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Central Securities Depositories Regulation (CSDR), Art 38(5) and Art 38(6) Disclosure Document
Pursuant to Article 38(5) of the Central Securities Depositories Regulation (CSDR) and Article 73 of the Swiss Financial Market Infrastructure Act (FMIA), we offer our clients the possibility to choose between omnibus client segregation in an Omnibus Client Segregated Account (OSA) and individual client segregation in an Individual Client Segregated Account (ISA) at each Central Securities Depository (CSD) in the European Economic Area (EEA) and Switzerland, in which we are direct participant.
An OSA is used to hold the securities of a number of BNP Paribas Securities Services´ clients on a collective basis.
An ISA is used to hold the securities of one single client of BNP Paribas Securities Services and therefore the securities of that single client are held separately from the securities of BNP Paribas Securities Services´ other clients.
Although each ISA may be named in a way that identifies the client for whom it is maintained, the client does not have any right or ability to give instructions directly to the CSD with respect to that ISA and therefore holding securities through an ISA does not give a client any operational rights with respect to that ISA.
Pursuant to Article 38(6) information on account structures and asset protections applicable in each local market are available in the links below:
Aggregated costs are determined by several factors including whether the account is an OSA or an ISA, the number of accounts requested, securities in your portfolio and the related maintenance costs.
Costs are likely to be higher when you choose an ISA structure, this is due to the increased operational and maintenance costs associated with this structure that offers a higher degree of protection.
Any further question should be raised to your usual BNP Paribas representative.
This document may be subject to updates from time to time, with the most recent version available on our website. Please make sure that you consider the most recent version of the document in our website since this will supersede and override any previous version.
This document is provided for information purposes only. It is not a legally binding document and cannot be considered as part of any agreement between BNP Paribas Securities Services and its clients.
*this cost disclosure does not contain all the information you would need to decide which type of account should you open for your activity with BNP Paribas Securities Services. It is your responsibility to review all the applicable legal documentation, regulations and rules provided.