Greece: Certification of genuine trade related transaction
Further to our announcement A15151, dated 22 July 2015, we would like to confirm that effective
immediately
in order to comply with the provisions of the legislative act of the Hellenic Republic dated 18 July 2015 (Greek Government Gazette A'84), the Ministerial Decision dated 24 July 2015 (Greek Government Gazette B'1561), the Ministerial Decision dated 31 July 2015 (Greek Government Gazette B'1617), as well as all subsequent secondary regulatory framework issued for the implementation of the above legislative act, CBL’s customers are required to certify that the relevant transaction is in relation to a transfer effecting a change of the beneficial ownership.
In order to issue such certification, customers will have to add in the narrative field of their settlement instructions the following statement:
“We confirm that this instruction refers to trades between different counterparties”.
This certification is mandatory. Failing to provide it may result in transactions not being processed by BOGS.
Impact on customers
Customers are advised that the following settlement activities are possible for Clearstream Banking1 customers, as detailed below.
Settlement
The following transactions will be possible:
Internal | against and free of payment |
Bridge | against and free of payment for BOGS-eligible securities |
Domestic | against payment receipt and deliveries for BOGS-eligible securities, with the condition that the certification of change of beneficial owner is included in the settlement message free of payment receipt and deliveries for BOGS-eligible securities a against and free of payment (receipts/deliveries) HCSD eligible securities a |
a. Please note that receipt instructions may be rejected at the level of the domestic market.
Asset services
Income and corporate action proceeds can now be repatriated. Please note that they may still be delayed. Customers will be informed if and when any proceeds become available.
Further information
The Creation Link Guide – Greece – BOGS has been updated to reflect these certification requirements.
We will continue to monitor the situation.
For further information, customers may contact Clearstream Banking Client Services 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 Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and 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.