Japan Securities Depository Center Inc (JASDEC) released a report on revisions to the handling method of the beneficiary certificates of Nikkei 300 Index Listed Fund.
Previously, JASDEC has been handling Beneficiary certificates of Nikkei 300 Stock Index Listed Fund and Beneficiary certificates of Exchange-Traded Funds since 1995 and 2001, each respectively.
However, due to a slight difference between the handling methods of the two beneficiary certificates, such as clerical scheme for determining the beneficiaries etc, there had been a call for unifying the methods of the two.
In response to such requests, JASDEC has decided to change the provisions of the beneficiary certificates of Nikkei 300 Index Fund to allow them to be handled in the same way as those of ETF.
Due to the revisions this time, beneficiary certificates of Nikkei 300 Index Fund no longer need to be handled in the unit of integral multiplication of the Board lot size. Also, notifications that were required to be sent to each participant in accordance with the deposit balance, regarding serial number of beneficiary certificates of Nikkei 300 Index Fund deposited as of the final day of the calculation period, are no longer necessary.
The revisions are effective as from May 10, 2005.