Talk:Transfers - CSA Provision: Difference between revisions

Revision as of 23:45, 29 December 2019

2016

3(a) Transfers. All transfers of Eligible Credit Support (VM), Equivalent Credit Support (VM), Interest Payment (VM) or Equivalent Distributions will be made following the relevant receipient’s instructions:

3(a)(i) for cash, by transfer into the recipient’s bank account;

"3(a)(ii) for physically settled certificated securities, by delivery in appropriate physical form to the recipient with duly executed transfer instruments, stamps and documents needed to effect legally valid transfer of legal and beneficial title to the recipient; and

3(a)(iii) for book-entry securities, by causing the securities intermediary to change its books and records to reflect a legally effective transfer of legal and beneficial title to the recipient.

Subject to Paragraph 4, if a deliveror receives a demand for Eligible Credit Support (VM) or Equivalent Credit Support (VM) by the Notification Time, then it must transfer by the close of business on the Regular Settlement Day for the date of the demand; if later than that, by close of business on the Regular Settlement Day for the following day.

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-(a) Transfers. All transfers under this Annex of any Eligible Credit Support, Equivalent Credit Support, Interest Amount or Equivalent Distributions shall be made in accordance with the instructions of the Transferee or Transferor, as applicable, and shall be made:
+(a) Transfers. All transfers of Eligible Credit Support (VM), Equivalent Credit Support (VM), Interest Payment (VM) or Equivalent Distributions will be made following the relevant receipient’s instructions:
-:3(a)(i) in the case of cash, by transfer into one or more bank accounts specified by the recipient;
+:3(a)(i) for cash, by transfer into the recipient’s bank account;
-:3(a)(ii) in the case of certificated securities which cannot or which the parties have agreed will not be delivered by book-entry, by delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, transfer tax stamps and any other documents necessary to constitute a legally valid transfer of the transferring party's legal and beneficial title to the recipient; and
+"3(a)(ii) for physically settled certificated securities, by delivery in appropriate physical form to the recipient with duly executed transfer instruments, stamps and documents needed to effect legally valid transfer of legal and beneficial title to the recipient; and
-:3(a)(iii) in the case of securities which the parties have agreed will be delivered by book-entry, by the giving of written instructions (including, for the avoidance of doubt, instructions given by telex, facsimile transmission or electronic messaging system) to the relevant depository institution or other entity specified by the recipient, together with a written copy of the instructions to the recipient, sufficient, if complied with, to result in a legally effective transfer of the transferring party's legal and beneficial title to the recipient.
+:3(a)(iii) for book-entry securities, by causing the securities intermediary to change its books and records to reflect a legally effective transfer of legal and beneficial title to the recipient.
-Subject to Paragraph 4 and unless otherwise specified, if a demand for the transfer of Eligible Credit Support or Equivalent Credit Support is received by the Notification Time, then the relevant transfer will be made not later than the close of business on the Settlement Day relating to the date such demand is received; if a demand is received after the Notification Time, then the relevant transfer will be made not later than the close of business on the Settlement Day relating to the day after the date such demand is received.
+Subject to Paragraph 4, if a deliveror receives a demand for Eligible Credit Support (VM) or Equivalent Credit Support (VM) by the Notification Time, then it must transfer by the close of business on the Regular Settlement Day for the date of the demand; if later than that, by close of business on the Regular Settlement Day for the following day.

Talk:Transfers - CSA Provision: Difference between revisions

Revision as of 23:45, 29 December 2019

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