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MARKET PRACTICE BOOK - ANNEXES 106 Information flow from (I)CSD participants to End Investors 8. (I)CSD participants, their clients and the onward Chain of Intermediaries, each at its respective level towards its own clients, should comply with standards 4 and 5 above until the information reaches the End Investor. 9. 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. 10. The information should be communicated to non-Intermediaries, including End Investors, in a clear and comprehensible way. Key dates 11. The public announcement by the Issuer under standard 1 above should be made at least two Business Days before the start of the Election Period. 12. The start of the Election Period as determined by the Issuer should be at least ten Business Days before the Market Deadline 4 . 13. The Guaranteed Participation Date should precede the Buyer Protection Deadline by one Settlement Cycle plus two hours 5 . 14. The Buyer Protection Deadline should be at least one Business Day before the Market Deadline. 15. The Payment Date of the elected Option should be as close as possible to the Market Deadline, preferably the next Business Day. Processing 16. Payments should be by Book Entry. 17. An ISIN that is different from the ISIN of the Underlying Security should be allocated to each outturn security. 18. Each option should have a unique identifier provided by the Issuer, that will be maintained by the Issuer (I)CSD and all Intermediaries. 19. Elections should be communicated from the last intermediary in the Chain of Intermediaries up to the Issuer in formatted electronic form using standards defined and used by the securities industry such as the ISO standards, irrespective of the communication channel used. 20. Underlying Securities6 on which an election is made should be separated accounting-wise from non-elected Underlying Securities1 by the (I)CSD and all Intermediaries. 21. For non-elected Underlying Securities6 , the default option as announced by the Issuer should apply. 22. For Payments in cash, 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) 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. 4 In case of multiple deadlines, the earliest deadline is meant here. 5 Buyer Protection should thus still be possible for two hours after closing of settlement on the day of the Buyer Protection Deadline. 6 Interim Security in case the Mandatory Reorganisation with Option is the second Corporate Action in a Distribution with Options.
A NNEXES - MARKET PRACTICE BOOK 23. For Payments in securities, the following should apply: a) The Issuer should make Payments to the (I)CSD as early as possible and no later than the opening of the settlement system for settlement on the relevant Payment Date. b) The Payments should be processed by rounding down to the nearest whole number (top-down method). c) When Fractions occur and the Issuer compensates them in cash at the level of the Issuer (I) CSD, the Issuer (I)CSD participants and all the Intermediaries down the chain should on their turn, each at its respective level, also compensate any Fractions in cash. Mandatory Reorganisations Sequence of dates Market Standards for Mandatory Reorganisations Information from Issuer to Issuer (I)CSD 1. The Issuer should inform its Issuer (I)CSD of the details of a Mandatory Reorganisation, 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 and, if applicable, the reference price for compensation of Fractions by the Issuer. 2. 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. 3. 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 participants 4. The Issuer (I)CSD should communicate the information, and any subsequent information, without undue delay of receipt from the Issuer, to all its participants 7 who, at the time of the announcement, have a direct holding or Pending Transaction in the Underlying Security with the Issuer (I)CSD. 5. 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 Announcement by Issuer minimum two Business Days Including Investor (I)CSDs Last trading date Record Date Payment Date minimum one Settlement Cycle preferably one Business Day 107
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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
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4.3. 4.3.1. e f Initiator/Party Rec
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4.4. 4.4.1. Investigations and inqu
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Annexes Annex 1: ISMAG - Terms of R
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Page 57 and 58: A NNEXES - MARKET PRACTICE BOOK (c)
Page 59 and 60: Annex 3: EU Prospectus Directive A
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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 and 100: Annex 12: CAJWG - Market Standards
Page 101 and 102: Information flow from (I)CSD partic
Page 103 and 104: Information flow from (I)CSD partic
Page 105: Mandatory Reorganisations with Opti
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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