Consultation Paper High level description, Nordic CSD Corporate ...

Depending on the account type step one may be completed without any
action needed from the shareholder. This is the situation for owner accounts.
Holdings on these accounts are always available und updated in the
shareholder register. For intermediary accounts the shareholder has to reregister
the holding and disclose his name and ownership in the temporary
shareholder list.
Currently in all Nordic countries nominee registered holdings have to be
disclosed for general meeting purposes. The disclosure is done by reregistering
nominee holdings in the name of the shareholder on or around the
record date. Depending on the country the information on the shareholders
will become public for the Issuer and/or for the public once the temporary
shareholder list of the GM has been created. This is usually done a few days
prior to the meeting date at the latest. Most Nordic CSDs are responsible for
the creation of the shareholders list.
Most of the re-registering and voting instructions for nominee shareholders
are sent by using ISO standards. These instructions are usually sent through a
large chain of intermediaries to the local Account Operator/nominee
(custodian bank). The information on the beneficial owners is then further
delivered to the CSD for the purpose of re-registration.
Once the re-registration process is completed the Account Operator/nominee
usually advices the Issuer of the attendance on the shareholders’ behalf. A
majority of foreign shareholders do not attend to the GM themselves; instead
they have someone representing them at the GM.
Proposal [CA 34]
NCSD should provide Account Operators/Nominees standardised ways for
providing re-registration instructions to the CSDs in electronic format. The
use of ISO standards for this purpose should be introduced.
Proposal [CA 35]
If appointed by the Issuer NCSD should be able to receive standard
electronic notices of attendance instructions of nominee shareholders.
page 50(62)