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Dividend corrections
If the trade date of a confirmed trade or other transaction is no later than the date of the shareholders’ meeting setting the dividend, the shares are transferred cum-dividend on settlement, unless otherwise agreed. The clearing member must check that dividends are paid to those entitled to them according to the terms of the trades.Clearing members must pay special attention to the fact that if a change in the settlement date of a trade or other transaction to later than the dividend record date is approved, Euroclear Finland and account operators do not automatically check whether the transaction is cum dividend or ex dividend.
A clearing member must make any corrections relating to a dividend payment immediately.
A clearing member must without delay notify Euroclear Finland of corrections to trades and unclear dividends using a dividend correction form. The settlement date in the dividend correction form must be the actual settlement date of the trade. If a chained trade is “open”, that must be notified on the form. A broker that sells cum dividend shares onwards without knowing whether they are cum dividend or not takes the responsibility for forwarding the divided to the end customer.
