Eligibility category descriptions
|Definitive certificates held by CDS||If the issue is represented by a definitive certificate (typically issued on banknote paper) and that certificate is deposited with CDS, the issue will attract this fee.|
|BEO Global certificates held by CDS||If the issuer has signed a Book Entry Only Securities Services Agreement (BEO SSA) and deposited a global note with CDS the issue will attract this fee. Certificates are not available to registered holders for BEO issues.|
(no certificates held by CDS)
|There are a number of ways that a security can be issued and maintained in an uncertificated format. In all cases the issuer must have in place the legal framework to allow their issue to be uncertificated.
1. If the issuer has retained the services of a transfer agent (TA) and that agent has a relationship with CDS the security can be held as a non-certificated inventory (NCI) issue. In this case certificates are typically available to registered holders, but through arrangements with CDS the TA does not issue the certificates registered in CDS's name and instead holds the records for that issue electronically. An issuer that has entered into a BEO SSA with CDS can also have that issue held by a TA as a NCI issue. If the issue is a book-entry-only issue, certificates are not available to registered holders.
2. If the issuer does not have a TA they can request that CDS be retained as their registrar and paying agent (RPA). In this role CDS can maintain an issuer's positions in an uncertificated format. Issues under the Registrar and Paying Agent Agreement must be issued in the BEO format. There are additional fees for the RPA service; please contact CDS for further information.
3. A CDS participant, if they meet certain qualifications, may act as the security validator for an issue and thereby maintain positions on behalf of CDS. The issue can also be held in physical form and be held by the participant, if they meet the custodian qualifications. CDS would not be holding a certificate in this case and the eligibility fee would not apply.