Scope - Clearstream

MARKET PRACTICE BOOK - NEW ISSUES
26
2.2.2.2.2.
Documentation flow for issuance under Programme at acceptance
a Issuer
Issuer
b Legal Counsel
c Dealer/ LM
d IPA
a
* LM for syndicated MTNs
a
a
Dealer/LM*
b
LLegal l
Counsel
Initiator Recipient Timing
Dealer/LM
Legal
Counsel/ IPA
Dealer/ LM/
IPA
IPA
ICSDs
At the Issuer’s
discretion
c
b
In the very early
stage of issuance
or before the fixing
of pricing details
(generally on the
Closing Date -5
Business Days), and
prior to the listing
request if any
In the very early
stage of issuance
or before the fixing
of pricing details
(generally on the
Closing Date -5
Business Days), and
prior to the listing
request 19 if any
As soon as advised
by the Dealer/LM
IPA
d
Actions
ICSD SD
• Appoint LM (for Syndicated Issues)
• Agree key terms of the issue
• Drafting of the terms in an easily analysable and
comprehensible manner and wherever possible, using
standard terms and formats to allow easy identification
and understanding of all relevant securities features
(see Chapter 1 section 1.1.)
• Draft and review all relevant legal documentation,
including the minimum requirements (cf. CP/CD/MTNs
acceptance checklist) for ISIN and/or Common Code
allocation
• Drafting of the terms in an easily analysable and
comprehensible manner and wherever possible, using
standard terms and formats to allow easy
identification and understanding of all relevant
securities features (see Chapter 1 section 1.1.)
• Highlight any special features of the security
(e.g. complex tax regimes, securities in units, paper form
requirements, etc.)
(cf. Non-standard/Unusual Structures in Annex 4)
• Highlight any special features of the security
(e.g. complex tax regimes, securities in units, paper form
requirements, etc.)
(cf. Non-standard/Unusual Structures in Annex 4)
19 Please refer to the respective Stock Exchange listing rules for the relevant timing requirements.