Scope - Clearstream

3.2.1.2.
3.2.1.3.
Preliminary information
C ORPORATE ACTIONS - MARKET PRACTICE BOOK
Preliminary information should be provided to the ICSDs as soon as possible after a
decision is made by the Issuer to carry out an Unpredictable event 5 and complete details for
a full announcement are not available at that point in time.
Information requested to remain confidential will be treated as such, until it is authorised to
be placed in the public domain, i.e. when a corporate action event is officially launched to
the market (as opposed to pre event launch discussions the ICSDs may be involved in 6 with
the Issuer/Agents).
To be processed effectively by the market 7 , any preliminary information requires at least
the following elements:
1. ISIN of the exercise security
2. Name of the exercise security
3. Type of corporate action event (ISO: CAEV 8 )
4. Mandatory versus Voluntary (ISO: CAMV 9 )
5. Purpose for any Meeting/Consent 10
Complete information
Announcements communicating a corporate action event to the market must be complete.
A complete announcement is one where all event data required is finalised.
The specific elements of the announcement needed to ensure effective and timely
processing by the market will depend on the exact nature of the event. ISMAG defined
the elements to be communicated by the Issuer/Issuer’s Agent to the CD/CSP for the
notification and processing of the highest volume events in the International Market.
Recommendations for all remaining event notifications from the work undertaken by the
Corporate Actions Joint Working Group can be found in Annex 12, “Market Standards for
Corporate Actions Processing”. These are considered the minimum requirements for the
International Market.
The required elements for an efficient asset servicing of the security are included in annex,
and distinguish between:
• Predictable events: (Put Option, Call Option, Conversion Option, Redemption in Cash
or Shares, Final Redemption, General Meeting, Exercise of Warrants, Variable Coupon,
Partial Redemption)
5 This section 2.2.1.2. relates only to ‘Unpredictable events’, as ‘Predictable events’ are detailed in the T&C and
other security documentation.
6 Refer to section 2.2.2.3.1.
7 i.e. the Issuer’s Agents, the ICSDs and its Agents.
8 “CAEV” is ISO coding for “Corporate Action Event Type”.
9 “CAMV” is ISO coding to identify “Mandatory” or “Voluntary” events.
10 In this context, is only required to be completed in case the event in question is a Meeting or Consent; for other
events this information is not required.
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