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Label Maintenance

(Note: if your programme is already STEP labelled)

Regular renewal (Update)

Programme maintenance handling cycle

All is explained in the STEP Market Convention.

As a summary:

a. The issuer shall update the information memorandum at least every 3 years + 90 days of the date of the last Information Memorandum and the copy of full text of the guarantee (if any). If the guarantor belongs to the category of general government (e.g. central government or local authority), the text of the guarantee can be substituted, when appropriate, by the text of the relevant rules applicable to the guarantee;

b. The issuer shall update the other mandatory documents and submit them to the STEP Secretariat normally annually, and in any case as soon as they are approved, but no later than 90 days of the date of the approval.

- electronic copies of or active hyperlinks to the last two approved annual reports (if any) and financial accounts (consolidated, if any) or equivalent documents;

- the auditors’ opinion on annual accounts (or refer to the above documents if included in one of them);

- direct hyperlinks to the credit rating agencies’ website;

- at the option of the issuer, any other relevant information (including but not limited to : legal opinion, rating letters regarding the issuer).

The issuer shall urgently contact the STEP Secretariat if any delay is expected in providing the above-mentioned updates.

 

Exceptional renewal (update)

The issuer shall update the information memorandum and submit it to the STEP Secretariat every time there is a significant event that changes the substance of the programme or the nature or quality of the credit risk carried by the Notes issued under the programme. A supplemental information memorandum can be provided, which acts as an addendum to the original information memorandum until the next regular renewal.

Specifically and prior to any additional issue made under an amended programme, the issuer shall submit an updated version of the information memorandum to the STEP Secretariat at least in the following circumstances:

i) any change of the programme's ceiling;
ii) any change of the programme's guarantee;
iii) any change of the programme's guarantor;
iv ) any addition or change of IPA, or
v) any addition to or withdrawal of an issuer of a multi-issuer programme;

In the event of any change in one of the programme’s ratings, the issuer must inform the STEP Secretariat (by e-mail) immediately after such change is notified to the issuer by the relevant rating agency.

Templates

Application form - Declaration of Adherenc
Single Issuer Not Guaranteed
Single Issuer Guaranteed
Multi-jurisdiction programme
Multi Issuers
Supplemental Information Memorandum
Alternative Data Sources

News

Jan 5, 2017
In order to be compliant with new web security standards EMMI and STEP websites are now in HTTPS protocol.
Should you have any issue accessing the sites or the data please do not hesitate to contact us

Jan 4, 2017
A new label has been granted:
Johnson Controls International plc euro-commercial paper prorgamme – STEP ID 0002940

STEP takes reasonable measures to ensure the quality and accuracy of the information on this Website. However, STEP cannot be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website. In addition, none of the Parties can in any way be held liable or responsible for the content of any Website linked to this Website.

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