The services provided in accordance with Article 48 of the DSS Regulation, regard the recording in the DSS of the collateral that the debtor provides to the lender for taking out a loan.
More specifically in order to form a pledge, the following actions are required:
- Transfer of the securities to be pledged to the Special Account of the investor (debtor).
- In case that the lender wishes to secured against the debtor's risk the capability of security binding is provided, with notification of formation of pledge, for particular lender, for specific quantity of securities and for maximum time period of 30 days. This particular service is performed by the operator of the debtor's securities. If the securities exist already in the special account, this service is performed by our office with a completion of an application (AIT016), while for pledge removal, the completion of an application form (AIT017) is required. These particular services are provided free of charge by our office.
- Serving to the ATHEXCSD, via a bailiff, of the Agreement and of the Notice of Pledge on Dematerialized Securities (ΑΙΤ019), signed by both parties or by all joint holders where the debtor is defined as a Joint Account. It is required, for the services of a return operator, the creation of an operating account into this particular return operator (by the debtor) that has initially specified by the lender.
- Fee (ATHEXCSD BoD Resolution No 1 / Article 10): EUR 20 per pledged security, maximum EUR 100 plus VAT.
Especially with regard to providing Financial Collateral in Rem (Law 3301/2004) with regard to the portfolio of Legal Persons, this service is supported according to the article 48a of DSS regulation and the following apply:
- It is performed by the ATHEXCSD within the same frame and the same process, as it applies for the formation of a pledged.
- Or it is performed by the Operator of the securities. Fee (for Operators): EUR 10 per pledged security, maximum EUR 100 (ATHEXCSD BoD Resolution No 1 / Article 11).
Finally, the removal of the pledge in the DSS is performed upon submitting to the ATHEXCSD the relevant application (ΑΙΤ020). It is required the stamp as well as the signatures of the lender's authorized officers. The lender's signature and its verification of the genuine, takes place for the indication of the operator. However, if that operator had been already indicated by the debtor during the pledge formation process, then the debtor's signature on that application form is optional.
The process of pledge auction is executed according to the Article 48 of the DSS Regulation and to the 28th directive issued by the Hellenic Capital Market Commission. The processing of pledge auction or the possession of the ownership of securities on which a Financial Collateral in Rem has formed, (law 3301/2004) is executed by the operator that had initially formed this Financial Collateral, following the assured order. In case that this financial collateral, has formed into the special account, then the execution or the possession of the ownership of securities is executed by ATHEXCSD, following the assured order, under the following terms:
- It is clearly stated by the hasten letter the auction or the possession of the ownership of the collateralized/pledged quantity of securities.
- In the letter of the hasten, it is clearly stated all relevant information of the financial collateral, on which the auction is about to executed.
- The letter of the hasten mentions the law 3301/2004 and the exact place of the agreement that this is indicated.
- Reports quantity of securities, date and operator.
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