When providing an ADC different parties must contribute services. The relationships between the parties involved are contractually defined.
The ADC program is based on three contracts:
Cooperation agreement
The contract between the company whose shares underlie the ADC and the bank arranging the ADC. The main points in the contract are the specification of the stock listing and the mandate to the bank to enter into an ADC contract with OeKB. This contract need not be known to OeKB.
ADC agreement
The ADC contract between the bank and OeKB as issuer of the ADC. According to the mandate by the company to the bank, a contract dealing with the depositary certificate and its terms and conditions is set up.
Custodian agreement
The depositary contract is concluded between the custodian bank holding the securities underlying the ADC in safekeeping and the CSD.Austria which holds the securities with the custodian bank. This contract focuses on defining the responsibilities of the custodian bank deriving from the custody of the securities underlying the ADC agreement.
