Shareholder - Submember
As a SWIFT shareholder you may register branches or subsidiaries as ‘Sub-Members’. At any moment in time you can check whether you have Sub-member(s)(1) registered using this link.
It is of most importance that the shareholder validates the correctness of the data prior for the three-yearly SWIFT share re-allocation(2) exercise during which the financial contribution for network based services of the Sub-members will be included in the contribution of the direct parent - SWIFT shareholder(3).
The data as currently registered with SWIFT can be viewed by clicking on the button here below. If the information is not correct and needs correction please use the ‘Report a Change in Group Structure’ form available from the ordering pages on e-paying.info.
(1)’Sub-member’: A sub-member is an organisation that:
a. is more than 50 percent directly or 100 percent indirectly owned by a shareholder and
b. meets the criteria set forth in the second paragraph of Article 8 of the SWIFT By-laws
A sub-member must be under full management control of the shareholder. Only a shareholder may register a sub-member. See - Corporate Rules, section 5.3.4.
(2)Information on SWIFT Share re-allocation, can be found using this link Share re-allocation.
(3)Article 10 (e) (Re)-allocation of shares shall be determined by the Board of Directors at least every three years.
Article 10 (f)the annual financial contribution paid to the Company by a “sub-member” (as defined here-below) for the network-based services of the Company shall be added to the financial contribution of the Shareholder concerned for the purpose of calculating the number of shares to be (re-)allocated to such shareholder. See - SWIFT By-laws, article 10.