Eligible entities

With regard to the definition of the requirements to become a participant in GlobalClear Bank, please refer to its General Terms and Conditions (GTCs), which are applicable to the services provided by GlobalClear Bankin its capacity as CSD or ICSD.

The following categories of entities may only be eligible in GlobalClear Bank as participant or “Customer” within the meaning of the article 1 of the GTCs:

  • Banks and Credit Institutions;
  • Non-Bank Financial Institutions;
  • Sovereigns and Supranational Institutions;
  • Trading venues and Central Counterparties;
  • Legal Persons that are listed or subsidiaries of publicly listed companies;
  • Alternative Investment Vehicles1;
  • Special Purpose Vehicles and Unincorporated Entities.

Note: (i) GlobalClear Bank does not accept natural persons as customers and no account will be opened in the name of a natural person. (ii) GlobalClear Bank’s admission policy is not applicable to issuers. Even though issuers are granted access to GlobalClear Bank in accordance with Article 49 of the CSDR, they are not admitted as a participant/Customer within the meaning of the article 33 of the CSDR. The admission of issuers is subject to a separate process. 

Prohibited persons

The following persons are prohibited from entering into an account relation with GlobalClear Bank for legal reasons:

  • Residents of any territory that is not recognised by the Federal Republic of Germany and the Grand Duchy of Luxembourg;
  • Residents of any country that is the subject to country – wide sanction programmes of the EU or of third countries which form a part of the CSD’s network of correspondents, including depositories, custodians, agents, CSDs and cash correspondents;
  • Residents of any country that is the subject to a “call to action” by the FATF Task Force.
  • Shell banks – any bank operating without physical presence;
  • Shadow banks defined as entities which carry out credit intermediation but are not credit institutions and which are not regulated as credit institutions;
  • Natural persons;
  • Non-Participating Foreign Financial Institutions under FATCA (NPFFIs)2;
  • Limited Financial Institutions under FATCA;
  • Local Foreign Financial Institutions under FATCA (Local FFIs);
  • Passive Non-Financial Foreign Entities (NFFEs) with substantial US owners.

Requirements for admission

The admission and participation criteria are determined by the Customer and Access Acceptance Policy (attached below).