FOREIGN CUSTODY MANAGER AGREEMENT
Exhibit (g)(ii)
FOREIGN CUSTODY MANAGER AGREEMENT
AGREEMENT made as of March 14, 2011 by and between each entity listed on Annex I attached
hereto (the “Fund”) and The Bank of New York Mellon (“BNY”).
WITNESSETH:
WHEREAS, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and
conditions contained herein;
WHEREAS, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth
herein on the terms and conditions contained herein;
NOW THEREFORE, in consideration of the mutual promises hereinafter contained in this
Agreement, the Fund and BNY hereby agree as follows:
ARTICLE I.
DEFINITIONS
DEFINITIONS
Whenever used in this Agreement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:
1. “Board” shall mean the board of directors or board of trustees, as the case may be, of the
Fund.
2. “Eligible Foreign Custodian” shall have the meaning provided in the Rule.
3. “Monitoring System” shall mean a system established by BNY to fulfill the Responsibilities
specified in clauses (d) and (e) of Section 1 of Article III of this Agreement.
4. “Responsibilities” shall mean the responsibilities delegated to BNY under the Rule as a
Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian
selected by BNY, as such responsibilities are more fully described in Article III of this
Agreement.
5. “Rule” shall mean Rule 17f-5 under the Investment Company Act of 1940, as amended on June
12, 2000.
6. “Specified Country” shall mean each country listed on Schedule I attached hereto and each
country, other than the United States, constituting the primary market for a security with respect
to which the Fund has given settlement instructions to The Bank of New York Mellon as custodian
(the “Custodian”) under its Custody Agreement with the Fund.
ARTICLE II.
BNY AS A FOREIGN CUSTODY MANAGER
BNY AS A FOREIGN CUSTODY MANAGER
1. The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified
Country the Responsibilities.
2. BNY accepts the Board’s delegation of Responsibilities with respect to each Specified
Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping
of the Fund’s assets would exercise.
3. BNY shall provide to the Board at such times as the Board deems reasonable and appropriate
based on the circumstances of the Fund’s foreign custody arrangements written reports notifying the
Board of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a
Specified Country and of any material change in the arrangements (including the contract governing
such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.
ARTICLE III.
RESPONSIBILITIES
RESPONSIBILITIES
1. Subject to the provisions of this Agreement, BNY shall with respect to each Specified
Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a) determine
that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care,
based on the standards applicable to custodians in the relevant market in which such Eligible
Foreign Custodian operates, after considering all factors relevant to the safekeeping of such
assets, including, without limitation, those contained in paragraph (c)(1) of the Rule, provided
however that BNY’s consideration of such factors shall in no way be deemed to be an evaluation of
Country Risks (defined below) for investment purposes (b) determine that the Fund’s foreign custody
arrangements with each Eligible Foreign Custodian are governed by a written contract with the
Custodian which will provide reasonable care for the Fund’s assets based on the standards specified
in paragraph (c)(1) of the Rule; (c) determine that each contract with an Eligible Foreign
Custodian shall include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the Rule
or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F) provisions, such other
provisions as BNY determines will provide, in their entirety, the same or a greater level of care
and protection for the assets of the Fund as such specified provisions; (d) monitor pursuant to the
Monitoring System the appropriateness of maintaining the assets of the Fund with a particular
Eligible Foreign Custodian pursuant to paragraph (c)(1) of the Rule and the performance of the
contract governing such arrangement; and (e) advise the Fund whenever BNY determines under the
Monitoring System that an arrangement (including, any material change in the contract governing
such arrangement) described in preceding clause (d) no longer meets the requirements of the Rule.
2. For purposes of preceding Section 1 of this Article, BNY’s determination of appropriateness
shall not include, nor be deemed to include, any evaluation of Country Risks associated with
investment in a particular country. For purposes hereof, “Country Risks” shall mean systemic risks
of holding assets in a particular country including but not limited to (a) an
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Eligible Foreign
Custodian’s use of any depositories that act as or operate a system or a
transnational system for the central handling of securities or any equivalent book-entries;
(b) such country’s financial infrastructure; (c) such country’s prevailing custody and settlement
practices; (d) nationalization, expropriation or other governmental actions; (e) regulation of the
banking or securities industry; (f) currency controls, restrictions, devaluations or fluctuations;
and (g) market conditions which affect the orderly execution of securities transactions or affect
the value of securities.
ARTICLE IV.
REPRESENTATIONS
REPRESENTATIONS
1. The Fund hereby represents that: (a) this Agreement has been duly authorized, executed and
delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable
in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding
on the Fund prohibits the Fund’s execution or performance of this Agreement; (b) this Agreement has
been approved and ratified by the Board at a meeting duly called and at which a quorum was at all
times present, and (c) the Board or the Fund’s investment advisor has considered the Country Risks
associated with investment in each Specified Country and will have considered such risks prior to
any settlement instructions being given to the Custodian with respect to any other country.
2. BNY hereby represents that: (a) BNY is duly organized and existing under the laws of the
State of New York, with full power to carry on its businesses as now conducted, and to enter into
this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly
authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of
BNY enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or
contract binding on BNY prohibits BNY’s execution or performance of this Agreement; and (c) BNY has
established the Monitoring System.
ARTICLE V.
CONCERNING BNY
CONCERNING BNY
1. BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including
attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, the Fund except to
the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence
required by Section 2 of Article II hereof. In no event shall BNY be liable to the Fund, the
Board, or any third party for special, indirect or consequential damages, or for lost profits or
loss of business, arising in connection with this Agreement.
2. The Fund shall indemnify BNY and hold it harmless from and against any and all costs,
expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or
incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or
arising out of BNY’s performance hereunder, provided that the Fund shall not indemnify BNY to the
extent any such costs, expenses, damages, liabilities or claims arises out of BNY’s failure to
exercise the reasonable care, prudence and diligence required by Section 2 of Article II hereof.
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3. For its services hereunder, the Fund agrees to pay to BNY such compensation and
out-of-pocket expenses as shall be mutually agreed.
4. BNY shall have only such duties as are expressly set forth herein. In no event shall BNY
be liable for any Country Risks associated with investments in a particular country.
ARTICLE VI.
MISCELLANEOUS
MISCELLANEOUS
1. This Agreement constitutes the entire agreement between the Fund and BNY as a foreign
custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall
affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement
affect the duties or obligations of the Custodian under the Custody Agreement.
2. Any notice or other instrument in writing, authorized or required by this Agreement to be
given to BNY, shall be sufficiently given if received by it at its offices at 0 Xxxx Xxxxxx, , Xxx
Xxxx, Xxx Xxxx 00000, or at such other place as BNY may from time to time designate in writing.
3. Any notice or other instrument in writing, authorized or required by this Agreement to be
given to the Fund shall be sufficiently given if received by it at its offices at 000 Xxxxxxxx
Xxxxxxx Xxxxxxxxxx, Xxxxxxxx 00000 or at such other place as the Fund may from time to time
designate in writing.
4. In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected thereby. This Agreement may not be amended or modified
in any manner except by a written agreement executed by both parties. This Agreement shall extend
to and shall be binding upon the parties hereto, and their respective successors and assigns;
provided however, that this Agreement shall not be assignable by either party without the written
consent of the other.
5. This Agreement shall be construed in accordance with the substantive laws of the State of
New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent
to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder. The Fund hereby irrevocably waives, to the fullest extent
permitted by applicable law, any objection which it may now or hereafter have to the laying of
venue of any such proceeding brought in such a court and any claim that such proceeding brought in
such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably
waives any and all rights to trial by jury in any legal proceeding arising out of or relating to
this Agreement.
6. The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of
the Fund and no contractual or service relationship shall be deemed to be established hereby
between BNY and any other person by reason of this Agreement.
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7. This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original, but such counterparts shall, together, constitute only one instrument.
8. This Agreement shall terminate simultaneously with the termination of the Custody Agreement
between the Fund and the Custodian, and may otherwise be terminated by either party giving to the
other party a notice in writing specifying the date of such termination, which shall be not less
than thirty (30) days after the date of such notice.
IN WITNESS WHEREOF, the Fund and BNY have caused this Agreement to be executed by their
respective officers, thereunto duly authorized, as of the date first above written.
EACH OF THE FUNDS OR SERIES IDENTIFIED IN ANNEX I |
||||
By: | /s/ Xxxx X. Xxxxx | |||
Title: President | ||||
THE BANK OF NEW YORK MELLON |
||||
By: | /s/ Xxxxx XxXxxxxxx | |||
Title: Managing Director | ||||
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ANNEX I
Fund Name | Tax Identification | |
Boston Advisors Broad Allocation Fund
|
||
Cutwater Investment Grade Bond Fund
|
||
Dupont Emerging Markets Equity Fund
|
||
Formula Investing International Value 400 Fund
|
||
Formula Investing International Value Select Fund
|
||
Pemberwick Fund
|
||
Private Capital Management Value Fund
|
||
WHV International Equity Fund
|
||
WHV Emerging Markets Equity Fund
|
SCHEDULE I
Eligible Depositories
Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 00x-0 | |||
Xxxxxxxxx
|
Caja de Valores S.A. | There has been no major change since our last review. | Yes | |||
Central de Liquidacion y Registracion de Instrumentos de Endeudamiento Publico (CRYL) | There has been no major change since our last review. | Yes | ||||
Australia
|
ASX Settlement and Transfer Corporation Pty Ltd | There has been no major change since our last review. | Yes | |||
Austraclear Limited | There has been no major change since our last review. | Yes | ||||
Austria
|
Oesterreichische Kontrollbank AG (OeKB) | There has been no major change since our last review. | Yes | |||
Bahrain
|
The Clearing, Settlement and Central Depository (CSD) | There has been no major change since our last review. | Yes | |||
Bangladesh
|
Central Depository Bangladesh Limited | There has been no major change since our last review. | Yes | |||
Belgium
|
Euroclear Belgium | There has been no major change since our last review. | Yes | |||
Banque Nationale de Belgique / Nationale Bank van België | There has been no major change since our last review. | Yes | ||||
Benin
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Bermuda
|
Bermuda Securities Depository (BSD) | There has been no major change since our last review. | Yes | |||
Botswana
|
The Bank of Botswana | There have been no major changes since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Central Securities Depository Company of Botswana Limited (CSDB) | There have been no major changes since our last review. | Yes | ||||
Brazil
|
BM&FBOVESPA — Central Securities Depository | There has been no major change since our last review. | Yes | |||
Central de Custodia e Liquidacao Financeira de Titulos — CETIP | There has been no major change since our last review. | Yes | ||||
Sistema Especial de Liquidacao e de Custodia (SELIC) | There has been no major change since our last review. | Yes | ||||
Bulgaria
|
Tzentralen Depozitar AD (CDAD) | There has been no major change since our last review. | Yes | |||
Bulgarian National Bank (BNB) | There has been no major change since our last review. | Yes | ||||
Burkina Faso
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Canada
|
The Canadian Depository for Securities (CDS) | There has been no major change since our last review. | Yes | |||
Chile
|
Depósito Central de Valores S.A. | There has been no major change since our last review. | Yes | |||
China — Shanghai
|
China Securities Depository and Clearing Corporation Ltd Shanghai Branch | There has been no major change since our last review. | Yes | |||
China — Shenzhen
|
China Securities Depository and Clearing Corporation Ltd Shenzhen Branch | There has been no major change since our last review. | Yes | |||
Colombia
|
Deposito Centralizado de Valores de Colombia DECEVAL S.A. | There has been no major change since our last review. | Yes | |||
Depósito Central de Valores (DCV) | There has been no major change since our last review. | Yes | ||||
Costa Rica
|
Central de Valores, S.A. | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Croatia
|
Središnje klirinško depozitarno društvo, d.d. | On August 3, 2009, the SKDD increased the limit applicable to contractual settlement to HRK 10 million. | Yes | |||
Cyprus
|
Central Securities Depository & Central Registry (CDCR) | Since January 2, 2009, income and corporate events entitlements are based on settled (i. o. traded) positions on record date. On November 21, 2009, the Central Securities Depository & Central Registry (CDCR) successfully connected to the Link-Up Markets infrastructure. | Yes | |||
Czech Republic
|
Středisko Cenných Papírů (SCP) | There has been no major change since our last review. | Yes | |||
Czech National Bank (CNB) | There has been no major change since our last review. | Yes | ||||
Denmark
|
VP SECURITIES A/S | On March 16, 2009, the CSD Vaerdipapircentralen A/S changed its name to VP SECURITIES A/S and moved to new premises. On March 30, 2009, VP SECURITIES A/S successfully connected to the Link-Up Markets infrastructure. On October 9, 2009, mandatory Central Counterparty (CCP) clearing services for on-exchange trades were introduced. Pursuant to this change, new buy-in rules and partial settlement during the last batch (batch 40) have been introduced for CCP-eligible transactions. | Yes | |||
Egypt
|
Misr for Central Clearing, Depository and Registry (MCDR) | There has been no major change since our last review. | Yes | |||
Central Bank of Egypt | There has been no major change since our last review. | Yes | ||||
Estonia
|
AS Eesti Väärtpaberikeskus | There has been no major change since our last review. | Yes | |||
Euromarket
|
Clearstream Banking S.A. Luxembourg | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Euroclear Bank Brussels | For certain types of instructions, Euroclear Bank has removed the overnight input deadline and extended its automatic real-time processing window. | Yes | ||||
Finland
|
Euroclear Finland Oy | A new mandatory CCP and buy-in procedures have been introduced for on-exchange trades. | Yes | |||
France
|
Euroclear France | There has been no major change since our last review. | Yes | |||
Germany
|
Clearstream Banking AG, (CBF) | On April 27, 2009, CBF introduced
TARGET2 cash clearing in the day-time
settlement process and a new CONT-SDS
free-of-payment settlement cycle. Since September 2009, DVP cross border settlement of OTC transactions in Austria, Denmark, Germany and Switzerland has been possible through CBF’s connection to Link Up Markets. On November 9, 2009, CBF introduced the matching of free-of-payment OTC settlement instructions. |
Yes | |||
Ghana
|
Bank of Ghana | Trading and settlement of government securities now takes place on the OTC market. | Yes | |||
GSE Securities Depository Company LTD | This is the first review for this CSD. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Greece
|
Hellenic Exchanges S.A. Holding, Clearing, Settlement and Registry (HELEX) | On June 29, 2009, HELEX successfully
connected to the Link-Up Markets
infrastructure. Several technical improvements for the settlement of OTC trades were introduced on June 29, 2009, including matching cycles every 15 minutes, a hold and release mechanism, the possibility to bilaterally cancel matched trades, additional instruction fields and the availability of additional transaction details through the CSD system. On November 2, 2009, the “Supplementary Fund” changed into the “Clearing Fund”, with a transfer of all members contributions; a more favorable daily risk calculation algorithm was introduced and a credit line for the Clearing Fund arranged with local banks in order to reduce the contributions of the clearing members. |
Yes | |||
Trapeza tis Hellathos (Bank of Greece) | Since July 6, 2009, BrokerTec
implemented a direct link with BOGS
(the Bank of Greece Settlement
System), thereby operating under the
same model as EuroMTS. Since November 2, 2009, failing trades (with the exception of Repo and buy-sell back trades) are recycled for ten consecutive days; and additional information concerning shortages of cash or securities, alleged transactions and matching statuses, as well as the original contractual settlement date are available through the BOGS and HDAT systems. |
Yes | ||||
Guinea Bissau
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Hong Kong
|
Hong Kong Securities Clearing Company Limited | There has been no major change since our last review. | Yes | |||
Central Moneymarkets Unit | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Hungary
|
Központi Elszámolóház és Értéktár (Budapest) Zrt. (KELER) | There has been no major change since our last review. | Yes | |||
Iceland
|
Verðbréfaskráning Íslands hf. (VS) | There has been no major change since our last review. | Yes | |||
India
|
National Securities Depository Limited | Effective December 1, 2009, all corporate bond trades are required to be cleared and settled through the clearing houses. | Yes | |||
Reserve Bank of India | There has been no major change since our last review. | Yes | ||||
Central Depository Services (India) Limited | Effective December 1, 2009, all corporate bond trades are required to be cleared and settled through the clearing houses. | Yes | ||||
Indonesia
|
PT Kustodian Sentral Efek Indonesia (KSEI) | There has been no major change since our last review. | Yes | |||
Bank Indonesia (BI) | Bank Indonesia has indicated that based on BI regulation No. 10/2/PBI/2008, it does not guarantee settlement and does not accept liability for reconciliation errors with the registrar and/or issuers, and force majeure events, acts of God or political events, etc. | Yes | ||||
Ireland
|
Euroclear UK & Ireland Limited | There has been no major change since our last review. | Yes | |||
Israel
|
The Tel Aviv Stock Exchange Ltd. — The Stock Exchange Clearing House Ltd. (TASECH) | There has been no major change since our last review. | Yes | |||
Italy
|
Monte Titoli S.p.A. | There has been no major change since our last review. | Yes | |||
Ivory Coast
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Japan
|
The Bank of Japan (BOJ) | There has been no major change since our last review. | Yes | |||
Japan Securities Depository Center, Inc (JASDEC) | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Jordan
|
Securities Depository Center | There has been no major change since our last review. | Yes | |||
Kazakhstan
|
The Central Securities Depository JSC (CSD) | The CSD no longer maintains a reserve fund to cover operational losses. Any such losses would be covered from the net income or capital of the CSD. | Yes | |||
Kenya
|
The National Debt Office | Government bonds are now traded on the Automated Trading System of the Nairobi Stock Exchange which is linked to the National Debt Office | Yes | |||
The Central Depository and Settlement Corporation Ltd (CDSC) | There has been no major change since our last review. | Yes | ||||
Kuwait
|
Kuwait Clearing Company S.A.K. (KCC) | There has been no major change since our last review. | Yes | |||
Latvia
|
Latvijas Centralais Depozitarijs | There has been no major change since our last review. | Yes | |||
Lebanon
|
Midclear — Custodian and Clearing Center of Financial Instruments for Lebanon and the Middle East | There has been no major change since our last review. | Yes | |||
Banque du Liban (BOL) | There has been no major change since our last review. | Yes | ||||
Lithuania
|
Lietuvos centrinis vertybinių popierių depozitoriumas (CSDL) | There has been no major change since our last review. | Yes | |||
Luxembourg
|
Clearstream Banking S.A. | There has been no major change since our last review. | Yes | |||
Malaysia
|
Bank Negara Malaysia | BNM has outsourced the operation of its depository system to MyClear, which is a fully owned subsidiary of BNM. | Yes | |||
Bursa Malaysia Depository Sdn Bhd | There has been no major change since our last review. | Yes | ||||
Mali
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 00x-0 | |||
Xxxxx
|
Xxxxxxx Securities Depository, Malta Stock Exchange plc | There has been no major change since our last review. | Yes | |||
Mauritius
|
Bank of Mauritius | There has been no major change since our last review. | Yes | |||
Central Depository & Settlement Co. Ltd | There has been no major change since our last review. | Yes | ||||
Mexico
|
S.D. Indeval, S.A. de C.V. (Indeval) | There has been no major change since our last review. | Yes | |||
Morocco
|
Maroclear | There has been no major change since our last review. | Yes | |||
Netherlands
|
Euroclear Nederland | There has been no major change since our last review. | Yes | |||
New Zealand
|
The New Zealand Central Securities Depository Limited | There has been no major change since our last review. | Yes | |||
Niger
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Nigeria
|
Central Securities Clearing System Ltd | There has been no major change since our last review. | Yes | |||
Norway
|
Verdipapirsentralen ASA | The financial regulatory authority changed its name from Kredittilsynet to Finanstilsynet on December 21, 2009. | Yes | |||
Oman
|
Muscat Depository & Securities Registration Company (MDSRC) | There has been no major change since our last review. | Yes | |||
Pakistan
|
The State Bank of Pakistan (SBP) | There has been no major change since our last review. | Yes | |||
Central Depository Company of Pakistan Limited | There has been no major change since our last review. | Yes | ||||
Palestinian Autonomous Area
|
Clearing, Depository and Settlement Department | There has been no major change since our last review. | Yes | |||
Peru
|
CAVALI S.A. ICLV | There has been no major change since our last review. | Yes | |||
Philippines
|
Philippine Depository Trust Company | A new web-based depository system known as eCS was implemented in June 2009. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
The Bureau of Treasury | There has been no major change since our last review. | Yes | ||||
Poland
|
Register of Securities (RoS) (Centralny Rejestr Bonow Skarbowych) | There has been no major change since our last review. | Yes | |||
Krajowy Depozyt Papierow Wartosciowych (NDS) | The NDS has taken out insurance coverage for fidelity, operational errors, errors and omissions and computer fraud. | Yes | ||||
Portugal
|
Interbolsa (Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A.) | There has been no major change since our last review. | Yes | |||
Banco de Portugal (Bank of Portugal) | On March 2, 2009, SPGT, the national large value RTGS payment system, was replaced by TARGET2-PT. | Yes | ||||
Qatar
|
Central Clearing and Registration Department | In June 2009, the Qatar Exchange (QE) replaced the Doha Securities Market (DSM). | Yes | |||
Romania
|
Depozitarul Central S.A. | There has been no major change since our last review. | Yes | |||
National Bank of Romania (NBR) | There has been no major change since our last review. | Yes | ||||
Russia
|
The National Depository Center | The NDC restructured itself as a closed joint-stock company in August 2009. | Yes | |||
ZAO Depository Clearing Company (DCC) | In 2008, the DCC increased its capital to approximately XXX 000 xxxxxxx. | X/X | ||||
Xxxxx Xxxxxx
|
Xxxxx Xxxxxx Monetary Agency | There has been no major change since our last review. | ||||
Senegal
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Serbia
|
Centralni registar depo i kliring hartija od vrednosti (Central Securities Depository & Clearing House - CRHoV) | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 00x-0 | |||
Xxxxxxxxx
|
The Central Depository (Pte) Ltd. | On August 21, 2009, the earmarking of
securities for On Exchange Free of
Payment (FOPT) transactions was
introduced. On November 20, 2009, a uniform cut-off time of 12 p.m. on SD was introduced for DVP and FOP settlement in PSMS. Effective December 14, 2009, the buy-in on failed deliveries occur on TD+3 (SD), instead of on T+4 (SD+1). On November 20, 2009, an interim measure was introduced to exempt buy-ins and related penalties on failed deliveries due to securities borrowing and lending recalls. |
Yes | |||
The Monetary Authority of Singapore (MAS) | There has been no major change since our last review. | Yes | ||||
Slovak Republic
|
Centrálny depozitár cenných papierov SR, a. s. (CDCP) | There has been no major change since our last review. | Yes | |||
Slovenia
|
Centralna Klirinško Depotna Xxxxxx x.x. (KDD) | There has been no major change since our last review. | Yes | |||
South Africa
|
Share Transactions Totally Electronic Limited (STRATE) | The money market instruments platform is being implemented. | Yes | |||
South Korea
|
Korea Securities Depository | There has been no major change since our last review. | Yes | |||
Spain
|
IBERCLEAR (Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.) | There has been no major change since our last review. | Yes | |||
Sri Lanka
|
Central Depository Systems (Pvt) Ltd | There has been no major change since our last review. | Yes | |||
Central Bank of Sri Lanka | There has been no major change since our last review. | Yes | ||||
Sweden
|
Euroclear Sweden | A new mandatory CCP and buy-in procedures have been introduced for on-exchange trades. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 00x-0 | |||
Xxxxxxxxxxx
|
SIX SIS Ltd | SIX Swiss Exchange Europe Ltd. closed on May 4, 2009. | Yes | |||
Taiwan
|
Taiwan Depository & Clearing Corporation | There has been no major change since our last review. | Yes | |||
Central Bank of the Republic of China (Taiwan) | There has been no major change since our last review. | Yes | ||||
Thailand
|
The Thailand Securities Depository Co., Ltd | • The financial results of the
TSD have been consolidated with the
SET’s financial statements and the
depository no longer publishes
separate financial information.
|
Yes | |||
• Since February 15, 2010, the
Thailand Clearing House Co. Ltd (TCH)
has taken over the role of central
counterparty from the TSD for listed
equities and fixed income
instruments. |
||||||
Togo
|
Dépositaire Central/Banque de Règlement (DCBR) | There has been no major change since our last review. | Yes | |||
Trinidad & Tobago
|
The Trinidad and Tobago Central Securities Depository Limited (TTCD) | There has been no major change since our last review. | Yes | |||
Tunisia
|
Société Tunisienne Interprofessionnelle pour la Compensation et les Dépôts de Valeurs Mobilières (STICODEVAM) | There has been no major change since our last review. | Yes | |||
Turkey
|
Central Registry Agency (CRA) Inc | There has been no major change since our last review. | Yes | |||
Central Bank of Turkey (CBT) | There has been no major change since our last review. | Yes | ||||
Uganda
|
Bank of Uganda | This is the first review for this CSD. | Yes | |||
U.A.E.
|
Abu Dhabi Securities Exchange | There has been no major change since our last review. | Yes | |||
NASDAQ Dubai Limited | There has been no major change since our last review. | Yes |
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Eligible | ||||||
Securities | ||||||
Depository | ||||||
Major Changes Since Last | Under Rule | |||||
Country / Market | CSD | review | 17f-7 | |||
Dubai Financial Market (DFM) | There has been no major change since our last review. | Yes | ||||
Ukraine
|
The National Bank of Ukraine (NBU) | There has been no major change since our last review. | Yes | |||
All-Ukrainian Securities Depository | In October 2009, the All-Ukrainian Securities Depository (AUSD) became the successor to the Interregional Securities Union (MFS). | Yes | ||||
United Kingdom
|
Euroclear UK & Ireland Limited | There has been no major change since our last review. | Yes | |||
Uruguay
|
Banco Central del Uruguay (BCU) | There has been no major change since our last review. | Yes | |||
Venezuela
|
Caja Venezolana de Valores (CVV) | There has been no major change since our last review. | Yes | |||
Banco Central de Venezuela (BCV) | There has been no major change since our last review. | Yes | ||||
Vietnam
|
The Vietnam Securities Depository | There has been no major change since our last review. | Yes | |||
Zambia
|
Lusaka Stock Exchange Central Shares Depository Ltd. (LuSECSD) | A segregated account structure by investor has been adopted at LuSECSD. | Yes | |||
The Bank of Zambia | There has been no major change since our last review. | Yes |
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