BG
  EN
  ПРАВИЛНИК Untitled Document
Enclosure 7(E07) – Processing of the Data from Investment Intermediaries for Transfer of Securities  
     
 

REGISTERS OF SECURITIES

1. Register “А”

1.1. Dematerialized securities and compensatory instruments acquired during mass privatization, by initial issuing or otherwise shall be registered in Register А, on the holders’ personal accounts. After opening of the securities account, it shall be credited by the respective number of securities.

1.2. The accounts in Register A are kept by holder and issue.

2. Register B

2.1. Securities accounts of the investment intermediaries – Central Depository members as well as of their clients shall be registered in Register B.

2.2. The accounts in Register B are kept by holder, issue and investment intermediary if opened in the name of a client of an investment intermediary and by holder and issue if opened in the name of an investment intermediary.

2.3. Any holder, including an investment intermediary, when initially registered in the Central Depository registers, shall obtain a unique client number and the securities accounts shall be opened in the respective register thereafter. Upon all subsequent transfers of securities, including from Register A to Register B or in case of ex-officio transfer of securities from Register B to Register A, the unique client numbers shall be preserved.

3. Issuer Register – all legal entities which securities /shares, bonds/ shall be registered with Central Depository shall be included in Issuer Register. The registered securities are entered by ISIN code or five letter mnemo code.

3.1. Issuers and their securities shall be registered under the procedure established in Enclosure №2 / Procedure 02 to Rules and Regulations of the Central Depository.

4. Client Register - all physical persons and legal entities, Bulgarian or foreign persons respectively in their capacity of issuers, investors in dematerialized securities, Central Depository members shall be included in Client Register.

4.1. Issuers shall be registered under the procedure of Enclosure 2/ Procedure 02 to Rules and Regulations of the Central Depository.

4.2. The Central Depository members shall be registered following their assignment as members of the Central Depository by the Board of Directors on the grounds of the submitted documents for membership.

4.3. The clients of investment intermediaries/ registration agents shall be registered pursuant to Enclosure of item 6.1 of Enclosure 6/ Procedure 06 of Rules and Regulations of the Central Depository.

5. Securities Account Register – all opened securities accounts shall be entered by number therein. They are twelve figures and specified by types as follows:

5.1. Personal accounts of physical persons – the securities accounts of holders – physical persons in Register А. The numbers of these accounts start with 1.

5.2. Client accounts of physical persons – the accounts of holders – physical persons, clients of the members of the Central Depository. Their numbers start with 2;

5.3. Personal accounts of legal entities /except the accounts of the Central Depository members/- the securities accounts of holders – legal entities in Register А. Their numbers start with 3. The personal accounts of the Central Depository members also start with 3 but are kept in Register B.

5.4. Client accounts of legal entities –the accounts of holders - legal entities, clients of the Central Depository members. Their numbers start with 4.

5.5. Issue deposit accounts – the accounts of the issuers in which the new issues shall be registered and from which the respective number of securities shall be transferred to accounts of shareholders/ bondholders. Their numbers start with 5.

5.6. Issue deposit accounts managed by third party – these are accounts of issuers in which the new issues shall be registered in case of initial public offering if realized through a Central Depository member. Their numbers start with 6.

5.7. Transit accounts of investment intermediary – these are accounts of securities owned by the Central Depository members. They are the so called “technological” accounts used for optimizing the securities settlement transactions in case several clients of an investment intermediary take part in one transaction of securities. Their numbers start with 8.

5.8. Each securities account shall be identified by its unique number.

6. Transfer Register – all transfers of securities are included in this register whereas each transfer takes a subsequent transfer (transaction) number. Upon such transfer the following data shall be registered: the account number to be debited, the account number to be credited, ISIN/mnemo issue code, securities amount /number/, availabilities on the accounts after completion of the transaction; transaction date.

6.1. Transfers can be ordered by:

6.1.1. Members of the Central Depository through Central Depository operation system.

6.1.2. Privatization Agency or Ministry, sold their shares on cash transaction.

6.1.3. Ministry – for recovery of the ownerships under restitution claims.

6.1.4. Member of Central Depository– in case of initial public offering or in case securities issue is taken.

6.1.5. Issuer company – in case of capital change.

6.1.6. Public authority – party of a transaction where the payment is made by compensatory instruments in compliance with Collection of Compensatory Instrument Act. 7. Securities transfer:

7.1. From accounts in Register А to accounts in Register B – it is performed pursuant to Enclosure 6/Procedure 06 to Rules and Regulations of the Central Depository.

7.2. Between accounts in Register B – it is performed pursuant to Enclosure 7/Procedure 07 to Rules and Regulations of the Central Depository.

7.3. from accounts in Register B to accounts in Register А – it is performed ex-officio by the Central Depository in case of termination of the activity of Central Depository member in regard to withdrawal/ recovery of a license and in any cases as provided by law.

7.4. Specific cases of transfer: The Central Depository shall specify the procedure of transfer of securities in each particular case. SETTLEMENT

8. Instructions on performing transfers of securities, exchanged between the Central Depository AD and its members shall be announced by messages prepared in compliance with ISO15022.

9. Descriptions of the expressions within the meaning of Rules and Regulations of the Central Depository and the enclosures thereto.

9.1. Securities – all types of dematerialized securities as specified under Art.2 of Public Offering of Securities Act and compensatory instruments registered with Central Depository.

9.2. Transfer – combination of messages under p.9 for transfer of certain number of securities from a particular issue from the transferor’s account to the acquirer’s account.

9.3. Block – combination of fields in a particular message under p. 9, containing specific data required for securities transfer.

9.4. Field – part of a message under item 9 where certain requisites are entered.

9.5. Label – subsequent record of two figures and Latin letter /small or cap, called “option”/ by which the data type in the field under p. 10.4 shall be identified in compliance with ISO15022.

9.6. Identificator and sub-identificator – subsequent record of cap Latin letters after the label, which specify the type of the data in the field. According to the standards, the label and the identificator shall be separated by the symbol „:”„ while the identificator and the sub-identificator shall be separated by " / " or " // ".

9.7. Settlement – the moment of the final settlement of the obligations between the parties of the transaction. For transactions with payment through the Central Depository system this is the moment of transferring the means of payment from the buyer’s account to the seller’s account and transferring the securities from the seller’s account to the buyer’s account. For transaction performed without payment through the Central Depository system this is the moment of transferring the securities from the seller’s account to the buyer’s account.

9.7.1. In case of transactions with payment through the Central Depository system, the moment of blocking of the securities pursuant to p.16.2 of Enclosure 23 to Rules and Regulations of the Central Depository is the moment within the meaning of Art.109а, para.3, after which the order accepted by the Central Depository system for registration of the transfer cannot be cancelled by a participant in the system or third party and the execution of the order cannot be frustrated in any other way

9.7.2. In case of FOP transaction, the moment of initiating the processing for transfer of the ownership of the securities is the moment within the meaning of Art.109а, para.3, after which the order accepted by the Central Depository system for registration of the transfer cannot be cancelled by a participant in the system or third party and the execution of the order cannot be frustrated in any other way.

9.8. Matching – the process of comparison and establishing the correspondence of the requisites under counter messages. Messages shall be further processed only in case the correspondence is found. OPERATIONS WITH SECURITIES

10. Investment intermediaries can order operations only in case their client (clients) is (are) party (parties) of these operations.

11.1. Registration of a client and opening a client account with investment intermediary – shall be performed by submitting МТ599 message which requisites shall be completed with the client personal data, securities issue and the account type under item 6. More than one issue can be identified in the message.

11.1.1. Registration of foreign physical persons - in case they do not have individual number of foreigners, they shall be provided with official personal identification number (EGN) formed by writing in sequence the four figures of the year of birth, the two figures of the month of birth, the two figures of the date of birth followed by two zeros – YYYYMMDD00. The last two figures of the record shall indicate the subsequent number of a registered foreign person with one and the same date of birth whereas for the first registered person this number is “00”. In case the record entered in EGN field already exists as a record of a foreign person registered with the Central Depository a new message shall be submitted where the EGN record shall end with the next number to follow.

11.1.2. The processing of the messages under p.11.1 shall be initiated immediately after their receipt in the Central Depository system except for the correction messages. Once their processing is completed /also for correction messages./ the system shall generate and submit back МТ597 message to confirm the registration or to specify the reasons of registration rejection.

11.1.3. For data correction in the messages under p. 11.1, МТ599 message shall be submitted, having the same number as the first submitted message whereas all the requisites of the new message shall again be filled in no matter whether they have been correct or incorrect in the first message. For identification of this message as a correction message in field 23G after NEWM identificator, “//DUPL” shall be added. The correction message shall be processed during the first processing to follow according to the regular time scale for data proceeding by the system of the Central Depository.

11.2. Transfer of securities without change in ownership. 11.2.1. Transfer of securities from personal to client account – it is performed pursuant to Enclosure 6 / Procedure 06/E06.

11.2.2. Transfer of securities from a client account with one investment intermediary to a client account with other investment intermediary. It shall be carried out by messages МТ542 – submitted by the investment intermediary - transferor, and МТ540 – submitted by the investment intermediary - acquirer. Transfer of securities in whole or in part only from one issue can be ordered by one transfer.

11.2.3. The transfer of securities from a client account to a personal account shall be performed only pursuant to p.8.3.

11.2.4. In case of change of personal data of the holder in regard to EGN/BULSTAT, Central Depository shall open ex-officio new account (accounts) of the holder with the amended EGN/BULSTAT data and transfer ex-officio the total number of securities from the old to the respective new accounts. This procedure shall not be applied to compensatory instruments, for which a specific procedure for compensatory instruments specified by the Central Depository shall apply. 11.3. Transfer of securities with change in ownership.

11.3.1. For stock exchange transactions – it shall be carried out on the settlement day if the following data are provided: Data received by Bulgarian Stock Exchange about the transaction parameters, on day Т+ 0 – 16.00 h., where „Т” is the day of conclusion of the transaction; and correctly completed data in the messages submitted by the respective investment intermediaries. For DVP transaction – the investment intermediary of the seller shall submit message МТ543, the investment intermediary of the buyer shall submit message МТ541. In case of syntactic mistakes the Central Depository system will reject the message and the respective investment intermediary should submit a new message. In case of logical mistakes, the investment intermediary shall submit new message, respectively МТ543 or МТ541, completed pursuant to p.11.1.3 . For FOP transactions investment intermediary of the seller shall submit message МТ542, and the investment intermediary of the buyer – МТ540. In case messages МТ543 and МТ541 are submitted for a particular transaction, in which one and the same fund (monetary) account is indicated both for depositing and crediting, the Central Depository system shall generate only application for transfer of securities without application for payment.

11.3.2. In case of transactions over the counter, respectively with DVP or FOP, the messages under p. 11.3.1 shall be used whereas the sub-identificator “CDAD/OTCО” shall be filled in 94В filed,“TRAD” identificator.

11.3.3. Transfers of securities with change in ownership by a registration agent, shall be performed in compliance with Enclosure 05/E05.

11.3.4. Messages for correction of false data or records in the messages under p.p. 11.3.1- 11.3.3 shall be accepted by Central Depository system until 17,00 h. of day Т+1.

11.3.5. Correction of data of type - change of a client, shall be accepted until the moment of blocking according to p.16.2 of Enclosure 23.

11.3.6. Upon completion of the settlement on the transaction, no correction of that transaction shall be allowed.

11.3.7. For all transactions concluded on the floor of Bulgarian Stock Exchange or transactions over the counter with DVP, the settlement cycle shall be finalized on day “Т+2”. For FOP transactions over the counter, the settlement cycle shall be finalized on day “Т+0”. 11.4. Custodial transactions – transactions where the accounts of the securities, subject of the transaction, are kept with an investment intermediary different from the investment intermediaries /brokers through which the transaction shall be concluded on the floor of the stock exchange. For completion of a transaction in such cases, the broker-seller of the trustee shall submit message for free delivery of securities - МТ542, and the broker – buyer of the trustee – МТ540. In these messages the client numbers of the clients with the trustees shall be indicated. The trustee of the seller shall submit message МТ543, and the trustee of the buyer – МТ541. 12. Types of messages for data exchange between the Central Depository and its members.

12.1. Orders – messages for transfer of securities from one account to another, these are messages МТ540, МТ541, МТ542 and МТ543 in any of their versions.

12.2. Responding messages – submitted by Central Depository in response of the messages under p.14.1 containing information of approval or rejection of the respective order and the reason of rejection. The messages are respectively МТ544 in response of МТ540; МТ545 in response of МТ541; МТ546 in response of МТ542, МТ547 in response of МТ543. These messages are generated by the system of the Central Depository immediately after receipt and check the physical validity of the orders by the intermediaries. Accepting the messages under p. 14.1 by the Central Depository system does not mean that these messages shall be fulfilled. For their fulfillment another controls shall be applied.

12.3. Messages for the status of the orders under p.12.1. МТ548 – submitted by the Central Depository on the settlement day containing information whether the transfer is performed or not and the reasons for this. МТ549 inquiry by a member of the Central Depository whether certain order for transfer is fulfilled. МТ536 – response to МТ549 for confirmation of securities transfer. МТ537 – response to МТ549 in case of rejected transfer, containing the reasons for its rejection.