Issuer's Agent Transfer Overview

Table of Contents

Issuer's Agent Transfer Concepts

The CSP allows processing of call warrants, put warrants and call basket warrants. The Issuer's Agent Transfer functionality includes:

  • warrant deliveries;
  • warrant exercises; and
  • warrant rollover applications.

The CSP warrant exercise functionality may only be used for processing call warrants, call basket warrants, installment warrants and endowment warrants.

Issuer’s Agents may use a Corporate Actions Related Transfer to effect the movement of warrants and the underlying securities for these events.

Warrants held in a sub-position may not be moved using this functionality.

Issuer's Agent Transfer Process

A Warrant Issuer can choose to deliver warrant units through either a Issuer (Registry) or a Warrant Issuer’s Agent. A Warrant Issuer can authorise a Participant to act as a Warrant Issuer’s Agent and manage the delivery of Warrants to Investors.

Typically the following processes are used in the Issuer's Agent Transfer Process:

  • The Issuer's Agent can deliver units to Investor's Accounts (HINs) using the Issuer's Agent Transfer (Reason Code = DLWA for Warrant Delivery).
  • Upon exercise, the Warrant Issuer's Agent exchanges the Warrant for the underlying securities using linked Issuer's Agent Transfers (Reason Code = EXWA to reclaim the warrant and subsequently receive units, Reason Code = UXWA to deliver the underlying and subsequently deliver units).
  • Upon rollover, the Warrant Issuer's Agent exchanges the old Warrant for the new Warrant using linked Issuer's Agent Transfers (Reason Code = RLWA for Warrant Rollover and subsequently receive units).

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