CKB

Custody services

  • For Retail and Corporate clients
  • Possibility of disbursement on the day of sale of securities (T+0).
  • The sole custody bank providing securities trading services

Services for retail and corporate clients

  • Opening and maintaining securities accounts with the Central Depository Agency (CDA) on behalf and for the account of legal holders its clients (clients holder/own account);
  • Opening and maintaining securities accounts with the CDA on behalf of custody bank and for the account of legal holders its clients, or on behalf of its clients which are not legal holders of those securities and for the account of legal holders (collective custody account);
  • Securities trading on domestic and international stock exchanges;
  • Trading through securities holder/own accounts and collective custody accounts;
  • Executing orders for the transfer of rights vested in securities and for the registration of third party rights over securities and taking care of the transfer of those rights deriving from securities;
  • Collecting claims from issuers for matured securities, interest and dividend on behalf of legal holders of those securities and taking care of the exercise of other rights belonging to legal holders of securities which are the Banks clients;
  • Notifying shareholders of annual shareholders meetings and representing them on those meetings, upon proxy;
  • Upon clients authorization, seeing to the fulfilment of taxing obligations of the client related to securities in his legal possession;
  • Supporting all types of client communication and reporting: in person, by phone, fax, e-mail, SWIFT;
  • Performing other duties defined by contract, in accordance with the law and custody bank rules.

Services for pension and open investment funds

Since the Montenegrin legislation stipulates that trading and operations conducted by pension funds must be supervised by a custody bank, CKB has decided to draw on its long experience on the banking market and quality human resource potential and offer this service. The Bank offers pension funds a possibility to make their operations simpler for them, by providing custody services in the processes of trading in and keeping securities, real estates and deposits.


Fund administration service has been fully automated, including electronic data exchange with fund management companies. In addition, the Bank offers a wide range of administrative services related to registering and maintaining securities account, and creating reports to serve the needs of relevant state authorities and various supervisions. The prevention and protection of data from irregularities that may occur in operational work are thus fully ensured.

New product unique on Montenegrin market for retail and corporate clients

The Custody Department got the approval of the Securities Commission for the introduction of a new service, unique on the Montenegrin market. It is for the settlement of funds on the date of selling securities T+0. As known, under the CDA rule the payment is made on the third day after the trading date (T +3).


The client may get the sale proceeds on the same day (until 16 h), if the sale was transacted through the CKB Custody Department.


To use this service, the client needs to sign consent for the settlement on the same date. The service is charged the following fees:

Transaction amountFee
Up to EUR 1.000EUR 3
From EUR 1.000 - 3.000EUR 5
Over EUR 3.0000,3%

How to become a client?

To become a client of the Custody Department, private individual needs to:


  • sign the custody contract with the Custody Department;
  • submit application for acquiring the client status;
  • submit an ID document.

In addition to the signed contract and application, legal entity needs to provide:


  • resolution on registration in the Central Register of the Commercial Court (CRPS);
  • statement from the tax records that includes tax identification number (PIB);
  • specimen signatures of authorized persons for disposing with funds on the specified accounts.

Enclosed to the contract and application for acquiring the client status, foreign private individual must provide the following:


  • certified copy of passport;
  • other documents specified by the Bank.

Enclosed to the contract and application for acquiring the client status, foreign legal entity must provide the following documentation:


  • certified copy of statement from the parent country register with apostille, certified translation in Montenegrin;
  • certified translation of thetext on registration in Montenegrin;
  • if the account is opened by legal representative, it is necessary to file a document; (decision, authorization) on appointing such person as representative of a foreign legal entity with apostille, certified translation in Montenegrin;
  • if the account is opened by a person authorized by the legal representative, the power of attorney with certified translation in Montenegrin;
  • specimen of authorized signatures certified on the prescribed form;
  • certified passport copies of owners, legal representatives as well as authorized persons;
  • other documentation specified by the Bank.
The application may be submitted in writing, directly or via mail, fax or electronically.

Standard fees and commissions

Standard fees and commissions for individual custody services are charged to (domestic and foreign) legal entities, as follows:

1.

SPECIAL PURPOSE ACCOUNTS SERVICES

Note

Fee

1.1

Opening special purpose account for securities trading

Domestic currency or FX account

Free of charge

1.2

Calculation and settlement of market and off-market transactions purchase and sale

Charged to the transaction market value

0.3%

1.3

Netting of money from securities trading

Use of money from an announced, but still unsettled sale for new purchases

Free of charge

1.4

Transfer of funds between special purpose accounts

Domestic currency or FX account

Free of charge

1.5

Issuing statements of account

Free of charge

1.6

Transfer of funds to current (main) accounts

Legal entities

Free of charge

1.7

Transfer of funds to accounts related to other transactions (capital increase, acquisition of investment units...)

Charged to the transfer order amount

0.1%

Min. EUR 6.25

1.8

Transactions to foreign account

Charged against transaction amount

0.2%

Min. EUR 12.5

Max. EUR 112.5

2.

SECURITIES SERVICES

Note

Fee

2.1

Opening holder/own securities account

For individuals

For legal entities

EUR 3.75

EUR 12.5

2.2

Opening collective custody account

Free of charge (+CDA tariff)

2.3

Keeping securities on the holder/own account

Free of charge

2.4

Keeping securities on the collective custody account

Charged quarterly, on the last day of the accounting period, as an average of highest daily values of securities on collective custody account, for the accounting period

Max. 0.3 %

Min. EUR 75

2.5

Statement and reports of securities holder/own account

Free of charge

2.6

Statement and reports of collective custody account

Free of charge

2.7

TRANSFER OF SECURITIES TO THE SAME HOLDER ACCOUNT (no change in ownership)

2.7.1

Registration of securities of legal holder

Transfer from transient account to securities holder account

Free of charge

2.7.2

Change of depository

Transfer of securities to other depository CDA member, charged per security

For individuals EUR 18.75 per security

For legal entities EUR 37.5 per security

2.8

PLEDGE

2.8.1

Pledge registration

Charged upon contract signing

For individuals EUR 12.5

For legal entities EUR 25.5

(+CDA tariff)

2.8.2

Pledge removal

Charged upon contract cancellation

For individuals EUR 18.75

For legal entities EUR 37.75

(+CDA tariff)

2.9

TRANSFER OF SECURITIES TO THE NEW HOLDER ACCOUNT (change in ownership)

2.9.1

Heritage

Opening testator's account is not charged

For individuals EUR 12.75 per heir

For legal entities EUR 27.75

(+CDA tariff)

2.9.2

Transfer of ownership under gift contracts, final court judgement, other decisions, orders and contracts

Fee is charged based on the value of portfolio concerned, taking the average of highest daily values of securities in the portfolio on the settlement day

(+CDA tariff)

1%

(+CDA tariff)

3.

OTHER CUSTODY SERVICES

3.1

Borrowing securities

Fee is charged per contract, based on highest market value of securities on the settlement day

1%

3.2

Collection of claims related to securities from issuers

Charged against total claims

0.3%

3.3

Payment of tax obligations

EUR 95 per order

3.4

Representing shareholders ad the shareholders' meeting

EUR 95 per order