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Agenda Background
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tarix | 14.09.2018 | ölçüsü | 281,5 Kb. | | #68476 |
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Agenda 2. Admission Requirements Scope of Services CCASS Service Fees Benefits Stock Segregated Account with Statement Service
Background Profile of HKSCC 1989 - incorporation of HKSCC Hong Kong Securities Clearing Company Ltd 1992 - recognised as clearing house and became operator of CCASS Central Clearing And Settlement System A computerised book-entry clearing and settlement system for transactions in securities listed on the Stock Exchange of HK Mar 2000 - became a wholly owned subsidiary of HKEx
Background HKSCC Participantship
Background Investor Account Service May 1998 - introduce for individual and corporate investors in HK Dec 1999 - accept BVI incorporated companies Jun 2006 - open for Macau residents and corporations
Background Investor Account Service
Background Investor Account Service
Admission Requirements Individual Investor Accounts HKID / Macau Resident ID Card Holder aged 18 or above Joint Individual Investor Accounts HKID Card Holders aged 18 or above
Admission Requirements Corporate Investor Accounts Corporations incorporated in HK under the HK Companies Ordinance, or by any legal entity incorporated in HK under HK Law Overseas Corporations incorporated in the British Virgin Islands (BVI) under the International Business Companies Act (IBC Act) Corporations incorporated in Macau under the Commercial Code of Macau
Admission Requirements Maintain a correspondence address in Hong Kong / Macau Maintain a HKD Designated Bank Account for CCASS money settlement purpose
Scope of Services Nature of Investor Account NOT mandatory A depository account for share custody Purchases and sales of stocks made by Investor Participants (“IP”) and the resulting settlements will continue to be handled by CCASS Broker or Custodian Participants
Scope of Services Transaction Flow
Scope of Services Stock transfer and settlement Custodial services Nominee services
Scope of Services Stock Transfer What is ISI ? Investor Settlement Instructions (“ISI”) are used to initiate stock transfer and money settlement electronically through CCASS between IP and Broker, Custodian or Stock Pledgee Participants
Electronic money settlement between CCASS and Participants:
Scope of Services Money Settlement for ISI Three payment options are available for ISI transactions: Free of Payment (FOP) Delivery versus Payment (DVP) Realtime Delivery versus Payment (RDP)
Scope of Services Money Settlement Free of Payment (FOP) Money settlement is to take place outside CCASS and HKSCC is not involved IP should arrange with their counterparties if money settlement is required outside CCASS
Scope of Services Money Settlement (DVP) Delivery versus Payment (DVP) Shares settled in advance to money settlement An EPI will be generated and funds settled through the overnight interbank clearing Receipt of payment must be monitored by both delivering and receiving parties
Scope of Services Money Settlement (RDP) Realtime Delivery versus Payment (RDP) Shares will be put on-hold in the delivering Participant’s stock account CHATS payment instruction will be generated If payment is confirmed, the shares will be delivered to the receiving party immediately; Otherwise, the shares will be released back to the delivering party
Scope of Services Custodial Services IP can deposit or withdraw physical share certificates into or from CCASS Shares deposited in CCASS are re-registered under the name of HKSCC Nominees Limited Shares withdrawn from CCASS are required to be re-registered to the name of IP
Scope of Services Nominee Services
Scope of Services Nominee Services Receive corporate information directly from listed issuers, e.g. annual reports and notices HKSCC will collect benefit entitlements for IPs and distribute to their stock / designated bank accounts electronically
Scope of Services Nominee Services HKSCC will credit the entitlement in relation to corporate actions (such as rights subscription, open offer / takeover, etc) directly to stock / designated bank accounts of IPs Choose to attend corporate meetings in person, appoint representatives to attend meetings or appoint HKSCC to vote for them
Scope of Services Others HKSCC will send statements and provide enquiry function to IP about the corporate actions and deadlines, such as subscription, voting & dividend election requiring their action Apply for initial public offering (IPO) and tender electronically via CCASS and have HKSCC credited allotted shares into their stock accounts and refunds to their designated bank accounts directly
Scope of Services - optional Short Message Services (SMS) Short Message Services (SMS) include: Investor Settlement Instructions (ISIs) Announcement summary and deadline for dividend election and voting instructions EIPO and tender announcements Rejected transactions such as Direct Debit Instruction
Scope of Services Communicating with CCASS
CCASS Service Fees Stock Custody Fee $0.012 per board lot or odd lot minimum fee of $20 and maximum fee of $3,000 per month
CCASS Service Fees Dividend/Interest Collection Fee 0.12% of the cash amount of dividend/interest minimum fee of $10 and maximum fee of $500 per stock/debt in one currency on the same day 0.002% of the gross value for each ISI transaction minimum fee of $2 and a maximum fee of $100 each transaction
Benefits
Benefits Control over the movement of shares deposited in CCASS Receive records of shareholdings in CCASS Enjoy better legal protection of shareholdings in CCASS Enjoy a variety of communication channels
Stock Segregated Account with Statement Service (SSA) Investors has to open SSA via brokers / custodians SSA is owned by brokers / custodians No legal relationship between HKSCC and SSA holders Stock in custody of and movement is controlled by brokers / custodians
Stock Segregated Account with Statement Service (SSA) A service enabling investors to reconcile their stockholdings and trading records kept by their brokers or custodians with statements issued by HKSCC Receive corporate communications direct from share registrars
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