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MARKET PRACTICE BOOK - ANNEXES 100 Cash Distributions Sequence of dates 1 Announcement by Issuer minimum two Business Days Including Investor (I)CSDs Ex Date Record Date Payment Date Settlement Cycle minus one Business Day Note that the Ex Date is not applicable to securities in nominal, e.g. bonds Market Standards for Cash Distributions Information from Issuer to Issuer (I)CSD Preferably one Business Day 1. The Issuer should inform its Issuer (I)CSD of the details of a Cash Distribution, including the key dates, as soon as the Issuer has publicly announced the Corporate Action according to applicable law. It should also inform the Issuer (I)CSD of any change or confirmation of the Corporate Action. 2. For floating rate instruments, the Payment Date confirmation and the announcement of the next applicable rate with reference to the applicable period for that new rate should be made in two separate announcements and not combined in the same. 3. The information should be communicated in formatted electronic form using standards defined and used by the securities industry, such as the ISO standards, irrespective of the communication channel used. 4. For narrative text in the information, Issuers with an international shareholder base should use at least a language customary in the sphere of international finance, currently English. Information from Issuer (I)CSD to its participants 5. The Issuer (I)CSD should communicate the information, and any subsequent information, without undue delay of receipt from the Issuer, to all its participants1 who, at the time of the announcement, have a direct holding or Pending Transaction in the Underlying Security with the Issuer (I)CSD. 6. The Issuer (I)CSD should also inform, without undue delay, any participant who obtains a holding or is subject to a new Transaction on the Underlying Security after the announcement until the Record Date. 7. The information should be communicated in formatted electronic form using standards defined and used by the securities industry, such as the ISO standards, irrespective of the communication channel used. 8. If a Payment needs to be reversed, an announcement, including the reason for such reversal, should be made by the Issuer (I)CSD to all affected parties prior to processing the reversal.
Information flow from (I)CSD participants to End Investors A NNEXES - MARKET PRACTICE BOOK 9. (I)CSD participants, their clients and the onward Chain of Intermediaries, each at its respective level towards its own clients, should comply with standards 5 and 6 above until the information reaches the End Investor. For End Investors, information by means of account statement is deemed sufficient unless provided otherwise in their service level agreement. 10. The information should be communicated to Intermediaries in formatted electronic form using standards defined and used by the securities industry, such as the ISO standards, irrespective of the communication channel used. 11. The information should be communicated to non-Intermediaries, including End Investors, in a clear and comprehensible way. Key dates 12. Key dates are: a) for Distributions relating to securities in nominal (e.g. bonds): Record Date and Payment Date. b) for Distributions relating to securities in units (e.g. shares): Ex Date, Record Date and Payment Date. 13. The public announcement by the Issuer under standard 1 above should be made at least two Business Days before the Ex Date. 14. For floating rate instruments, the payable rate should be confirmed as soon as possible but no later than three Business Days before the Payment Date. 15. The Ex Date should precede the Record Date by one Settlement Cycle minus one Business Day. 16. The Payment Date should be as close as possible to the Record Date, preferably the next Business Day. Processing 17. Payments should be by Book Entry. 18. Interest Payments should be processed separately from redemptions even if their Payment Dates coincide. 19. All Cash Distributions and related Market Claims should be paid in cash and not coupons. 20. For Payments, the following should apply: a) From Issuers to (I)CSD participants, Payments should be made through the Issuer (I)CSD, using the same Payment mechanism as for other cash transactions through the Issuer (I)CSD. b) Payments by Issuers and Issuer (I)CSDs should be in the original currency as per the announcement under standard 1 above. c) The Issuer should make Payments as early as possible after opening of the Payment system and no later than 12:00 noon Issuer (I)CSD local time. d) No blocking of holdings for the purpose of Cash Distributions. e) If a correction of the Payment is necessary, it should take the form of a complete reversal of the Payment followed by a new correct Payment. 101
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May 2010 International Securities O
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Updates The main updates of this Ma
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Table of contents MARKET PRACTICE B
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Introduction MARKET PRACTICE BOOK T
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Glossary Agent Arranger Base Prospe
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Issuing Agent (IA) Issuing and Payi
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1. ISMAG Best Practices 1.1. 1.1.1.
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Paperless instructions • DO NOT i
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1.3. Information processing At Issu
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2. New Issues 2.1. 2.2. 2.2.1. 2.2.
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2.2.1.3. N EW ISSUES - MARKET PRACT
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LM b LM b LM e PPA b ICSDs c ICSDs
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c IPA c IPA c ICSDs c IPA c IPA Ini
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c Dealer/ LM d IPA d IPA d ICSDs c
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2.2.3.2. N EW ISSUES - MARKET PRACT
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2.2.3.3.3. Documentation flow for i
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2.3.2. Same day syndicated distribu
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3. Corporate Actions 3.1. Scope C O
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3.2.1.2. 3.2.1.3. Preliminary infor
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3.2.2. 3.2.2.1. C ORPORATE ACTIONS
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3.2.2.3. 3.2.2.3.1. b b’ CD/CSP P
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3.2.2.3.2. Event launch or post lau
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4. Income 4.1. 4.2. 4.2.1. 4.2.1.1.
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4.2.2. Information provision and ti
Page 49 and 50: 4.3. 4.3.1. e f Initiator/Party Rec
Page 51 and 52: 4.4. 4.4.1. Investigations and inqu
Page 53 and 54: Annexes Annex 1: ISMAG - Terms of R
Page 55 and 56: A NNEXES - MARKET PRACTICE BOOK Wor
Page 57 and 58: A NNEXES - MARKET PRACTICE BOOK (c)
Page 59 and 60: Annex 3: EU Prospectus Directive A
Page 61 and 62: A NNEXES - MARKET PRACTICE BOOK Ope
Page 63 and 64: A NNEXES - MARKET PRACTICE BOOK Fis
Page 65 and 66: Global Type Legal restrictions Plac
Page 67 and 68: Stand Alone Acceptance and Eligibil
Page 69 and 70: IPSD (Interest Period Starting Date
Page 71 and 72: Annex 6: Taxonomy/ Asset Servicing
Page 73 and 74: Put Option Event Proceeds Instructi
Page 75 and 76: Exercise of Warrants Proceeds Instr
Page 77 and 78: General Meeting Event Asset Servici
Page 79 and 80: Redemption in Cash or Shares Event
Page 81 and 82: Asset Servicing Checklist B Call Op
Page 83 and 84: Annex 6C: Asset Servicing Checklist
Page 85 and 86: A NNEXES - MARKET PRACTICE BOOK Ass
Page 87 and 88: Prooceeds Proceeds - Main Proceeds
Page 89 and 90: Proceeds Proceeds - Main Proceeds I
Page 91 and 92: Annex 7: Naming Convention recommen
Page 93 and 94: Annex 8: Day Count Conventions reco
Page 95 and 96: Annex 9: Units and Nominal recommen
Page 97 and 98: Annex 11: ICMSA Recommendation for
Page 99: Annex 12: CAJWG - Market Standards
Page 103 and 104: Information flow from (I)CSD partic
Page 105 and 106: Mandatory Reorganisations with Opti
Page 107 and 108: A NNEXES - MARKET PRACTICE BOOK 23.
Page 109 and 110: 8 Voluntary Reorganisations Sequenc
Page 111 and 112: A NNEXES - MARKET PRACTICE BOOK 22.
Page 113 and 114: NOTES A NNEXES - MARKET PRACTICE BO
Page 115 and 116: NOTES MARKET PRACTICE BOOK 115
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