Invoice

If you have any questions regarding the invoice for “administration of securities owner’s account” for the year 2022, you can contact CDCP SR, a.s. via e-mail at faktura@cdcp.sk, or by placing a call during the office hours at 02/5939 5939. If you have questions regarding your securities owner account, please contact us at: info@cdcp.sk

In 2022 you had an account of a securities owner registered with the central depository. Therefore an account statement was sent to you and a fee for the securities owner account was calculated and invoiced to you in accordance with the Scale of Fees of CDCP SR, a.s. valid in 2022.

• If the amount on the postal money order is lower than the amount on the invoice then CDCP SR, a.s. keeps in its records a surplus payment from previous periods towards you.
• If the amount on the postal money order is higher than the amount on the invoice, CDCP SR, a.s. keeps in its records your unsettled payments from previous periods.

In the ePOUKAZ is stated sum of 0.00 EUR in case that sum of unsettled payments towards CDCP SR, a.s. in the summary table is zero EUR (0.00 EUR) or negative.

If the obligations are negative, the central depository recommends the owner of securities to contact CDCP SR, a.s. via e-mail at address faktura@cdcp.sk, or in writing by sending a request to the registered address of CDCP SR, a.s. for the settlement / refunding of the overpayment.

The holder of a securities account is obligated to pay the amount stated in the postal money order which includes the amount of the owner’s account fee for the year 2022 after deducting any overpayment or adding of obligations from previous years.

No. The invoiced fee can also be paid via bank transfer to the bank account of CDCP SR, a.s. provided on the invoice. It is up to you to choose the payment method more convenient for you. However, it is necessary to make a payment to the correct account number stated on the invoice and to indicate the correct variable and specific symbol for unique identification of the payment.

The amount of your current liability for administration of the securities owner’s account is listed in the summary table under the invoice. When it comes to the amount of your liabilities, you can get this information during working days by sending an e-mail to the address faktura@cdcp.sk, by sending a written request to the registered address of CDCP SR, a.s. or at the telephone number of CDCP SR, a.s. 02/5939 5939.

If your invoice in the summary table “Summary of unpaid charges for 2018 – 2022” states 0.00 EUR for a specific year, it means that for given year your liabilities towards CDCP SR, a.s. have been settled.

If the invoice in the summary table “Summary of unpaid charges for years 2018-2022” states sum higher than zero for certain years, it means that for given year the central depository records your unsettled payments (an overdue amount). You can pay this overdue amount by bank transfer. The data required to pay the 2020 fee are shown on the invoice. The procedure for settlement of all obligations via bank transfer is defined in the FAQ at point no. 13.

If for some years the sum is less than zero, it means that for the given year the central depository keeps a surplus payment from you in its records. This surplus payment is deducted from the total amount due. If the total amount in the summary table is less than zero, you can ask the central depository to refund the surplus payment. At the same time, in an ePOUKAZ is stated the sum of 0.00 EUR, i.e. no payment is required.

From the year 2012 CDCP SR, a.s. has administered owner’s accounts for deceased persons free of charge. If the owner of an account administered at CDCP SR, a.s. has died and CDCP SR, a.s. was unaware of that fact at the last day of respective year, CDCP SR, a.s. issues an invoice for account administration for given year. If you are in receipt of an invoice sent to a deceased person, you need to send a copy of the death certificate via e-mail to address info@cdcp.sk, or to the address of CDCP SR, a.s. what will ensure that the account shall be administered free of charge; it is not required to notarize the death certificate.

CDCP SR, a.s. will no longer charge such account.

However, the securities remain in the owner’s account and the owner’s account can’t be cancelled.

The securities registered in the account for a deceased person may be subject to inheritance proceedings.

Obligations from previous years can be paid by a bank transfer to any of the bank accounts of CDCP SR, a.s. listed below, with the variable symbol (VS) and the specific symbol (SS) shown on your postal money-order or the invoice being paid.

The attachment to the invoice contains an informative overview of securities that the owner of the account had in its owner’s account as per the months in 2022, the nominal value converted to € and the securities value for respective month.

If the attachment contains data for period shorter than January – December, this means that:
• You have sold the securities or
• Securities were debited from the account due to realisation of squeeze-out right or

• The issue of securities has been deleted from the CDCP records based on:
          • A contract with an issuer or
          • Based on the fact that the issuer was deleted from the Companies Registry without a legal successor

You can send a written request to CDCP SR, a.s. to issue a duplicate of the invoice. Send your request via e-mail to address faktura@cdcp.sk, or to the registered address of CDCP SR a.s. The application for a duplicate of the invoice must include the name, surname, permanent address, account number or birth identification number of the account owner.

Pursuant to valid legal regulation the book-entry securities have to be registered in a central depository or in other subject providing administration of owner’s account.

In the past Stredisko cenných papierov SR, a.s. (predecessor of CDCP SR, a.s.) was obliged to open an account for each person who became owner of book-entry securities during the privatisation by means of investment coupon. Accounts in question were not opened on the basis of contractual relationship requiring act of volition or consent of a client with opening an account, but in compliance with legal obligation.

The book-entry securities registry is presently kept in the central depository according the act No. 566/2001 Coll. on securities and investment services as amended, whereas this registry continues administration of accounts according to previous legal regulation. Therefore the legal relationship between an account owner and the central depository was not established by a contract but by the law.

Your account could have been opened by operation of law at the time of the existence of Stredisko cenných papierov SR a.s. according to Act No. 600/1992 Coll. and due to update of the data records in the registry of CDCP SR, a.s. you received your invoice for the first time.

The reasons why you did not receive an invoice for administration of an owner’s account in the past, despite your account was charged, may be:
• Failure of postal services
• Your data in the registry of CDCP SR, a.s. was not complete (e.g., your address)

Are you the owner of the securities account administered at CDCP?

Yes

If you did not have any securities in your account during 2022, your account was administered free of charge in 2022.

Please note that in compliance with the Scale of Fees valid in the year 2022 all accounts are charged. The only accounts that are not charged are the accounts on which securities are not registered and the accounts kept for deceased persons.

If you have securities in your account and still your invoice was not delivered, you can send an e-mail to address faktura@cdcp.sk, or a written request for an invoice duplicate sent to the registered address of CDCP SR a.s. An application for a duplicate invoice must include your name, surname, owner’s account number, or birth number.

I do not know

In that case you should verify whether you have an account of a securities owner in CDCP SR, a.s. by entering your birth number in section “Checking the existence of an account for natural persons” (only in the Slovak language: Overenie existenice účtu pre fyzické osoby) at the website of CDCP SR, a.s. Once you have entered the birth number, you will be informed whether CDCP SR, a.s. is administering an owner’s account for you or not.

The central depository is business entity financing its operation from own sources. The central depository is not a non-profit or allowance organisation or public body and it performs its activities for profit. It’s right to compensation for provided services results from the act No. 566/2001 on securities and investment services as amended, and from the Regulation (EU) No 909/2014 of the European Parliament and of the Council. For transparency purposes the central depository publishes its Scale of Fees for provided services which is available on the web site of the company.

The central depository is not the only company providing service of administration of an owner’s account.  The act allows also other entities to provide such services – to members of the central depository which are mainly banks and stock brokers. The owners of the security accounts can decide anytime to use services of other provider, whereas all entities on the market charge for provision of this service. It is possible to transfer securities among accounts of the same owner, what provides the owner with possibility to use service of other provider anytime.

The central depository issues invoice for administration of securities owner’s account after the lapse of the calendar year during which the service of administration of owner’s account was provided. Statement of the owner’s account is attached to the invoice. The invoice includes also status and overview of outstanding payments for services provided in previous years.

Delivering of documents and information to the client is governed by the Rules of Operation of CDCP SR, a.s. which sets that the central depository delivers documents to the owner of an account personally in the seat of the company or by mail. The owner of an account has to ensure deliverability of shipment by providing correct and valid name, surname and address, and by informing on eventual changes. Otherwise the central depository is not responsible for damage due to undelivered shipment. The central depository is not obliged to check of its own accord whether mailing data are valid.

With regard to the fact that the invoice for provided services is not delivered usually because clients of the central depository didn’t meet their obligation, we would like to recommend you to up-date your data in the registry of CDCP SR, a.s. The central depository will change (update) the data on account owner on basis of written request submitted on the form F2A, which is published on the web site of the company: https://www.cdcp.sk/en/forms-for-owners-of-account-of-book-entry-securities/
Signature of an owner account in the form has to be officially verified.

In case the shipment was not delivered for any other reason, e.g. due failure of postal services, the central depository will provide the client with duplicate of respective invoice.

The central depository registers securities on an owner’s account in the nominal value, and it does not detect the market value the securities. The nominal value of securities shows only the sum, at what the security was issued. However, it does not show current market value of the security. The central depository is not entitled to dispose of the securities registered on the owner’s account of its own discretion as it is acting only based on instruction from qualified person. The central depository does not have relevant authorisation based on which it could sell securities registered on owner’s account. In respect of mentioned the central depository can’t send you any payment potentially representing value of securities registered on your owner’s account, neither can deduct market value of your securities from your outstanding payments recorded by the central depository..

It is not possible to cancel the account if securities are registered on your owner’s account. However, an invoice for owner’s account administration fee will be issued to you annually also in the future, depending on value of securities registered on the account on the last day of each calendar month of respective year.

The account can be cancelled only if no book-entry securities are registered on the account. The owner of the account has to ensure that all securities are debited from its account, what can be done by selling the securities, transferring them to other owner’s account administered by other service provider or by donating them.

If your owner’s account was opened in the central depository before 30 September 2015, it is considered so called non-allocated account. Non-allocated account is cancelled automatically in the moment when no book-entry securities are registered on the account. Further information on non-allocated account can be found on the web site of CDCP SR, a.s. in section “Owners”.

The securities can be sold (transfer for consideration) or donated based on deed of gifts (transfer without consideration).

Before deciding how to handle your securities we would like to recommend you to check their market value. If you have question about market value of securities you can contact financial adviser or stock broker.

The valuable securities can be sold through a stock broker. List of stock brokers authorised to provide services is published on web site of the National Bank of Slovakia: https://subjekty.nbs.sk/?aa=select_sector&bb=4&cc=&qq=

The National Bank of Slovakia only publishes list of stock brokers but does not provide information on value of securities. Neither the central depository is authorised to provide consultation with respect to securities value.

In case of securities without the market value we would like to point out, that possibility to transfer the securities without consideration to the state terminated on 30 June 2016. In case of valueless securities we would like to draw your attention to possibility provided by a company RM-S Market o.c.p., a.s. which offers possibility to transfer valueless book-entry securities without consideration, what enables the clients to get rid of unwanted book-entry securities. However, we want to inform, that these services are charged to members of CDCP SR, a.s. For more details on this possibility you have to contact given member (RM-S Market o.c.p., a.s.) or search them on its website.

The client from the EU Member State did not identify himself to CDCP SR, a.s. as a VAT payer registered in the Member State, i.e. its VAT identification number, thus tax liability could not be transferred to the recipient of the service (client) as per Art. 15 Sec. 1 of the Act No. 222/2004 Coll. on Value Added Tax, as amended, and Council Directive 2008/8/EC of 12 February 2008 amending Directive 2006/112/EC.

The probable reason is that the client did not meet legal obligation to place request for change of data. The client for which a securities account is administered by CDCP SR, a.s. can apply for change of its personal data by manner specified on the website of CDCP SR, .a.s: https://www.cdcp.sk/cdcpweb/en/owners/change-of-details-on-person-for-who-the-account-is-administered/

The probable reason is that the client did not notify the central depository that he was a VAT payer and did not send a copy of the VAT Registration Certificate.

Non-acceptance of an invoice from CDCP SR, a.s. due to closure of accounting period for December 2022 is contrary to Act No. 431/2002 Coll., on Accounting, as amended which, to ensure completeness, veracity, accuracy and fairness, requires an entity to account for all accounting items related to the accounting period factually and chronologically, including those items for which a document was not delivered yet. In that case, it is necessary to proceed in accordance with the provisions of Art. 50 Sec. 3 or 6 of the MF SR Decree 23054 / 2002-92 laying down the details of the accounting practices in the double-entry accounting system, as amended. In sense of Art. 73 of Act No. 222/2004 Coll., on Value Added Tax, as amended, the payer is obliged to issue the invoice not later than 15 days from the date of the tax duty (from the service delivery date), which is the last date of the year in the case of administration the securities owner’s account, i.e. 31 December. The VAT Act determines the obligation to issue a document, not to send it or to deliver it.

The right to deduct VAT is dealt with by Art. 51 of the VAT Act. In sense of the Art. 51 (1)(a) the payer has right to apply for deduction of VAT pursuant to Article 49 (2)(a) when he has an invoice issued by the payer in accordance with Article 71 and pursuant to Article 49 (2)(b), when the tax is stated in the records under Art. 70, and therefore the VAT deduction may be applied in the month in which the above conditions have been met together with the conditions set out in Art. 51 (2).

Since the account administration fee for the year 2022 has been issued in accordance with the valid Scale of Fees of CDCP SR, a.s., the applicable accounting and tax rules require the invoice to be paid. In case the fee is not to be paid, CDCP SR, a.s. will be forced to proceed to recover the claim under the legislation in force.