Registering an issue of book-entry shares

First comes the LEI code, assigned to Slovak entities by the central depository. Next are the issue identification codes: the depository assigns an ISIN under international standard ISO 6166, together with a CFI code and abbreviated FISN name. The issuer register is then opened, as requested by the company when registering its first issue through the issue registration agreement. Prior assignment of an ISIN is a condition for registration, so the sequence cannot be reversed.

For book-entry shares, yes. Under § 107(8) of Act No. 566/2001 Z. z., the book-entry securities records maintained by the central depository replace the shareholder list. The company therefore does not keep a separate list as it would for registered certificated shares; instead, it requests a list of holders from the depository when needed, for example before a general meeting.

No, and we say so clearly. Under § 107c(3) of Act No. 566/2001 Z. z., an issue agent may be a central depository member, a securities dealer, a foreign securities dealer, the Debt and Liquidity Management Agency or another legal entity specified in the operating rules — and CDCP's operating rules do not include law firms. We represent issuers under a power of attorney in the ordinary way: preparing documents, communicating with the depository and managing the procedures. We do not have, or promise, the direct access to the depository's information system available to an issue agent.

It depends on how many steps need to be completed and how quickly the company supplies its documents. We therefore do not promise an exact completion date; we provide a realistic timetable when confirming the engagement. What we can influence is the number of submission rounds: we prepare the documentation to avoid returns by the depository, which can save several weeks.

It is related but separate. A change in the form of a security requires its own agreement with the depository and involves closing one set of records while creating another. Converting book-entry shares into certificated shares requires cancellation of the issue's registration; in the opposite direction, maintenance of the shareholder list is discontinued. The corporate resolution approving the change precedes everything else, and we prepare it alongside the registration work.

More than most clients expect. In addition to the issue details, it checks the applicant's identity and the authority of the person acting for the company, and fulfils its anti-money laundering obligations. It requires a binding declaration of statutory representatives and beneficial owners, a politically exposed person declaration and a current commercial register extract. These documents, rather than the issue itself, most often delay registration.