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Clearing Conditions of Eurex Clearing AG

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Clearing AG and the Clearing Agent an amended Annex B to such ISA Direct
Clearing Agreement in which that Relevant Fund or Relevant Fund Segment has
been deleted.

(12) An ISA Direct Clearing Member which is an Incorporated Fund or another legal entity
may elect to act through an Authorised Manager and shall following such election be
deemed to be a Relevant Fund for the purpose of this Number 2.1.5, which shall then
apply mutatis mutandis. The election takes effect upon submission of the relevant
details in Annex B of the relevant ISA Direct Clearing Agreement in accordance with

Paragraph (10).

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Chapter | of the Clearing Conditions of Eurex Clearing AG

General Provisions

As of 24.07.2023

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General Terms and Conditions to the Agreement on Technical As of 24.07.2023

Connection to the Clearing EDP of Eurex Clearing AG
Page 2

F Special provisions for ISA Direct Clearing Members, DCs Wwith
System Access, -and-ISA Direct Light License Holders and
Authorised Managers With System Access

§ 33 Applicability in terms of Contractual Parties
The special provisions within Segment F are valid for
(i) ISA Direct Clearing Members,
(ii) DCs With System Access, and

(iii) ISA Direct Light License Holders pursuant to Chapter IV of the Clearing Conditions,
and

(iv) Authorised Managers With System Access.

[1

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(2) When setting up an Authorised Manager, a Relevant Fund or a Relevant Fund

Segement in the systems of Eurex Clearing AG, the Clearing Member has the
following options:

(a)_The Authorised Manager can be setup

(i) as an “Authorised Manager With System Access’, if the Clearing
Member has transferred the Post-Trade Management to such Authorised

Manager,

(ii) as a “Basic Authorised Manager”, if the Clearing Member has not
transferred the Post-Trade Management to such Authorised Manager, or

(iii) as a DC With System Access or Basic DC.

If, on request of the Clearing Member, Eurex Clearing AG assigns a
Transaction Account to the Authorised Manager in its systems, the Authorised
Manager will, depending on the relevant request, become a DC With System
Access or a Basic DC.

(b)_ The Relevant Fund or Relevant Fund Segment, for which the relevant
Authorised Manager is acting, can be setup:

(i) as a DC with System Access, or

ii) as a Basic DC.

Authorised Manager With System Access

(3

If the Authorised Manager shall become an Authorised Manager With System
Access, the following additional requirements have to be met:

(i) _ The Clearing Member has transferred the Post-Trade Management with respect
to all Relevant Funds and Relevant Fund Segments for which the Authorised
Manager With System Access acts as Authorised Manger.

(ii) _The Authorised Manager With System Access has entered into the Connection
Agreement.

(iii)_The provisions under Number 1.1.8 shall apply accordingly to the Authorised
Manager with System Access.

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Pecereres reeerres earns eee

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTONS ARE UNDERLINED;
DELETIONS ARE CROSSED OUT

JESSE SSIS SSIS ISIS ISIS III RII II II IR I IR I

Part 1 General Clearing Provisions

1 General Rules

1.1 Scope of Application

Ll

1.1.12 Provisions relating to Unincorporated Funds, Sub-Funds or Fund Segments

(1) The following definitions shall apply:

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Reh Fund. tunderthe ISA Direct Provisions,the Authorised

M: hallintc Ei Clearing AG-and-the-Clearing Memb Ch

()} Fi h Rel +t Fund-and. h Rel tFund-Seg thi thorised

Gi) the Rel. t-Fund-is-a-Unit Trust, the Authorised Manager-has-thi

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o/zy/z3, 11:06 AM Amenaments to tne legal tramework of Eurex Clearing AG

29 Jun 2023
Eurex Clearing

Amendments to the legal framework of
Eurex Clearing AG

Eurex Clearing Circular 044/23 Amendments to the legal framework of
Eurex Clearing AG

1. Introduction

This circular contains information with respect to the service offering of Eurex
Clearing AG (Eurex Clearing) and introduces amendments to the Clearing
Conditions of Eurex Clearing AG (Clearing Conditions), the Price List to the
Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG
(Price List to the Connection Agreement), and the General Terms and
Conditions to the Agreement on Technical Connection to the Clearing EDP of
Eurex Clearing AG (GTC to the Connection Agreement).

The purpose of the changes is:

A. Introduction of additional Authorized Manager roles
B. Amendments to the structure of the Clearing Conditions regarding the
General ISA Direct Provisions

The amendments will become effective as of 24 July 2023.
2. Required action

There is no required action.

3. Details

A. Introduction of additional Authorized Manager roles

As of 24 July 2023, Authorized Managers can be set up as “Authorized Manager
with System Access” if the Clearing Member has transferred the Post-Trade
Management to such Authorized Manager, or as “Basic Authorized Manager”
if the Clearing Member has not transferred Post-Trade Management to such
Authorized Manager. With the introduction of these roles, Disclosed Clients

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(2)

acting on behalf and for the account of the respective Relevant Fund or Relevant
Fund Segment.

In such case, the Authorised Manger has to sign the ISA Direct Clearing Agreement

(3)

acting for the account and on behalf of the Relevant Fund or Relevant Fund
Segment. Each Relevant Fund or Relevant Fund Segment, which shall become an
ISA Direct Clearing Member, shall be specified in Annex B of the ISA Direct Clearing
Agreement.

Each reference to an ISA Direct Clearing Member in the Clearing Conditions and the

(4)

ISA Direct Clearing Agreement shall be read as a reference to a Relevant Fund or a
Relevant Fund Segment as listed in Annex B to the ISA Direct Clearing Agreement
(as applicable). Each reference in this Number 2.1.5 and in the ISA Direct Clearing
Agreement to Annex B shall be a reference to the then current version of that Annex.

When entering into a Transaction for the account of a Relevant Fund or Relevant

(5)

Fund Segment under the ISA Direct Provisions, the Authorised Manager shall inform
Eurex Clearing AG and the Clearing Agent, respectively, for which Relevant Fund or
Relevant Fund Segment that Transaction is entered into.

The set-off of claims of a Relevant Fund or Relevant Fund Segment (in each case

(6)

acting through the Authorised Manager) with or against any other claims (including
those of another ISA Direct Clearing Member) is excluded.

If an ISA Direct Clearing Member is (i) a unit trust in the form of an authorised unit

@

trust scheme in England and Wales (as defined in Section 237 of the Financial
Services and Markets Act), (ii) a unit trust established under the Irish Unit Trusts Act
1990 in Ireland or (iii) a unit trust operating as a mutual fund in compliance with the
Cayman Islands Mutual Funds Law (2013 Revision) (each a “Unit Trust’) acting
through an Authorised Manager, such Authorised Manager shall act as a trustee of
that Unit Trust and the ISA Direct Clearing Agreement and each transaction between
the Clearing Member and such ISA Direct Clearing Member shall be construed

accordingly.

For each Relevant Fund and each Relevant Fund Segment, the Authorised Manager

acting for the account of that Relevant Fund or Relevant Fund Segment represents
and warrants by way of an independent guarantee and irrespective of fault
(selbststandiges, verschuldensunabhangiges Garantieversprechen) to Eurex
Clearing AG that:

(i)__ the Authorised Manager has the power to enter into and perform the Clearing
Agreement and each Transaction, as applicable, for the account of that
Relevant Fund or Fund Segment;

(ii) the Relevant Fund or Relevant Fund Segment, as applicable, has been
established in compliance with applicable law and is legally existent;

(iii) in case the Relevant Fund is a Unit Trust, the Authorised Manager has the right
to be indemnified out of the assets of the Relevant Fund or Relevant Fund

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Part 2
Lal

[el
Part 6
[.]

Subpart C: Clearing of Omnibus Transactions

Return of any balance owed by Eurex Clearing AG in respect of an Omnibus
Standard Agreement after the completion of the default management process

L.]

Any payment or transfer to a Disclosed Direct Client or Authoriszed Manager pursuant to
this Number 9 shall be subject to (i) receipt by Eurex Clearing AG of any information that
Eurex Clearing AG requires or requests from a Disclosed Direct Client or Authoriszed
Manager in order to comply with any statutory or regulatory obligations with respect to the
relevant payment or transfer to such Disclosed Direct Client or Authoriszed Manager, and
(ii) compliance with any statutory or regulatory obligations applicable to Eurex

Clearing AG. Eurex Clearing AG shall not be required to make any payment or transfer to
a Disclosed Direct Client or Authorised Manager pursuant to this Number 9 (and shall
instead make such payment or transfer to the Clearing Member for the account of the
relevant Disclosed Direct Client) if Eurex Clearing AG is not satisfied that such payment
or transfer by Eurex Clearing AG to such Disclosed Direct Client or Authorised Manager
would result in a final discharge of the corresponding obligations of Eurex Clearing AG
vis-a-vis the Clearing Member.

Subpart A: General ISA Direct Provisions

Admission Criteria; Continuing Obligations

LJ

ISA Direct Clearing Member

Relevant Fund or Relevant Fund Segments as ISA Direct Clearing Member

(1) A Relevant Fund or Relevant Fund Segment without own legal personality may enter
into an ISA Direct Clearing Agreement only through an Authorised Manager, which is

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(iv) Each Clearing Member acknowledges that Eurex Clearing AG is entitled to
provide each Authorised Manager With System Access with reports in the
Access Area relating to all DC-Related Transactions relating to all Relevant
Funds or Relevant Fund Segments for which the relevant Authorised Manager
With System Access acts as Authorised Manager.

(v)__For the avoidance of doubat, the Authorised Manager With System Access shall
not qualify and will not be setup as Direct Client and Eurex Clearign AG does
not open any Transactions Accounts for such Authorised Manager With System
Access.

4) Basic Authorised Manager

If the Authorised Manager shall become a Basic Authorised Manger, only the
additional provisions under Paragraphs (3) (iv) and (v) shall apply accordingly.

(5) _}f the Relevant Fund or Relevant Fund Segment shall bi tup-as- Undisclosed
Direct-Client_the Authorised Manag Iy-acton-behalf-and-forthi tof
I-Rel + Fund: c-all-Rek t Fund Seg! ts_—which bined-in-th

(5) If the Relevant Fund or Relevant Fund Segment shall be setup as DC With System
Access or Basic DC, the Disclosed Client Information shall also include the name of
the Relevant Fund or the Relevant Fund Segment.

(6) Eurex Clearing AG assumes no responsibility, and accordingly, it shall remain the
responsibility of the relevant Clearing Member and the relevant Authorised Manager,
to ensure that the Authorised Manager has the power to act for the account of the
Relevant Fund or Fund Segment and verify whether any set-up of the Authorised
Manager or of any Relevant Fund or Relevant Fund Segment (on whose account the
Authorised Manager acts) as a DC With System Access or /Basic DC complies with
any applicable law or regulatory requirements.

(74) Paragraphs 1 to 3 shall apply mutatis mutandis with respect to an Incorporated Fund
or another legal entity which may elect to act through an Authorised Manager. After
such election by the Clearing Member, the Incorporated Fund or legal entity shall be
deemed to be a Relevant Fund for the purpose of this Number 1.1.12.

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o/zy/z3, 11:06 AM Amenaments to tne legal tramework of Eurex Clearing AG

Eurex Eurex Clearing Eurex Repo EEX 360T Xetra Bérse Frankfurt
Clearstream Qontigo

Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap
Cookie Settings

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Price List to the Agreement on Technical Connection to the Clearing “As of 24.07.2023. —t—tTMS

EDP of Eurex Clearing AG (Connection Agreement) Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,

DELETIONS ARE CROSSED OUT.

Je SOO DS OO DSSS ISOS O IOSD IO SDSS III SII IOI II III AS II ASAI III

Price List to the Agreement on Technical Connection to the Clearing EDP of
Eurex Clearing AG (Connection Agreement) (the “CA Price List”)

[el

§2 Monthly fees for the usage of the Clearing System

Clearing System usage Monthly fee

1

Eurex Clearing GUI Account for DC Market Participants, Indirect Client Market 100 €')
Participants,-and DCs With System Access and Authorised Managers With
System Access for:

* C7 Derivatives Clearing GUI

* Securities Clearing GUI

* EurexOTC Clear GUI

* Margin Calculator GUI

[1

All aforementioned fees will be calculated plus the current statutory VAT.

[1

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Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,
DELETIONS ARE CROSSED OUT.

pereeeeeeeeee ge eeeeeeeeeeeccccccccecdcceeerrrtrerccrccceccesseeteresererrccccccctcds
A General Provisions
§1 Scope of Application and Structure

L.]

(4) The following terms and conditions are structured this way: a general segment
(segment A) is valid for all groups of customers and the following segments contain
provisions only valid for specific groups of customers:

Lol

(v) Segment F - Special provisions for ISA Direct Clearing Members, DCs With
System Access, -andISA Direct Light License Holders_and Authorised

Managers With System Access

§2 Definitions
|
(9) “Contractual Party’:
[Ll

(iii) a DC Market Participant, Indirect Client Market Participant,_-ora-DC With
System Access,;_or an Authorised Manager With System Access.

el

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o/zy/z3, 11:06 AM Amenaments to tne legal tramework of Eurex Clearing AG

taking into account the interests of Eurex Clearing AG and all contractual
parties.

Unless the context requires otherwise, terms used and not otherwise defined
in this circular shall have the meaning ascribed to them in the Clearing
Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachments:

 1-Amended sections of the Clearing Conditions
@ 2-Amended sections of the Price List to the Connection Agreement
 3-Amended sections of the GTC to the Connection Agreement

Further information

Recipients: All Clearing Members, Disclosed Direct Clients of Eurex Clearing
AG and vendors, all FCM Clearing Members and other affected
contractual parties

Target Middle + Back Office

groups:

Contact: client.services@eurex.com

Web: Rules & Regs > Eurex Clearing Rules & Regulations
Authorized Jens Janka

by:

Further information

, Attachment 1 to Eurex Clearing Circular 044/23
, Attachment 2 to Eurex Clearing Circular 044/23

, Attachment 3 to Eurex Clearing Circular 044/23

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o/zy/z3, 11:06 AM Amenaments to tne legal tramework of Eurex Clearing AG

and Authorized Managers representing such clients can be more accurately
distinguished in the systems of Eurex Clearing.

The access possibilities to the Clearing EDP of Eurex Clearing as described in
the GTC to the Connection Agreement and the associated connectivity fees as
described in the Price List to the Connection Agreement shall be the same for
Authorized Managers with System Access as for Disclosed Clients with System
Access today.

Authorized Managers currently set up as Disclosed Clients will be migrated to
the new roles following the amendments as outlined in this circular and a
separate communication via Eurex Clearing Newsflashes. This migration will
not result in any operational impact to Clearing Members, Disclosed Clients or
Authorized Managers.

B. Amendments to the structure of the Clearing Conditions regarding the
General ISA Direct Provisions

Provisions regarding Relevant Fund or Relevant Fund Segments as ISA Direct
Clearing Member will be moved from the General Provisions to the
thematically related General ISA Direct Provisions.

To reflect the changes, the following provisions will be amended as outlined in
the Attachments 1 - 3:

® Chapter I Part 1 Number 1.1.12 and Part 6 Number 2.1.5 of the Clearing
Conditions

@ 82 of the Price List to the Connection Agreement

@ 882 and 33 of the GTC to the Connection Agreement

As of the effective date, the full version of the amended documents will be
available for download on the Eurex Clearing website www.eurex.com/ec-
en under the following link:

Rules & Regs > Eurex Clearing Rules & Regulations

The amendments to the legal framework of Eurex Clearing AG published by
this circular are deemed accepted by each affected contractual party of Eurex
Clearing AG, unless the respective contractual party objects by written notice
to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this
circular. In case of an objection by the respective contractual party pursuant
the preceding sentence, Eurex Clearing AG is entitled to terminate the
respective contract (including a Clearing Agreement, if applicable). Instead of
submitting an objection, the respective contractual party may submit in
writing to Eurex Clearing AG comments to any amendments of the legal
framework of Eurex Clearing AG within the first 10 Business Days after the
publication of the amendments. Eurex Clearing AG shall assess whether these
comments prevent the published amendments from becoming effective

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Segment in respect of any obligation undertaken or to be undertaken by the
Authorised Manager under an ISA Direct Clearing Agreement or in relation to
Transactions for the account of the Relevant Fund or Relevant Fund Segment.

(8) Eurex Clearing AG may require the Relevant Fund or Relevant Fund Segment (or if
applicable, the relevant Authorised Manager) to provide, at its own expense, a legal
opinion from leading counsel approved by Eurex Clearing AG that verifies and
confirms the accuracy of the representations set forth under Paragraph (7) and
Chapter | Part 1 Number 1.7.1.

(9) The Authorised Manager acting for the account of a Relevant Fund Segment further
represents and warrants by way of an independent guarantee and irrespective of
fault (selbststandiges, verschuldensunabhéngiges Garantieversprechen) to Eurex
Clearing AG with respect to each Relevant Fund Segment that:

(i)___it has informed the investors of the Relevant Fund Segment of the contractual
segregation between fund segments in connection with the Clearing and of any
potential adverse economic effects that the entering into the ISA Direct Clearing
Agreement and Transactions may have for that Relevant Fund Segment in
comparison to an entering into the Clearing Agreement and Transactions
without such contractual segregation;

(ii)__ the investors of the Relevant Fund Segment are willing to bear the potential
economic risks and adverse effects which are related to a contractual
segregation of that Relevant Fund Segment; and

(iii)_to the extent applicable, the prospectus relating to the relevant funds discloses
the contractual segregation of fund segments and any potential economic risk of
such contractual segregation between fund segments as set forth under

‘a) above.

(10) An amendment to the relevant ISA Direct Clearing Agreement due to an accession
change in name, termination or merger of a Relevant Fund or Relevant Fund
Segment may be effected by the submission of an amended Annex B of such ISA
Direct Clearing Agreement to Eurex Clearing AG signed by the Clearing Agent and
the ISA Direct Clearing Member and acceptance thereof by Eurex Clearing AG
through respective entries in its production system.

In case of an accession of a new Relevant Fund or new Relevant Fund Segment, or
a merger by new establishment (Verschmelzung durch Neugrtindung) of a Relevant
Fund or Relevant Fund Segment, such amendment shall constitute a new ISA Direct
Clearing Agreement pursuant to Appendix 10 with the new or newly established
Relevant Fund or Relevant Fund Segment acting through the Authorised Manager.

(11) The termination of an ISA Direct Clearing Agreement entered into by the Authorised
Manager acting for the account of a Relevant Fund or Relevant Fund Segment
pursuant to Chapter | Part 1 Number 13.2.1 in connection with Chapter | Part 1
Number 13.1.1 may also be effected by the Authorised Manager submitting to Eurex

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As of 24.07.2023

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