Operational guidelines for Investment Fund Shares
eligible in Clearstream Banking Luxembourg (“CBL”)
The eligibility of Investment Fund Shares in CBL is subject to compliance with the operational provisions as set out
Registration of Investment Fund Shares
CBL customers’ Investment Fund Share positions are held, in book-entry form, in the Investment Fund Register in
an account opened in the name of Clearstream Banking S.A. (“CBL Register Account”). Subject to prior agreement
with CBL, a substructure in the CBL Register Account can be set up that further details the total position by
identifying individual customer’s positions. CBL may appoint a Clearstream depository (“CBL Depository”) and
delegate to it the daily operation of the CBL Register Account.
Record keeping and reconciliation
CBL or the CBL Depository, preferably on a daily basis but alternatively at least once a month, reconciles the total
omnibus position in its own books at Investment Fund Share level (identified by a unique ISIN) with the positions
maintained in the CBL Register Account, based on statements issued by the Fund Agent from the register
evidencing all holdings and transactions booked in the CBL Register Account. While alternative mechanisms could
be agreed upon on a case by case basis, such statements should be provided to CBL (or to the CBL Depository, as
the case may be) in SWIFT MT535 and MT536 messages.
CBL or the CBL Depository reserves the right to refuse to execute any transaction if the balance and the CBL
Register Account mentioned in the message received from the registrar are either missing or incorrect.
CBL internal and Bridge transfers
Investment Fund Shares held in CBL are fungible and freely transferable. CBL customers can decide to deliver
holdings of qualifying Investment Fund Shares from one account in CBL to another account in CBL (“CBL Internal
Transfer”) without involving a change of position in the CBL Register account.
For Investment Fund Shares that are also eligible in Euroclear Bank cor