France: Transfer of Portfolio for French Registered Securities - Reminder
LuxCSD1 reminds clients that the following action applies in case of portfolio transfer for French Registered Securities, effective
immediately
For portfolio transfers, LuxCSD informs that the Receipt Free of Payment settlement instruction should contain the following fields:
- 22F::BENE//NBEN;
- 70E::REGI must be used for registration details, the usage of minimum details is strongly recommended, as follows:
- Holder Type (HTYP)a;
- Surname or Corporate name (NAME);
- Forename or Corporate name (only for personal entity2) (FNAM);
- Issuer Identifier (ICER).
a. Holder Types HTYP:
01 Company
02 Foreign correspondent
03 Mr
04 Mrs/Ms
05 Miss/Ms
06 Mr and Mrs
07 Other
Sample:
/HTYP 03/NAME SMITH/FNAM JOHN/ICER 13090
LuxCSD highly recommends strictly following the format of the above example and avoid adding any additional spaces or slashes when instructing BO details.
If the REGI format requirements are not complied with or if field REGI is left empty, then LuxCSD will reconcile on best effort basis and cannot be liable nor held responsible for any delay in the securities booking on the client’s account.
For such transfers, it is also important to remind clients’ counterparty in the French market to issue the Bordereau de Référence Nominative (BRN) with transaction code TO (CTO-TO).
LuxCSD also reminds its clients that all securities settlement movements for Valeurs Essentiellement Nominatives (VEN) are by default registered in the name of Clearstream Europe AG, therefore, field :22F::BENE//NBEN should never be populated unless the client wants to instruct a portfolio transfer.
Note: Transactions involving French residents are always to be registered in the final BO name.
Further information
For further details, please refer to the Market Coverage – France.
For further information, please contact your dedicated Client Service Officer or Relationship Officer.
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1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.
2. Personal entity applies if the Holder Type values are different from 01, 02 and 07 (data are available in the new query "Registered Securities: Beneficial Owner Details" in Xact Web Portal).