In line with the announcement of Croatian Central Depositary and Clearing Company Inc. (CDCC) confirming the entry into force of Amendments to Rules and Procedures (as of 1 March 2019) and New Pricelist (as of 1 April 2019), CDCC has notified local market custodians of the new functionality introduced within the CDCC proprietary system DEPRIN, which requires each custodian to indicate if the change of beneficial ownership occurred during free of payment transfer between the custody and ordinary account at the CDCC.
New functionality will be introduced as of Monday, 1 April 2019, and will be mandatory for all free of payment transfers from ordinary CDCC account to custody CDCC account and from custody CDCC account to ordinary CDCC account.
Therefore, it is required that all free of payment settlement instructions (MT540 and MT542) sent to UniCredit GSS Zagrebacka banka d.d. have beneficial ownership indicator (BENE/NBEN or YBEN) stated within the field 22F of Sequence E. Processing of SWIFT settlement instructions received without the beneficial ownership indicator may be delayed until client’s clarification or receipt of new settlement instruction.
Impact on investors: Each free of payment settlement instruction must include beneficial ownership indicator as of 1 April 2019.