Euroclear Finland will migrate to T2S on 11 September 2023

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Euroclear Finland is moving steadily towards the T2S migration in September. The final migration rehearsal with clients on 4-8 May was a success. On 23 June 2023 the ECB Market Infrastructure Board (MIB) endorsed the Euroclear Finland’s user testing and migration strategy. At the same time, the MIB also gave a positive recommendation to the European Governing Council to take a formal decision to allow Euroclear Finland to join T2S. 

These approvals give EFI the greenlight to start the pre-migration activities for production. The formal approval of the migration of Euroclear Finland will take place between 18 August and 05 September 2023. 

The main impacts of the closure on 8 September 2023 FOR ISSUERS:

Trading and settlement of trades

• Trading in securities will continue normally on Friday 08/09/2023
• Trades with trade date on Tuesday 05/09/2023 will be settled on Thursday 07/09/2023  
• Trades with trade date on Wednesday 06/09/2023 will be settled exceptionally on Monday 11/09/2023
• Trades with trade date on Thursday 07/09/2023 will be settled exceptionally on Tuesday 12/09/2023
• Trades with trade on Friday 08/09/2023 will be settled on Tuesday 12/09/2023
• Trades with trade on Monday 11/09/2023 will be settled on Wednesday 13/09/2023

Dividend payments

Record date of the dividend payment cannot be on 

• Thursday 07/09/2023
• Friday 08/09/2023
• Monday 11/09/2023

We advise you to take into account deviating settlement dates as mentioned above when defining ex-date and record date for the dividend payment. It is important to ensure that trades done on Wednesday 06/09/2023 and on Thursday 07/09/2023, which entitle to dividends, are settled by the record date. Deviating settlement dates can even delay the settlement of trades, which in turn can increase required dividend corrections. Hence, we recommend you to set the record date after migration at the earliest on Wednesday 13/09/2023 after migration.

Dividends are paid in commercial bank money outside the book-entry system. In order to process dividend payments as smoothly as possible amid our migration activities, we recommend you to set the payment date either latest on Thursday 07/09/2023, or earliest on Wednesday 12/09/2023.

Corporate actions on shares, other than dividend payments

• Record date cannot be on Thursday 07/09/2023, Friday 08/09/2023 or Monday 11/09/2023.
• Payment date cannot be on Friday 08/09/2023, Monday 11/09/2023 or Tuesday 12/09/2023.
• When the articles of association of the company enable conversion between share classes accepted conversions shall be registered in the Trade Register by 06/09/2023. The new conversion period can start after migration on 11/09/2023.

Securities reference data

• New securities cannot be issued or existing securities modified on Thursday 07/09/2023 or on Friday 08/09/2023.

All extranet-services to issuers are closed on Friday 08/09/2023.  On Monday 11/09/2023, reporting of holdings will be based on the situation on Thursday 07/09/2023. 

We kindly ask you to contact us if you are planning to execute a corporate action around the T2S migration weekend for us to secure the smooth execution in the book-entry system. Migration to the T2S platform will change the processing of corporate actions, of which we are happy to tell you more about. 

Euroclear Finland rules, tariff and invoicing

T2S migration will affect our regulations. We will publish the updated rules and CEO decisions during August on our website. The changes will be effective as of 11 September 2023.

Following the T2S migration, our tariff will also change. New tariff is available here. 

T2S migration affects also September invoicing. For some issuers we will form an invoice for the period from 01/09/2023 and 10/09/2023.These invoices are formed after the migration to clients that have during that period had following actions:

• corporate actions
• issuance of of warrants and activity fee 
• issuance of option rights

The actual September invoice will be formed in the beginning of October. The invoice will cover actions such as

• monthly fees of share and bond issuer (period 01/09-30/09/2023)
• corporate actions (period 11/09-30/09/2023)
• issuance of warrants and activity fee ((period 11/09-30/09/2023)
• issuance of option rights (period 11/09-30/09/2023)

*) TARGET2-Securities (T2S) is a centralized settlement engine, run by European Central Bank (ECB). For detailed information please refer to the website of European Central Bank