Each program is unique and an agreement is required for any stand-alone program represented by an NGN or NSS. In preparation for the security closure, the Senior Manager must include the Effects Authorization, the Issuer-CSI Agreement and a conditional issuance of the outstanding markup instruction to the common service provider. The agent is required to deposit the NGN in the common safe designated by the ICSD. To the extent that the terms of the mention provide, the final version of the conditions must be attached to the NGN certificate. The agent may file the NGNs electronically, with the delegate to ensure that the issuer has given the common custodian permission to implement the NNGs issued under the program. For NGN`s first exposure to a particular jurisdiction, the issuer, its legal counsel, the Principal or the IAP should provide us with a copy of the legal opinion on the validity and applicability of the securities that the issuer receives under the law of the issuer`s place of creation or the applicable issuance right of NGN. The common custodian is: (i) Euroclear or Clearstream, Luxembourg for securities, issuers potentially considered collateral for Eurosystem monetary policy or intraday credit transactions; or (ii) the same company as the common service provider for all other securities issued in the form of NGN. To express such a preference, the issuer must complete the relevant details and sign the Safekeeper common voting form to designate Euroclear or Clearstream as CSK. Models should be used by issuers or their agents for issuing securities in the form of NGN or NSS. Under this program, separate models are provided for stand-alone securities and values. Legal advice applies only to NNGs.
An agreement signed by Euroclear and Clearstream is available on the Euroclear website. These documents or later versions and other NSS information are available on the NSS websites provided by Euroclear and Clearstream: www.euroclear.com/site/public/EB/nss and www.clearstream.com/ci/dispatch/en/kir/ci_nav/1_settlement/030_new_issues/015_nss.