Asset servicing - Cyprus
Income collection
Debt securities
| Service offered | Remarks |
| Notification to clients | |
Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal and Xact File Transfer. | See Section 8 “Asset servicing” of the Client Handbook. See Connectivity manuals on the Clearstream website. |
| Payment of proceeds | |
Interest on bonds will be credited in EUR to the client's account based on the positions recorded at the close of business on the record date and paid to the client's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value. The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR. | For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Client Handbook. |
Equities
| Service offered | Remarks |
| Notification to clients | |
Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal and Xact File Transfer. | See Section 8 “Asset servicing” of the Client Handbook. See Connectivity manuals on the Clearstream website. |
| Payment of proceeds | |
Market record date = Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the client's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value. The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR. | For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Client Handbook. |
Corporate actions
| Service offered | Remarks |
| Notification to clients | |
Standard reporting. | No specific deviations from standard reporting provided by CBL apply to the Cypriot market. |
| Instruction to CBL | |
Clients can instruct CBL to carry out options foreseen in the terms and conditions of the underlying security type. | In addition, CBL informs cllents, on an “as and if received” basis, of unscheduled securities events occurring on account holdings, such as rights offers, reinvestment options, exchange offers, purchase offers etc. |
Mandatory and voluntary events
For mandatory events, security proceeds are credited on an “upon receipt” basis.
For voluntary events, the securities deposited with Cyprus CSD are registered in CBL’s name. Split instructions or oversubscription may not be accepted by all issuers unless the entire holding on CBL account in Cyprus CSD has been exercised in full. CBL will inform clients of any restrictions as and if received.
Sale and purchase of rights
Sale and purchase of rights are not applicable to corporate actions in the Cypriot market. Clients can only trade rights via settlement instructions.
Proxy Voting procedures
Proxy voting services are available in CBL for this market.
The securities deposited with Cyprus CSD are registered in the name of CBL. Clients that want to exercise voting rights can do so only via proxy voting through CBL.
For details of the proxy voting services offered by CBL, please refer to the CBL Client Handbook and, for the market specific practices, please refer to the Market Profile - Cyprus.
Entitlement compensation rules
Please refer to Transaction management rules - Cyprus.