With effect from 1 July 2000, the underlying values currently kept in custody by Kas-Associatie for Nominee, and on the basis of which Nominee issues ASAS rights, will be kept in custody for NIEC. The rights relating to these securities will be kept in custody by NIEC in its own name on behalf of NIEC participants. The ASAS rights will be withdrawn and replaced by NIEC rights.
The NIEC rules were recently amended to allow these rights to be included in the NIEC system. The Deposit Agreement and the General Terms and Conditions of ASAS/Nominee will be replaced by the NIEC rules, which will govern the rights kept in custody by NIEC. The appendix contains details of the role to be played by NIEC.
NIEC's records will be kept by Necigef within the existing SEF system. The codes and names of securities stated in the output provided by Necigef can be used to find out which securities are former ASAS securities (soon to be NIEC securities). Please note that these securities will be kept in custody by NIEC following the transfer, not by Necigef, and so will not enjoy the protection provided by the Securities Giro Act (Wet giraal effectenverkeer).
The fees to be charged for NIEC's services (book-entry transfers, deposits and withdrawals) will be set in the near future. They will be based on the fees currently charged by ASAS.
The securities listed at the end of this announcement will have a new security code with effect from Monday 1 July. These new security codes will be linked to the original ISIN, while the old security codes will be given a new ISIN. This is necessary to avoid problems arising due to double ISINs. As a result, transactions concluded before 1 July will be settled using the old security code with a fictitious Dutch ISIN. Seatholders should, where appropriate, enter outstanding orders for these securities using the new security code on Monday 1 July 2000 before the opening of the markets.
After the transfer of the ASAS securities in the third tranche on 30 June, no more securities will be included in the ASAS system.
After this date, new securities that cannot be included in Necigef's system will be settled via the securities clearing-NIEC system. Securities included in the ASAS system in the period after the publication of this announcement and before the conversion on 30 June will be transferred to the securities clearing-NIEC system at the start of July as a final tranche. Further information on this matter will be provided in the near future.
