Scope - Clearstream

MARKET PRACTICE BOOK - NEW ISSUES
20
2.2.1.2.
For issuance under Programme, the ICSDs also provide the IPA with (a) Programme
identification number(s) that is (are) allocated at the level of the Programme and that is
(are) conditional upon receipt of the provisional (‘draft’) Programme documentation.
The ‘draft’ information serves two purposes:
• it enables the ICSDs to allocate:
- the ISIN and/or Common Code for Stand-Alone securities; and
- Programme Identification number(s) and subsequently ISIN and/or Common
Codes for issuance under Programme;
• it enables the ICSDs to assess the eligibility in their respective settlement systems.
Features and Terms of a security could be subject to change until the documentation is
final, in which case the relevant parties need to be informed.
Draft information flows are:
for Stand-Alone securities:
• the LM providing the draft prospectus to the ICSDs as soon as it is available if unusual
features in the structure require an eligibility review, or in any case at the latest on ISIN
and/or Common Code allocation request;
for issuance under Programme:
• for the allocation of a Programme Identification number, the IPA must provide the ICSDs
with the draft Base Prospectus of the Programme (including the draft form of Final
Terms); and
• for the allocation of the ISIN and/or Common Code of an issuance under Programme,
the IPA should provide the ICSDs with draft Final Terms if the issuance under
Programme has a non-standard structure, or for complex tax regimes.
For end-to-end flows please refer to section 1.2.2. New issues draft documentation flows.
Final documentation
Documents are considered ‘final’ if:
• for legal documents: the version is conformed or certified;
• for operational documents: the version sent by the party responsible for its creation,
as per the ICMA Guidance Note is noted as “Final”.
The ‘final’ operational information serves to enable timely settlement and effective asset
servicing of the securities.
From an ICSD perspective, final information flows are:
for Stand-Alone securities:
• the LM providing the legal documentation and the final prospectus to the ICSDs at the
latest on closing date +1 Business Day, as per the ICMA Guidance Note;