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 here. If the information is not correct and needs correction please use the ‘Report a Change in Group Structure’ form available from the ordering pages.
(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 9 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 2.3.4.
(2)Information on Swift Share re-allocation, can be found using this link Share re-allocation.
(3)Article 11 (Re)-allocation of shares shall be determined by the Board of Directors at least every three years.
Article 11 (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 11.
You can find here more information on how to get access to this tool.