Common European standards define only the period of time that may elapse between the record date (i.e. the date for determining persons eligible for payments) and the date when the payment should be made. In compliance with common European standards, this period of time should not be longer than one business day.
This, however, shall not mean that the issuer will not be able (due to liquidity management, etc.) to specify the date of payment 60 or 90 days following the general meeting, for example. In such event, the record date will have to be postponed to one business day prior to the date of payment.
Due to the minimum period of time which has to elapse between the day of the notification of a corporate action of payment and the date of payment, as stipulated by the common European standards, the record date can no longer be the day of the general meeting (nor any other day prior to it). The earliest date that can be specified as the record date for payments is the fourth business day following the general meeting (assuming that the issuer notifies KDD of the corporate action of payment on the very same day the general meeting is held).
Additional clarification for issuers of debt securities: the implementation of common European standards will not affect the existing relationships between the issuers and holders of debt securities, as laid down in the applicable prospectuses or equivalent bidding documents. With the issue of new debt securities, KDD shall, however, make sure that the date of payment is defined as one business day following the record date.