Dividend Reinvestment Plan and Bonus Share Plan Elections Overview

Table of Contents


DRP/BSP Elections Overview

The CSP facilitates the submission of Dividend Reinvestment Plan (DRP) and Bonus Share Plan (BSP) elections, this functionality allows:

  • a Controlling Participant to initiate a DRP/BSP Election;
  • DRP/BSP Election cancellation process initiated by a Controlling Participant or by an Issuer (Registry) on behalf of an Account Holder;
  • DRP/BSP cancellation initiated by an Issuer (Registry) of a previously submitted election by a Participant; and
  • partial DRP, BSP (and where applicable) Cash elections are supported.

DRP/BSP Elections

In order to change an election for Full DRP/BSP (or where applicable, cash) participation, a cancellation must first be submitted.

Where a partial DRP/BSP or Cash (where applicable) election has been submitted and subsequent elections of the same option type are made, the previous participating unit quantity will be overridden with the subsequent unit quantity.

Controlling Participant Initiated DRP/BSP Election

Where a DRP/BSP Election is initiated by a Controlling Participant through the DRP/BSP Election Process, the CSP will forward the election to the Issuer (Registry) who will acknowledge or reject the election. The DRP/BSP Election will be in a state of pending until acknowledged or rejected by the Issuer (Registry).

The table below outlines the outcomes that will occur depending on the response of the Issuer (Registry).

Issuer (Registry) ResponseOutcome
AcknowledgementThe CSP will archive the pending DRP/BSP Election.
RejectionThe DRP/BSP Election will be rejected.
No ResponseWhere there is no response, the DRP/BSP Election will be housekept at the end of the day the request is received.

DRP/BSP Election Cancellation

Controlling Participant Initiated DRP/BSP Election Cancellation

Where a DRP/BSP Election cancellation of the entire balance is initiated by a Controlling Participant through the Controlling Participant Initiated DRP/BSP Election Cancellation Process, the CSP will forward the election cancellation to the Issuer (Registry) who will acknowledge or reject the election cancellation. The DRP/BSP Election cancellation will be in a state of pending until acknowledged or rejected by the Issuer (Registry). DRP/BSP Election Cancellation must occur on the entire balance (i.e. partial cancellations are not supported).

The table below outlines the outcomes that will occur depending on the response of the Issuer (Registry).

Issuer (Registry) ResponseOutcome
AcknowledgementThe CSP will archive the pending DRP/BSP Election cancellation.
RejectionThe DRP/BSP Election cancellation will be rejected.
No ResponseWhere there is no response, the DRP/BSP Election cancellation will be housekept at the end of the day the request is received.

Issuer (Registry) Initiated Election Cancellation

Issuers (Registries) will only submit a cancellation where applicable via the CSP through the Issuer (Registry) Initiated DRP/BSP Election Cancellation Process where a DRP/BSP election was previously submitted by a Participant via the DRP/BSP Election Process.

DRP/BSP Election Enquiry

Where a DRP/BSP Election Enquiry is initiated by a Controlling Participant through the DRP/BSP Election Enquiry Process, the CSP will forward the election enquiry to the Issuer (Registry) who will accept or reject the election enquiry. The DRP/BSP Election Enquiry will be in a state of pending until accepted or rejected by the Issuer (Registry).

An election enquiry can be rejected by the Issuer (Registry) where there is no election recorded (registry reject reason code NDRP).

The table below outlines the outcomes that will occur depending on the response of the Issuer (Registry).

Issuer (Registry) ResponseOutcome
AcceptanceThe Issuer (Registry) provides the DRP/BSP Election details to the Controlling Participant via the CSP.
RejectionThe Issuer (Registry) does not provide the DRP/BSP Election details to the Controlling Participant (registry reject reason code NDRP).
No ResponseWhere there is no response, the DRP/BSP Election Enquiry will be housekept at the end of the day on the business day following the day the request is received.




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