SJP Central Securities Depositories Regulation (CSDR)
The information on this page is in relation to Discretionary and Stockbroking Services.
The Central Securities Depository Regulation (CSDR) is an EU regulation that governs how Central Securities Depositories (CSDs) and their participants operate. St. James’s Place Investment Management is a direct participant of CREST (Euroclear) as our CSD.
St. James’s Place Investment Management Limited can offer our clients the choice between holding their qualifying assets at CREST with all other clients in an Omnibus Segregated Account (OSA), which is our default option for all clients, or in an Individual Client Segregated Account (ICSA) at separate cost.
We have clarified the levels of protection and the costs associated with the different levels of segregation that we provide in respect of securities that we hold directly for clients with our CSD, in the two disclosures linked below.
How the omnibus vs segregated accounts work and costs involved
We make two types of accounts with CREST available to clients:
- Omnibus Segregated Accounts (“OSAs”). These are used to hold the securities of a number of clients on a collective basis and are St. James’s Place Investment Management Limited’s default account. We record each client’s individual entitlement to securities that St. James’s Place Investment Management Limited holds for that client; and
- Individual Client Segregated Accounts (“ICSAs”). This account type is used to hold the securities of a single client and therefore held separately from the securities of other clients.
There is no difference with either of these accounts as to how we manage and look after your investments.
It is only possible to segregate listed assets that settle in CREST, the UK settlement system.
If you decide you would like to have your assets held in an individual segregated account, there will be an additional charge, details of which can be found in our CSDR Article 38 Costs Disclosure Document which can be found below.
Please ensure you have read our terms and conditions for the service and our Article 38(6) CSDR Participant Disclosure Document, as this sets out how segregation of assets interacts with English Insolvency Law.