Scope - Clearstream

2.2.1.3.
N EW ISSUES - MARKET PRACTICE BOOK
for issuance under Programme:
• the IPA providing the ICSDs with the final Base Prospectus of the Programme on
closing date +1 Business Day of the first issuance under Programme, as per the ICMA
Guidance Note; and
• the IPA providing the ICSDs with the Final Terms of the issuance under Programme on
closing date +1 Business Day, as per the ICMA Guidance Note.
For end-to-end flow please refer to section 1.2.3. New issues final documentation flows.
For the sending of Final Documentation, please refer to the Naming Convention
recommendation (see Annex 7).
Updated documentation after issuance
Updates to documentation after issuance should be provided in an easily analysable and
comprehensible form, as per art.20 of the EU Prospectus Directive (see Annex 3).
It must be communicated by the Issuer or its appointed party (LM/Legal Counsel/PPA)
to all intermediaries (Issuer’s Agents/CD/CSP/ICSDs) to allow for timely settlement and
effective asset servicing throughout the lifetime of a security, so that investors can make
the appropriate investment decisions.
Updates to final T&C are usually processed via the following methods:
• Manifest errors 3
• Consent of investor 4
• Noteholders’ meetings
Updates and changes linked to information outside the scope of the T&C should
be communicated in advance by the Issuer to the intermediaries (Issuers’ Agents/CD/CSP/
ICSDs) for an impact assessment in terms of asset servicing.
3 In this Market Practice Book the term ‘manifest errors’ shall include, besides errors obvious on the face of the
document, any other modifications made pursuant to the Trustee/Agent power under T&C (without holder consent).
4 In closely held issues it is possible to get all investors to consent without the need for a meeting.
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