Market Link Guide France

Transcription

1 arket Link Guide France The neclearstream service level provides customers with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF, CBL and LuxC. CBL and LuxC are using CBF as single gateway into T2S markets, allowing seamless transfer between C and IC counterparties. This arket Link Guide represents Clearstream s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxC customers, unless otherwise highlighted in the documentation. Key features C link as defined under CR * Yes Type of link For CBF customers For CBL customers Direct link to Euroclear France Relayed link via Clearstream Banking AG, Frankfurt (All T2S eligible assets) to Euroclear France (All T2S eligible assets, except cases below) Direct operated link via BP2S to Euroclear France (All non T2S-eligible assets, Registered shares (VEN), Loyalty Bonus Shares (including the bearer codes subject to Loyalty Bonus Shares), and D s) For LuxC customers * C Regulation (EU) No 909/2014 art. 2 (29) C (as CBF s depository) Custodian (as CBL s depository) Custodian (as LuxC s depository) Asset Service Provider for CBF, CBL and LuxC a Account operator in CBL Relayed link via CBF to Euroclear France Name FATCA GIIN Country of incorporation Euroclear France N1V1GJ E.276 France Clearstream Banking AG, Frankfurt N1V1GJ E.276 Germany Clearstream N1V1GJ E.276 Germany Banking AG, Frankfurt BP2S, Paris 1G159I E.250 France a. BP2S continues to be CBL s depository for all T2S-non eligible securities. Valid from 9 April

2 perational arrangements For CBF customers Yes/No For CBL customers Yes/No For LuxC customers Yes/No Remarks Settlement in T2S Settlement free of payment Settlement against payment Settlement penalty fees Partial settlement Bridge settlement Hold and Release Yes Yes Yes Yes Yes Yes Yes Yes Yes (EUR only) Eligible settlement currencies (between CBF and CBL counterparties only): AUD, CAD, CHF a, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, XN, NK, NZD, PLN, RUB, SEK, SGD, TRY, U and ZAR. No No No Yes Yes Yes No Yes No Yes Yes Yes Allegements Yes Yes Yes Transaction Linking Bilateral Cancellation Registered securities Yes Yes Yes Yes Yes Yes Yes Yes Yes The French market is mainly a bearer market. The only securities that require re-registration are: ccasionally registered shares; Compulsorily registered shares; Loyalty Bonus shares. Valid from 9 April

3 For CBF customers Yes/No For CBL customers Yes/No For LuxC customers Yes/No Remarks Transaction anagement ulti arket Securities Lending and borrowing Yes Yes Yes No Limited No Limited to transfers to and from T2S ut Cs if the home market is in T2S. Yes Yes Yes Debt securities only Proxy voting Yes Yes Yes Investment Funds Liquidity Hub Connect Sale and purchase of rights No No No C-eligible investment funds only No No No No No No Repo services Yes Yes Yes arket restrictions Yes Yes Yes Foreign non-resident investors can freely invest in the French securities market but there are specific sectors (defence, safety, public order) which require a prior declaration and subsequent authorisation from the French inistry of Finance. Non-resident holding may not exceed 5% without prior authorisation from the company concerned and the AF. FTT Yes Yes Yes iscellaneous No No No a. Settlement in CHF is possible only for non-swiss securities and not against SIX SIS as counterparty in CBF. Valid from 9 April

4 General information - France CBF, CBL and LuxC-eligible security types Government bonds (AT, bligations Assimilables du Trésor ); Bons du Trésor Négociables (BTN) consisting of: Bons à taux fixe et intérêts annuels (BTAN); Bons à taux fixe et intérêts précomptés (BTF); Corporate bonds; Parts de fonds communs de Créances (PFCC); Titres de Créances Négociables (TCN) consisting of: Billets de Trésorerie (BT); Bons à oyen Terme Négociables (BTN); Bons des Institutions Financières Spécialisées (BIFS); Certificats de Dépôts (CD); Semi-government bonds; Investment funds in bearer form and foreign investment funds eligible in EF (PCVs - rganismes de Placement Collectif en Valeurs obilières); Equities in bearer and registered form, and equity products; Loyalty bonus shares; Warrants. French Registered securities French registered securities are divided into two different types: Valeurs Essentiellement Nominatives (VEN) or fully registered securities: These securities exist / can be traded under the registered form only. Valeurs ccasionnellement Nominatives (VN) or securities registered on demand: These securities are commonly issued in bearer form but can be converted to registered form. Trading can only take place for the securities in bearer form. Valid from 9 April

5 Loyalty-bonus shares ("Primes de fidélité") Loyalty-bonus shares ("Primes de fidélité") provide their holders with an entitlement to a loyalty bonus provided that the relevant shares have been held in registered form, compulsorily in the name of the final beneficiary for at least two entire calendar years. Loyalty-bonus shares registered in the name of the final beneficiary will be settled via BP2S. The following table summarises which type of securities, depending on their registration type, may settle via which venue: Form Eligibility CBL VEN Registered Yes, settled via CBL link to EF VN Bearer Yes, settled via CBF link to EF Eligibility CBF Yes, realignment via CBF link to CBL to Creation and subsequent settlement via CBL link to EF. Yes, settled via CBF link to EF Eligibility LuxC Yes, settled via CBF to CBL link Yes settled via CBF to EF link Registered Yes, settled via CBF link to EF Yes, settled via CBF in EF Yes settled via CBF to EF link Loyalty Bonus Shares Bearer Yes, settled via CBL link to EF Yes, settled via CBF in EF Yes settled via CBF to EF link Registered Yes, settled via CBL link to EF Yes, only eligible via the Creation platform on CBFi accounts (6- series) in the link CBL to EF Not eligible Note: The CBF Settlement of French Registered Securities (VEN) takes place via the CBF to CBL link to the French market operated by BP2S. CBF customers can settle these French securities via the CBF to CBL link by following these two steps: Receive French securities from Euroclear France to 6-series accounts in Creation, and then Realign the French securities from 6-series accounts in Creation to CASCADE (link between CBF and CBL as T2S ut-c) Loyalty Bonus Shares in registered form can be settled by CBF customers on the CBF International accounts (6-series) only. A realignment to CASCADE is not possible. Valid from 9 April

6 Depository Depository CBF C All T2S eligible assets EURCLEAR FRANCE 66 rue de la Victoire F Paris France All non-t2s eligible assets Clearstream Banking Luxembourg via current link to Euroclear France operated by BP2S (dep 23). CBL All T2S eligible assets CLEARSTREA BANKING AG ergenthalerallee 61 D Eschborn Germany All non-t2s eligible assets, French registered securities and Loyalty Bonus Shares (VEN, RBS, Ds) - (dep 23): EURCLEAR FRANCE 66 rue de la Victoire F Paris France Account operator BNP PARIBAS SECURITIES SERVICES, PARIS (BP2S) Les Grands oulins de Pantin 9 rue du Débarcadère Pantin France LuxC All T2S eligible assets: CLEARSTREA BANKING AG ergenthalerallee 61 D Eschborn Germany Valid from 9 April

7 CBF Cash correspondent details Currency: Euro (EUR) via TARGET2 CCB name: CBF account: Bundesbank RTGS account of a direct TARGET2 participant CBL Cash correspondent details Currency: Euro (EUR) via TARGET2 CCB name: CBL account: SWIFT address: Banque centrale du Luxembourg See TARGET2 payment instructions TRGTXEPXXX LuxC Cash correspondent details Currency: Euro (EUR) via TARGET2 CCB name: LuxC account: Banque centrale du Luxembourg RTGS account of a direct TARGET2 participant Valid from 9 April

8 Settlement times - France The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL/CBF/LuxC and in the local market. Customers must also ensure that any necessary provision is available. If one or more of these criteria are not met, CBL/CBF/LuxC cannot guarantee timely settlement. Important Note: As part of CBL/CBF/LuxC s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Customers are advised to input instructions at least 15 minutes before the associated deadline. Settlement times for all T2S eligible securities Instruction Expected settlement Provisioning Deadline for receipt results of valid instruction start end from to value AP=Against payment in EUR, FP=Free of payment =Settlement date Receipts FP AP 18:05 a -1 18:05 a -1 17:55 b 15:55 b 17:55 c 15:55 c 22:00 d -1 22:00 d -1 18:00 18:00 Deliveries FP AP 18:05 a -1 18:05 a -1 17:55 b 15:55 b 17:55 c 15:55 c 22:00 d -1 22:00 d -1 18:00 18:00 a. Start of provision time for CBF and LuxC is 20:00-1 (Start of Night-time Settlement (NTS)) for CBF and LuxC) b. Instructions received from CBF and LuxC customers after 15:55 (DvP) and 17:55 (FoP) are settled on a best efforts basis only. c. The CBF deadlines for the settlement of RBS in registered form and VEN via the CBF to CBL link is 15:40 for AP and 17:45 for FP instructions d. For CBF and LuxC customers, first results from the NTS cycle can be expected around 22:20-1. Valid from 9 April

9 CBL - Against payment in all other currencies with CBF counterparties Instruction Expected settlement Provisioning Deadline for receipt of results valid instruction start end from to value AP=Against payment in EUR, FP=Free of payment =Settlement date Receipts AP 18: :10 17:10 17:00 18:00 Deliveries AP 18: :10 17:10 17:00 18:00 CBF - Against payment in all other currencies Instruction Expected settlement Provisioning Deadline for receipt of results valid instruction start end from to value AP=Against payment in EUR, FP=Free of payment =Settlement date Receipts AP 20: :10 17:30 a 17:00 18:00 Deliveries AP 20: :10 17:30 a 17:00 18:00 a Determined by reservation CDLR (Instruction is on hold) in T2S. CBF and CBL customers can enter into against payment transactions with counterparties in CBF for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, XN, NK, NZD, PLN, RUB, SEK, SGD, TRY, U and ZAR. Valid from 9 April

10 Settlement times for all non-t2s and non-eses eligible securities via BP2S as account operator (LBS and VEN) Instruction Provisioning Deadline for receipt of valid instruction Expected settlement results start end from to value AP=Against payment FP=Free of payment =Settlement date Receipts FP AP 17: : :45 15:45 17:45 15:45 22: : :00 a 18:00 a Deliveries FP AP 17: : :45 15:45 17:45 15:45 22: : :00 a 18:00 a a. Settlement confirmations received from BP2S during the day will be applied upon receipt. Valid from 9 April

11 Settlement services - France The table below summarises CBL s pre-matching service for external settlement instructions, as well as the pre-matching method and start time in the market. For details of CBL's pre-matching services, see Pre-matching services for external settlement instructions. The hold and release feature available in T2S will be used by CBL, CBF and LuxC for the pre-matching of settlement instructions in T2S. Service offered ethod employed Start (local time) All securities CBF and LuxC The T2S hold/release process allows for a released transaction to be set back to hold as long as it has not settled. Instructions that were sent on Hold can be released via a corresponding T540 T543 NEW. The status of a CBF/LuxC instruction can be changed via a modification (T530) until its final settlement. In parallel to the instruction hold flag set by the CBF/LuxC customers ( Party hold ), T2S provides hold information from the counterparty ( counterparty hold ) itself. Hence, the following values can be reported to CBF/LuxC customers: CH for C hold PREA for Party hold RRCY for Counterparty hold Automated through T2S n receipt of instructions CBL CBL releases pre-matching instructions (PREA) only outside the provisioning period to CBF for matching purposes only. As soon as the start of the provisioning period is reached and provided the provisioning of cash and securities is successful, the settlement instruction (NEW) will be released to CBF for further processing and settlement in T2S. nce the instruction is release to CBF, it cannot be set back on hold again. Automated through T2S n receipt of instructions atching service atching is mandatory for all transactions settling in T2S. In addition to the mandatory matching criteria in T2S the following fields may, if present, be matching criteria. Valid from 9 April

12 Additional matching field The following additional matching fields are initially not mandatory but, when one of the counterparties provides a value for them in its instruction, matching values must be provided by the other counterparty. pt-out indicator; CU/EX indicator ptional matching field The following optional matching fields must match when provided by both counterparties: Common reference; Client of delivering/receiving C participant; Securities account of the delivering/receiving C participant. Note: Clearstream recommends to agree on the usage of a common reference (:20C::C) and the T2S Security Account number (SAC) with the counterparty in Euroclear France. Both fields are optional matching criteria in T2S and avoid crossmatching if it is populated in the Settlement instructions of both parties. Allegements All securities CBF CBL LuxC Receipt domestic instructions are automatically generated if the passive matching flag is set on the receiving main account or sub-account. In addition the generation follows the rules below: For domestic transactions, if the delivering party is an ICP or DCP customer and the recipient is a passive matching participant (ICP/DCP), CBF generates the receipt instruction based on the delivery instruction sent to CBF (ICP) or based on the copy of the DCP instruction (sese.023) received from T2S. For cross-border transactions where the deliverer is a foreign C customer and the recipient is a CBF customer (ICP/DCP), the receipt instruction is generated based on the allegement received from T2S. Allegements are not generated for Already matched instructions. CBL may receive counterparty instructions alleged on its account at CBF and will report them to customers provided that the customer s CBL account is present in the allegement and the allegement subscription is in place on the customer account. If a settlement instruction does not match after the first matching attempt, the counterparty is informed through an allegement message after a predefined period of time (T2S standard service). Valid from 9 April

13 Identification of Cs in T2S In T2S all Cs will be identified by their BIC11. CBL, CBF and LuxC customers are required to use the following BIC11 as Place of Settlement for domestic instructions: C Euroclear France via T2S BIC11 SICVFRPPXXX Identification of the counterparty in T2S In T2S, the C participants are identified exclusively by the combination of their home C (that is, PSET DAKVDEFFXXX) and their BIC11. CBF CBL LuxC Counterparty identification (counterparty C account) or alternatively SICVFRPPXXX (BIC11 of the counterparty C) a. The counterparty C BIC is used by CBF to address the C where the counterparty is set up as T2S Party. This counterparty's C is reflected in CASCADE with a counterparty C account. The counterparty C BIC has to be used in cross-border instructions with T2S In-Cs. If a CBL customer uses a BIC8 to identify the Receiving/Delivering Agent, CBL shall be entitled to modify the BIC8 provided and the settlement instructions will be then processed by default with a BIC11 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such customers remain liable for any settlement fails that the use of the BIC8 may cause and the customers furthermore agree to indemnify CBL against losses, liabilities, damages, penalties, expenses and all other costs on any kind suffered by CBL as a result of the customer not complying with the above requirement. Home C BIC11 and the T2S Party BIC11 of the C participant T2S SAC SICVDAKVDEFFFR1000L10 DAKV SAC of the C participant a. BIC11 of other T2S IN-Cs possible if the technical configuration in T2S is available. Note: Cross-border settlement between Cs in T2S is only possible, if the corresponding technical configuration in T2S for cross-border links has been established by the Cs linked to each other. Valid from 9 April

14 Procedures for domestic counterparties Procedure for the domestic counterparty Deadline Receipt in CBF/Delivery from CBF CBF Deliver to/receive from: BIC DAKVDEFFXXX (T2S SAC number SICVDAKVDEFFFR1000L10) a In favour of/by order of: CBF Customer BIC11 and account number of the Clearstream customer 17:55 Receipt in CBL/Delivery from CBL CBL Deliver to/receive from: BIC DAKVDEFFXXX (CBF T2S SAC SICVDAKVDEFFFR1000L10 at EF) (CBL T2S SAC number DAKV at CBF) a In favour of/by order of: CBL BIC11 (CEDELULLXXX) and BIC11 or account number of the Clearstream customer 17:55 Receipt in LuxC/Delivery from LuxC LuxC Deliver to/receive from: BIC DAKVDEFFXXX (T2S SAC number SICVDAKVDEFFFR1000L10) a (LuxC T2S SAC number DAKV at CBF) In favour of/by order of: LuxC Customer BIC11 17:55 a. The securities account number (SAC) is an optional matching criteria in T2S. For transactions in PCVs, counterparties are requested to agree on the type of settlement instruction, which can be either normal instruction (règlement livraison) or, in the case of a primary market subscription/redemption trade, an PCV instruction (filière RG/SG). D Domestic transfers via BP2S account 030 For ordre de movement (D) transfers, domestic counterparties that want to deliver or receive securities free of payment into/from CBL s account in BP2S must always send the respective instruction, as follows: Procedure for the domestic counterparty Receipt in CBL / Delivery from CBL Receive from / Deliver to: BP2S: account number 030 PARBFRPP. For the account of (optional): CBL: either BIC CEDELULL or account number 44428N. In favour of: Account number in CBL of the final beneficiary or ordering party. The instruction will be executed, in dematerialised form only, by BP2S outside the SLAB settlement subsystem. Valid from 9 April

15 Partial settlement In T2S partial settlement for eligible instructions is allowed at the last night-time settlement cycle in sequence X ; and within the real-time settlement period: At 08:00 CET,10:00 CET, 12:00 CET, 14:00 CET and 14:15 CET. 15 minutes prior to the DvP cut-off time (between 15:45 CET and 16:00 CET). Within these windows all transactions that are pending due to lack of securities or cash and hold a positive partial settlement indicator are included in the partial settlement processing. Whether partial settlement will be applied or not depends on the partial settlement indicator set within the instruction or on the customer account setup. A settlement Instruction will settle partially if both Counterparties instruct with the Field :22F::PARQ. Partial settlement applies only when full settlement is not possible due to lack of securities or cash. T2S will perform partial settlement according to the available position after analysing the partial settlement indicator in the instruction. The settlement instructions are submitted to a full settlement attempt before being submitted to a partial settlement attempt. Partial settlement is applicable to domestic and cross-border instructions and is not allowed for PFoD instructions. Also, Partial settlement is not applied if instructions are linked to any other settlement instruction with link type Before, After, With or via pool reference. Partial settlement is not applied if the transaction undergoes a process where a Co Hold is used. The unsettled remaining part of a partially settled settlement instruction can be cancelled. Partial Settlement CBF CBL LuxC CBF customers can define within the instruction whether partial settlement is to be applied or not by setting a partial settlement indicator. In addition, they can set a flag on account level (CBF 7-digit account number) that defines the default value to be set to those instructions where the partial settlement indicator is not filled. The flag is maintained within CBF s static account database and defines which partial settlement indicator is to be assigned to an instruction as default value (NPAR, PART).The flag applies to delivery and receipt instructions. Customers delivery and receipt instructions will continue to be provisioned for the full quantity and/or cash value before being released for settlement. Consequently, customer s delivery and receipt instructions may only settle partially if their counterparty is short of securities or cash and the instructions are received by T2S within the times set above. When CBL customers access T2S via CBF, the default set up will be Partial Settlement. Customers that do not wish their transactions to settle partially must provide the No Partial Settlement flag (NPAR) in their instruction. LuxC customers can define within the instruction whether partial settlement is to be applied or not by setting a partial settlement indicator. Valid from 9 April

16 Allowed countervalue difference The following T2S cash tolerances will apply to instructions (against payment instructions in EUR only): EUR 2 for transactions with an amount equal to or less than EUR 100,000; and EUR 25 for transactions with an amount greater than EUR 100,000. In the event of a discrepancy within the limits, in principle the cash amount of the delivering party will prevail. Bridge settlement (CBL only) CBL customers can settle Euroclear France T2S- eligible securities via the Bridge. This service is not available for CBF and LuxC customers. Back-to-back processing (Transaction Linking) Back-to-back processing is available for transactions in French T2S eligible securities. Cancellation Unmatched instructions can be cancelled unilaterally, at any time, by the party who placed the instruction or until cancelled by T2S. atched instructions must be cancelled bilaterally by both counterparties. Recycling rules Unmatched instructions will be recycled for 20 business days (starting from the initial settlement date), after which they will be cancelled. Unmatched cancellation requests will be recycled for 20 business days (starting from the date of receipt). atched instructions will have no cancellation limit and will be recycled until a business rule is violated (for example, security reaches maturity). New issues settlement Customers interested in the service for new issues of CBF government bonds should contact Clearstream Banking Customer Service or their Relationship fficer. D transfers The few securities that are not eligible for settlement in EF can be transferred in the market via ordre de movement (D). D transfers are routed through the registrar of the security, that registers the name and address of the final beneficiary and the name of the custodian of the security. Customers are requested to indicate in their instructions whether the D transfer is to be executed with or without change of final beneficiary. If there is a change of final beneficiary, customers must provide, in the instruction narrative, details to identify the final beneficiary. The D settlement process can take up to three weeks. Representative certificates Representative certificates are issued to allow French dual-market shares to be traded on other markets where the securities still exist in physical form. The format requested to execute settlement is included in the section of the transaction specification. In the case of incomplete instructions, CBL will act on a best efforts basis. Valid from 9 April

17 Custody services - France Income collection Bonds Service offered Notification to customers Standard reporting. Payment of proceeds Remarks No specific deviations from standard reporting provided by CBL apply to the French market. Interest on bonds will be credited to the customer s account at the start of real-time processing for coupon payment date with same day value, based on the positions at the close of business one day before coupon payment date. Fonds Communs de Créance (FCC) Service offered Notification to customers Standard reporting. Remarks No specific deviations from standard reporting provided by CBL apply to the French market. Payment of proceeds Interest and redemption on FCC are paid in one single payment at the start of real-time processing for interest payment date with same day value. Equities Service offered Notification to customers Standard reporting. Payment of proceeds Interest and redemption on FCC are paid in one single payment at the start of realtime processing for interest payment date with same day value. Remarks No specific deviations from standard reporting provided by CBL apply to the French market. The record dates for equities are determined by the relevant companies according to domestic market practice and are updated by CBL in accordance with information received primarily from depositories and, in an ancillary manner, from newspapers, companies and information suppliers. Valid from 9 April

18 Corporate actions Service offered Notification to customers Standard reporting. Instruction to CBL Customers may instruct CBL to carry out options foreseen in the terms and conditions of the underlying type of security. These options include, but are not limited to, put options, conversions, exercises of warrants, exchanges, detachment of warrants etc. Customers are requested to instruct within the deadlines and/or procedures specific to each type of event. In the absence of instructions from its customer, CBL will apply a default option, which may differ for each type of event. Remarks No specific deviations from standard reporting provided by CBL apply to the French market. In addition, CBL informs customers, 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, mergers etc. Capital increases If a capital increase is oversubscribed, the following procedures shall apply: Classic subscription via rights Customers elect to receive new shares based on the ratio of the subscription versus a subscription cash amount and the exercise of the corresponding number of rights. These subscriptions are fully served. versubscription versubscription allows holders of rights that have participated in the classic subscription to request additional shares (versus the subscription amount) above and beyond their rights entitlement, but without the assurance that these additional shares will be made available. CBL requires that, for each of their oversubscription instructions per final beneficiary, customers specify the number of rights exercised in the classic subscription. Transaction management Please refer to Transaction management rules. Valid from 9 April

19 Loyalty bonus shares Under French law, companies may distribute bonus dividends to shareholders that have been holding their shares in registered form for a minimum period of two calendar years. The securities must be registered in the name of the final beneficiary. nly shareholders that have been holding their loyalty bonus shares in registered form (under the name of the final beneficiary) for a minimum of two calendar years are entitled to the bonus dividend. Registration must be completed before the end of fiscal year to secure eligibility for any bonus dividend for the same year. The holding of each shareholder entitled to the bonus dividends is limited to 0.5% of the company s capital as listed on the Premier arché and on the Second arché. The net bonus dividend due to shareholders of loyalty bonus shares may increase the net ordinary dividend by a maximum of 10%. Loyalty bonus shares are accounted for under a different ISIN from the ordinary shares and are not tradable. The following restrictions also apply in CBL: Internal transactions between CBL participants are not allowed. Bridge transactions with Euroclear Bank participants are not allowed. External transactions are allowed as shown in the following sections. Transactions with no change of beneficial owner nly free of payment transfers of loyalty bonus shares are allowed. Receipt and delivery from CBL s account is subject to a prior receive free and deliver free instruction respectively, containing details as follows: Connectivity medium Creationnline Creation via SWIFT and CreationDirect Field(s) and content No change of beneficial owner in the Beneficial wnership Indicator field. Name and address of beneficial owner in Registration Details field. For T54x, customers must input in sequence E: :22F::SETR//TRAD :22F::REGT//YREG :22F::BENE//NBEN and in subsequence E1: :70D::REGI//name and address of beneficial owner N.B.: Even if there is no change of final beneficiary, the name and address must always be confirmed. Valid from 9 April

20 Transactions with a change of beneficial owner Loyalty bonus shares are not tradable. Customers that want to sell loyalty bonus shares are required to de-register the shares before delivery, in the following steps: 1. Send a free-format message (via an authenticated communications medium) to CBL s Custody Domestic arkets Corporate Actions (CA) - with the ISIN (bearer and registered), Security description, Quantity of securities to be de-registered and Account number. Note: The de-registration period may vary from several days to several weeks, depending on the issuer. 2. Send a settlement instruction, once the registration is completed, in the bearer code (normal instruction following the normal settlement rules). Receipt instructions A domestic counterparty that wants to deliver securities in favour of a final beneficial owner in CBL must submit an instruction to Euroclear France to de-register the shares. nce de-registration is complete, CBL customers that want to receive these shares will send a settlement instruction in the bearer code (normal instruction following the normal settlement rules). Settlement with Bridge counterparts via the domestic market As an alternative to settling transactions in Bridge-eligible securities via the Bridge between Clearstream Banking and Euroclear Bank, such transactions can also be settled via the domestic market. For details of the appropriate deadlines and instructions, see Local settlement of Bridge-eligible securities. Securities lending and borrowing All French debt securities eligible in CBL qualify for CBL s securities lending and borrowing programme. ulti-arket securities service ESES introduces the "C of Reference" concept for the ESES markets (Belgium, France and the Netherlands). Each security can only be deposited in one of the three Cs on the ESES platform at the designated "C of Reference". This is applicable to both "Group" securities (that is Belgian, French and Dutch securities) and to "Foreign" securities. For further information, please refer to the ulti-arket Securities Guide. Disclosure requirements Please refer to Disclosure Requirements - France. Holding restrictions Please refer to the Investment regulation section of the arket Profile - France. Valid from 9 April

21 Tax services For details of CBL s general withholding tax services, please refer to the Clearstream Banking France Tax area. French Financial Transaction Tax Law (the FTT Law ) The reporting and payment obligations in relation to the FTT Law, Article 235ter ZD of the French tax code, as amended by law of 14 arch 2012 and by law of 16 August 2012 (and as may be amended from time to time) for CBL and its customers are set out in a specific French Financial Transaction Tax document (effective since 13 November 2012) on the Clearstream website. Note: For the avoidance of doubt, such French Financial Transaction document is a Governing Document and forms part of the Creation Link Guide - France. Valid from 9 April

22 Instruction specifications - Xact via SWIFT and Xact File Transfer France (CBL only) In the following tables, =andatory; =ptional; C=Conditional; Seq=SWIFT essage (sub)sequence. All EF T2S-eligible instruments T540 Receive Free :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //SICVFRPPXXX E1 :95P: :DEAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :SELL a //rdering party s BIC 8 or BIC11, if different from DEAG b or :95Q: :SELL a //rdering party s name, if different from DEAG or :95R: :SELL a //rdering party s proprietary code, if different from DEAG :97A: :SAFE //rdering party s account :95a: :BUYR e //Beneficiary Seq Valid from 9 April

23 T541 Receive Against Payment :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //SICVFRPPXXX E1 :95P: :DEAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :SELL a //rdering party s BIC 8 or BIC11, if different from DEAG b or :95Q: :SELL a //rdering party s name, if different from DEAG or :95R: :SELL a //rdering party s proprietary code, if different from DEAG :97A: :SAFE //rdering party s account :95a: :BUYR e //Beneficiary Seq Valid from 9 April

24 T542 Deliver Free :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //SICVFRPPXXX E1 :95P: :REAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :BUYR a //Beneficiary s BIC 8 or BIC11, if different from DEAG b or :95Q: :BUYR a //Beneficiary s name, if different from DEAG or :95R: :BUYR a //Beneficiary s proprietary code, if different from DEAG :97A: :SAFE //Beneficiary s account :95a: :SELL e //rdering party Seq Valid from 9 April

25 T543 Deliver Against Payment :20C: :C //common reference a A1 :98a: :TRAD //Trade date/time B :22F: :TTC //CCPN or XCPN b :22F: :STC //NPAR c E :22F: :STC //NC c :95P: :PSET //SICVFRPPXXX E1 :95P: :REAG //Counterparty s BIC8 or BIC 11 d :97A: :SAFE a //Counterparty's account in T2S :95P: :BUYR a //Beneficiary s BIC 8 or BIC11, if different from DEAG b or :95Q: :BUYR a //Beneficiary s name, if different from DEAG or :95R: :BUYR a //Beneficiary s proprietary code, if different from DEAG :97A: :SAFE //Beneficiary s account :95a: :SELL e //rdering party a. ptional matching fields. b. Additional matching fields. c. nly provide in order to prevent partial settlement. Euroclear France only accepts indicators CEX/PARQ and CEX/PARC when instructing in IS d. If a customer uses a BIC8, Clearstream Banking shall be entitled to modify the BIC8 by adding the default XXX suffix to comply with T2S settlement rules. Accordingly, such customers remain liable for any settlement fails that the use of the BIC8 may cause. e. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If a customer uses a BIC8, Clearstream Banking will add the default XXX suffix to comply with T2S settlement rules. If not present, Clearstream will default the customer s matching BIC for the instructing account (refer to Announcement A16033). Seq Valid from 9 April

26 D (transactions for non-ef-eligible securities in dematerialised form) T540 Receive Free :98a: :TRAD //Trade date/time a B :90a: :DEAL //Deal price :70E: :SPR //Name and Address of beneficiary or NCB :95P: :PSET //SICVFRPP[XXX] E1 :95R: :DEAG /EGSP/Counterparty s ESES participant account b or :95P: :DEAG //Counterparty s BIC :97A: :SAFE //Counterparty s ESES participant account C c :95P: :SELL d //rdering party s BIC e C c :97A: :SAFE //rdering party s account T542 Deliver Free :98a: :TRAD //Trade date/time a B :90a: :DEAL //Deal price :70E: :SPR //Name and Address of beneficiary or NCB :95P: :PSET //SICVFRPP[XXX] E1 :95R: :REAG /EGSP/Counterparty s ESES participant account b or :95P: :REAG //Counterparty s BIC :97A: :SAFE //Counterparty s ESES participant account C c :95P: :BUYR d //Beneficiary s BIC e C c :97A: :SAFE //Beneficiary s account a. Settlement Date must not be more than 10 business days after Trade Date. b. Counterparty s Euroclear France code. The EGSP code is mandatory when :95R: is used. c. andatory if DEAG/REAG account is 030 or PARBFRPP. d. For transactions with a Euroclear Bank participant, see Local settlement of Bridgeeligible securities. e. If no BIC exists for the Seller/Buyer, the :95Q: Name and Address field can be used instead in each case. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges. Seq Seq Valid from 9 April

27 Physical transactions Physical deliveries can only be effected in Certificats Représentatifs. T542 Deliver Free T542 Deliver Free Seq :70E: :SPR //Certificats Représentatifs B1 :22F: :STC //PHYS E :95C: :PSET //FR E1 C a :95Q: :REAG //Name and address of recipient of the securities C a :95Q: :BUYR //Name and address of beneficiary, if different from REAG a. andatory if REAG Account is 030. Valid from 9 April

28 Instruction specifications - Creationnline France (CBL only) In the following tables, =andatory; =ptional; C=Conditional. All EF T2S-eligible instruments Receive Free Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party SICVFRPPXXX - France Delivering Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Seller BIC Party ordering party's BIC or Seller a Name and Address Party ordering party s Name or Seller a Data source scheme Party ordering party's proprietary code Account ordering party s account ther Parties Additional Indicators Additional Indicators Type: Buyer c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d Valid from 9 April

29 Receive against payment Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party SICVFRPPXXX - France Delivering Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Seller BIC Party ordering party's BIC or Seller a Name and Address Party ordering party s Name or Seller a Data source scheme Party ordering party's proprietary code Account ordering party s account ther Parties Additional Indicators Additional Indicators Type: Buyer c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d Valid from 9 April

30 Deliver Free Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party SICVFRPPXXX - France Receiving Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Buyer BIC Party beneficiary's BIC or Buyer a Name and Address Party beneficiary's Name or Buyer a Data source scheme Party beneficiary's proprietary code Account beneficiary's account ther Parties Additional Indicators Additional Indicators Type: Seller c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d Valid from 9 April

31 Deliver against payment Common Reference Client reference a Partial Settlement b Partial allowed (default in T2S) Partial not allowed Trade Date Deal Price Place of Settlement BIC Party SICVFRPPXXX - France Receiving Agent BIC Party counterparty s BIC Account a counterparty's account in T2S Buyer BIC Party beneficiary's BIC or Buyer a Name and Address Party beneficiary's Name or Buyer a Data source scheme Party beneficiary's proprietary code Account beneficiary's account ther Parties Additional Indicators Type: Seller c Format: BIC, Name and Address or Data source scheme Type: Trade Transactioin Condition Indicator Code: Ex Coupon or Cum Coupon d Additional Indicators a. ptional matching fields. Type: Settlement Transaction Condition Indicator Code: No Automatic arket Claim d b. nly provide in order to prevent partial settlement. Euroclear France only accepts indicators CEX/PARQ and CEX/PARC when instructing in IS c. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If not present, Clearstream will default the customer s matching BIC for the instructing account (refer to Announcement A16033) d. Additional matching fields. Valid from 9 April

32 D (transactions for non EF-eligible securities in dematerialised form) Receive Free Trade Date Deal Price a Place of Settlement BIC Party SICVFRPPXXX - France Euroclear France Delivering Agent Euronext - BE, FR, NL Party counterparty s ESES participant account b or Delivering Agent BIC Party counterparty s BIC Account counterparty s ESES participant account C c Seller BIC d Party ordering party s BIC C c Account ordering party s account Settlement Processing Narrative name and address of final beneficiary e Valid from 9 April

33 Deliver Free Trade Date Deal Price a Place of Settlement BIC Party SICVFRPPXXX - France Euroclear France Receiving Agent Euronext - BE, FR, NL Party counterparty s ESES participant account b or Receiving Agent BIC Party counterparty s BIC Account counterparty s ESES participant account C c Buyer BIC d Party beneficiary s BIC C c Account beneficiary s account Settlement Processing Narrative name and address of final beneficiary e a. Settlement Date must not be more than 10 business days after Trade Date. b. For transactions with a Euroclear Bank participant, see Local settlement of Bridgeeligible securities. c. andatory if Delivering/Receiving Agent Account is 030 or PARBFRPP. d. If no BIC exists for the Seller/Buyer, the Name and Address option can be used instead in each case. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges. e. Name and address of financial beneficiary must be mentioned even if there is no change of beneficiary details. Valid from 9 April

34 Physical transactions Physical deliveries can only be effected in Certificats Représentatifs. Deliver Free Trade Date Deal Price Physical transaction `Yes Place of Settlement Country Code Party FR - France Physical Receiving Agent Name and Address Party counterparty s name and full address C a Buyer Name and Address Party beneficiary's name C a Account beneficiary's account a. andatory if Delivering/Receiving Agent Account is 030. Valid from 9 April

35 Instruction specifications - Xact Web Portal France (CBF and CBL) In the following tables, =andatory; =ptional; C=Conditional. Receive Free Common ID a Client reference a Trade date Trade transaction cond. XCPN- Ex Coupon or CCPN- Cum Coupon d Sett. transaction cond. NC- No Automatic arket Claim d Partial Settlement b Delivering settlement parties PART-Partial allowed (default in T2S) NPAR-Partial not allowed Depository Format BIC Depository Identifier SICVFRPPXXX Party 1 Format BIC Party 1 Identifier Counterparty s BIC Party 1 Safekeeping account a Counterparty s account in T2S Party 2 Format a BIC Party 2 Identifier ordering party s BIC or Party 2 Format Name Party 2 Identifier ordering party s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier rdering party s proprietary (DSS) code ordering party s proprietary value Party 2 Safekeeping account a ordering party s account Receiving settlement parties Depository Format BIC Depository Identifier BIC of receiving settlement party depository Party1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) SICVDAKVDEFFFR1000L10 e Party 2 Format BIC, Name or Proprietary Party 2 Issuer Party 2 Identifier If Format is Proprietary Buyer s proprietary (DSS) code Buyer s BIC and Name or Proprietary value Valid from 9 April

36 Receive Against Payment Common ID a Client reference a Trade date Partial Settlement b Delivering settlement parties PART-Partial allowed (default in T2S) NPAR- Partial not allowed Depository Format BIC Depository Identifier SICVFRPPXXX Party 1 Format BIC Party 1 Identifier Counterparty s BIC Party 1 Safekeeping account a Counterparty s account in T2S Party 2 Format a BIC Party 2 Identifier ordering party s BIC or Party 2 Format Name Party 2 Identifier ordering party s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier rdering party s proprietary (DSS) code ordering party s proprietary value Party 2 Safekeeping account a ordering party s account Receiving settlement parties Depository Format BIC Depository Identifier BIC of receiving settlement party depository Party1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) SICVDAKVDEFFFR1000L10 e Party 2 Format Buyer s Format: BIC or Name or Proprietary value Party 2 Issuer Party 2 Identifier If Format is Proprietary Buyer s proprietary (DSS) code Buyer s BIC and Name or Proprietary value Valid from 9 April

37 Deliver Free Common ID a Client reference a Trade date Trade transaction cond. XCPN- Ex Coupon or CCPN- Cum Coupon d Sett. transaction cond. NC- No Automatic arket Claim d Partial Settlement b Receiving settlement parties PART-Partial allowed (default in T2S) NPAR-Partial not allowed Depository Format BIC Depository Identifier SICVFRPPXXX Party 1 Format BIC Party 1 Identifier Counterparty s BIC Party 1 Safekeeping account a Counterparty s account in T2S Party 2 Format a BIC Party 2 Identifier beneficiary s BIC or Party 2 Format Name Party 2 Identifier beneficiary s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier rdering party s proprietary (DSS) code ordering party s proprietary value Party 2 Safekeeping account a ordering party s account Delivering settlement parties Depository Format BIC Depository Identifier BIC of delivering settlement party depository Party1 Format BIC Party 1 Identifier Party 1 Safekeeping account DAKVDEFFXXX (T2S SAC number) SICVDAKVDEFFFR1000L10 e Party 2 Format BIC, Name or Proprietary Party 2 Issuer Party 2 Identifier If Format is Proprietary Buyer s proprietary DSS( code) Buyer s BIC and Name or Proprietary value Valid from 9 April

38 Deliver Against Payment Common ID Client reference a Trade date Trade transaction cond. XCPN- Ex Coupon or CCPN- Cum Coupon d Sett. transaction cond. NC- No Automatic arket Claim d Partial Settlement b Receiving settlement parties PART-Partial allowed (default in T2S) NPAR-Partial not allowed Depository Format BIC Depository Identifier SICVFRPPXXX Party 1 Format BIC Party 1 Identifier Counterparty s BIC Party 1 Safekeeping account a Counterparty s account in T2S Party 2 Format a BIC Party 2 Identifier beneficiary s BIC or Party 2 Format Name Party 2 Identifier beneficiary s Name or Party 2 Format a Proprietary Party 2 Issuer Party 2 Identifier rdering party s proprietary (DSS) code ordering party s proprietary value Party 2 Safekeeping account a ordering party s account Delivering settlement parties Depository Format BIC Depository Identifier BIC of delivering settlement party depository Party 1 Format BIC Party 1 Identifier Party 1 Safekeeping account Party 2 Format Party 2 Issuer DAKVDEFFXXX (T2S SAC number) SICVDAKVDEFFFR1000L10 e BIC, Name or Proprietary If Format is Proprietary Buyer s proprietary (DSS) code Party 2 Identifier Buyer s BIC and Name or Proprietary value a. ptional matching fields. b. nly provide in order to prevent partial settlement. c. This optional matching field will be forwarded as received. T2S will only match if provided with format BIC or proprietary. If not present, Clearstream will default the customer s matching BIC for the instructing account (refer to Announcement A16033). d. Additional matching fields. Valid from 9 April

39 Instruction specifications CASCADE France (CBF only) In the following tables =andatory; Seq=SWIFT essage (sub)sequence. CASCADE - Deliver (KVEE/WE) Deliver free Last-Kto Gut-Kto T2S PARTY BIC of CBF participant (alternative 4-digit account master or 7-digit account) SICVFRPPXXX (alternative a ) Schlusstag Trade Date Referenz-Nr. Common Trade Reference b Partial Settl Indicator PART or NPAR c pt-out Empty(default) or J d Ex-trd CCPN or XCPN d Empfaenger-P1 - BIC Euroclear France participant T2S Party BIC11 Empfaenger-P1 - SAC Euroclear France participant T2S Securities Account (SAC) Empfaenger-P2 - BIC BIC11 of final beneficiary or Empfaenger-P2 - DSS Party 2 DSS (EGSP) Note: Common Trade reference, pt-out and Ex-trd indicators, P1-BIC11, P1-SAC, P2- BIC11 and P2-SAC and will be forwarded as matching relevant information to T2S. Valid from 9 April