Euroclear UK & Ireland have amended the domestic CREST Security Application Form (SAF). A new box (4b) was added to allow issuers to state the date when issued dealings start (if applicable). The amendment came into effect on 24 September 2007.

In addition, Euroclear UK & Ireland have amended the procedure relating to the additional box which was recently inserted on the SAF, Security Application Form (covered warrants), Share Application Form (Guernsey) and International Security Application Form. The box asks issuers or their agents to notify Euroclear UK & Ireland as to any restrictions which affect the security. Where restrictions are identified, the issuers’ legal advisers are currently asked to complete a questionnaire. Euroclear UK & Ireland requires issuers’ legal advisers to provide a one page memorandum instead of the completed questionnaire. A pro-forma memorandum has been embedded in the bottom of each of the 4 forms and can be accessed by clicking the Word icon.

The new memorandum asks issuers to provide a series of confirmations which are limited in nature. It also includes a short note which explains the purpose of the memorandum and sets out what can and cannot be done on the CREST system.

Issuers must provide the memorandum to Euroclear UK & Ireland’s legal team 48 hours before the security is enabled on the system. The memo may be provided by US or UK legal counsel and can be sent via e-mail to uk-legal@euroclear.com, providing the wording in the pro-forma is used.

View Amended Security Application Forms, 18 September 2007