Services for issuers
- 1. Security Numbering
- 2. Book entry of securities for circulation in the markets
- 3. Administration of the balance statements of annotated securities
- 4. Impact of balances and composition on listed securities
- 5. Modification by the placement deadline
- 6. Administration of payment and amortization programs
- 7. Transaction settlement and instructions on listed securities
- 8. Book management for shareholders and investors
- 9. Processing of financial and corporate events
- 10. Paying agent services, which includes the management of collection and payment of due dates
- 11. Tax collection and payment services
- 12. Management of the return of income tax for exempt holders
1. Security Numbering
InterClear is established as a member of the Association of National Numbering Agencies (ANNA), to assign ISIN codes in accordance with ISO standard 6166 and CFI codes in accordance with ISO standard 10962 for standardized securities in the Costa Rican market.
2. Book entry of securities for circulation in the markets
InterClear provides private security issuers with the service of deposit and electronic book entry for the physical and standardized securities that circulate within the Costa Rican market.
3. Administration of the balance statements of annotated securities
Once the security has been entered and activated in the book entry record, the security issuers may have access to the CREVD legacy system where they can check their global balances by ISIN code of their securities that are active, expired or securities in both statuses.
The access route for viewing said report is as follows: Reports/Security Entry Reports/Security Balance Report.
The content of the report is detailed below:
Authorized Amount: Corresponds initially to the authorized amount in accordance with the resolution issued by the SUGEVAL and that will be enabled for its placement by the issuer or representative position. The authorized amount may be adjusted by the regulator through an official letter within a maximum period of two years, if the security is not placed in its entirety.
Amount Placed: Corresponds to the total or partial tracts of the ISIN code that the issuer has negotiated, and which is made up of the sum of the balances of the ISIN code in the own or third-party escrow accounts of the entities affiliated to InterClear.
Amount Available: Corresponds to the difference between the authorized amount and the amount placed, which indicates the available tract to the issuer by ISIN code so that it can be placed at the necessary time.
Pledge Amount: Corresponds to the balances by ISIN code that have been subject to immobilization at the request of the adhered entities in their own accounts or those of third parties. The pledged balance must be added to the placement balances which must equal the authorized amount.
Amortized Amount: Corresponds to the balance of the ISIN code already expired. Or, where applicable, when early redemptions are presented by the issuer (Call option).
4. Impact of balances and composition on listed securities
The securities listed in InterClear may be subject to modifications or effects on their security balances due to the following aspects:
- Withdrawals of capital
- Increases in subscribed and paid capital from a strategic alliance
- The execution of the preferential subscription right by current shareholders
- Purchase options for workers
- Stock dividends
- Capitalization of patrimonial accounts
These modifications will be managed by InterClear when the resolution of the corresponding SUGEVAL is presented.
5. Modification by the placement deadline
In accordance with the provisions of the Public Offering Regulations, the issuer will have a maximum period of two years from the date of issuance to place said issues to the investing public.
The SUGEVAL, once said period has elapsed, may reduce the authorized amount to the amount placed in the cases it considers to be in breach of the established term. This provision will be applied by InterClear according to the communication issued by issuer via the Relevant Fact and the adjustment made by the Superintendency in the National Registry of Securities and Intermediaries (RNVI, as per the Spanish acronym).
6. Administration of payment and amortization programs
In it systems, InterClear manages the programs of payment of the securities that are registered for circulation in the Costa Rican market. These securities generate financial obligations such as the payment of interest, which are provided through the notifying issuers of InterClear credit systems so that they comply with their payment obligation.
7. Transaction settlement and instructions on listed securities
InterClear provides market settlement services to custody entities and the clearing members of the securities clearing and settlement system. Which applies in real time the movements on the balances of the securities and the escrow accounts that will be affected by the application of the market settlement file received from the clearing and settlement unit of the National Securities Exchange.
8. Book management for shareholders and investors
The book is a report that allows a specific cutoff date to show the balances per shareholder. In addition, it allows the identification of the movements carried out by the custodians, which are communicated to the issuers. This information is used by both issuers and InterClear for the timely management of corporate events.
9. Processing of financial and corporate events
InterClear will handle issuers' corporate events, such as substitutions, restructurings, exchanges or others. In accordance with two types of event management:
- Volunteer Events: Management of the associate entities is voluntary for balances in own or third-party escrow accounts.
- Mandatory Events: Management of the associate entities is mandatory for balances in own or third-party escrow accounts.
The balances of the securities involved in the event are coordinated before and after with the associate entities and issuers. The collection and the accreditation of the patrimonial rights over the securities in escrow accounts for maturities, amortizations, early redemptions, corporate events, exchanges, etc.
10. Paying agent services, which includes the management of collection and payment of due dates
InterClear performs the function of paying agent for securities on behalf of issuers on a daily basis. The issuers deposit the payment of their maturities in the reserve accounts they have at InterClear in SINPE before 11:00 am, and InterClear will subsequently execute the payment to the corresponding escrow entities according to the balances being held.
11. Tax collection and payment services
Resolution 20-2006 issued by the General Directorate of Taxation sets out the duty of information on the part of the Securities Clearing House and the procedure for the accreditation of income tax withholdings to exempt investors.
12. Management of the return of income tax for exempt holders
When the exempt subject owns the securities at the date of coupon maturity, the issuer is notified so that he/she does not make the corresponding withholding.
When securities accrue exempt interest, but are sold before the coupon payment, InterClear certifies the holding days and the amount of the investment, so that the issuer determines the amount of the applicable refund. For this management, an express request from the escrow entities is needed.