customer contingency process: Letter of Indemnity
LuxCSD S.A. offers a suite of communication channels via CreationConnect (CreationOnline, CreationDirect and Creation via SWIFT).
In case the regular communication channel should become inaccessible or unavailable, we recommend that customers have at least one backup communication channel in place.
In the event that none of the usual available channels of communication can be used, and as a last resort contingency means of communication, we can temporarily accept instructions or exchange of information via facsimile or unsecured email, on condition that a duly signed Letter of Indemnity has been established between ourselves and the customer for such contingency.
To reduce the risk of failure in processing instructions in the event of such contingency, and in order to act with the shortest possible delay, we recommend that customers establish a Letter of Indemnity in advance, specifying that it shall be valid either until revoked or until a specified date.
Such Letter of Indemnity, signed by LuxCSD and by the customer, shall be valid for all open and new accounts in the name of the customer within its country of operation.
For example, a Letter of Indemnity established with a branch of a supranational corporation in one country will not be valid for other branches of the same supranational corporation in other countries.
Note: Customers holding accounts in both LuxCSD S.A. and Clearstream Banking1 will be requested to sign two respective Letters of Indemnity to cover these two areas of their business.
Further information
Customers who want to establish a Letter of Indemnity as described above, or who require further information (for example, details about the contingency process itself, including fees), should contact LuxCSD S.A. Customer Service or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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