The diagram below shows the three different processes which are commonly used:
Subscription directly into the register of the Issuer (SPV below)
Subscription made by the investor through a nominee bank
Subscription is made in Delivery Versus Payment through the clearing system (DVP)
Subscription is made in DVP via Fundsettle Euroclear (for fund shares)
Preliminary Step : The issuer drafts the investment memorandum, or the prospectus of the security it will issue, and obtain an ISIN number (LU or XS) for the said security. A subscription form is also drafted in respect of the specific format.
For Subscription via Fundsettle Euroclear (for fund shares)
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