Submitting an Asset Delivery Notice pursuant to the Claim Resolution Agreement – 02/08/2013

This update relates to the submission to LBIE by signatories to the Claims Resolution Agreement (the “CRA”) (“CRA Signatories”) of an Asset Delivery Notice (“ADN”) pursuant to Clause 63.2 of the CRA.

Going forward, CRA Signatories are requested to use the prescribed ADN Form.

Notwithstanding the submission by a CRA Signatory of an ADN in the prescribed form, LBIE reserves the right at any time, by providing notice to that CRA Signatory, to reject the ADN either generally or in respect of any particular asset distribution on any of the grounds specified in Clause 63.2.3 to Clause 63.2.5 (inclusive) of the CRA. For example, where distributions are being requested to be made to an account of a person other than the CRA Signatory, this may lead to LBIE requiring further information for anti-money laundering reasons and, unless such information is provided to LBIE’s satisfaction, this would be a ground for rejecting the ADN as providing insufficient information.

Although not a CRA requirement, before an ADN becomes effective, LBIE will counter-sign the ADN and return a copy to the CRA Signatory. This counter-signature provides the submitting CRA Signatory with additional assurance that the ADN has been received and will be actioned. For the avoidance of doubt, if an ADN is received by LBIE on or before the notice cut-off date for a distribution, it will (assuming it is subsequently counter-signed) be effective for the purposes of the relevant distribution.

CRA Signatories should note that, following the recent amendments to and restatement of the CRA (as approved by written resolution on 2 April 2013), an ADN is not applicable to LBI Distributions, which instead would be payable in accordance with the Common Terms.

In the event that CRA Signatories require further information with regard to the submission of an ADN, please contact generalqueries@lbia-eu.com.

Please continue to check this website for information on matters relating to the administration of LBIE.