Banking Migration

What changes are being made and why are you making them?

• CBL Market is migrating its US Dollar settlement services from Wells Fargo to Bank of America N.A.
1. The changes to the settlement service will allow Market Participants to trade all USD denominated products from a single, dedicated, bank account, no longer requiring multiple deposits or cash transfers between Voluntary and SIP/Compliance markets.
2. API connectivity between CBL Market and Bank of America will streamline and automate components of the deposit, withdrawal and settlement processes, eliminating the need for manual processing that is required in the current workflow (I.e., email notifications/requests on deposits and withdrawals)
• CBL Markets (USA) LLC will be the Market Operator for all Voluntary Carbon Market products. Currently, CBL Markets (USA) LLC is the Market Operator for USD denominated products such as Standard Instruments products (“SIP”) and US Compliance products. This change consolidates governance under a single market operator across all USD denominated markets. CBL Markets (Australia) Pty Ltd remains the Market Operator for AUD denominated products.

What do I have to do?

• A For-Benefit-Of (FBO) account at Bank of America N.A. must be opened for all Market Participants ahead of the transition from Wells Fargo, currently scheduled to complete in 4Q23.
• Market Participants must complete all the required documents, as set forth in the Market Notice dated 21 September 2023 (the “Market Notice’), and have all required tax forms submitted to CBL Markets no later than Friday, 20 October 2023..

What documentation is needed to open an FBO account at Bank of America N.A.?

• Links to the following DocuSign forms can be found in the Market Notice
1. Bank of America N.A. Authorization & Indemnity Agreement
2. CBL Markets (USA) LLC Agency Agreement
3. Market Participants must complete all the required documents, as set forth in the Market Notice dated 21 September 2023 (the “Market Notice’), and have all required tax forms submitted to CBL Markets no later than Friday, 20 October 2023.

Important Note:

Participants who do not have a current tax form (Form W-8 for non-US entities, Form W-9 for US entities) on file with Client Service, will have received an additional link, and instructions to upload current documentation, in their Market Notice.

If you have any questions about documentation or process, please contact CBL Markets Client Service at clientservice@cblmarkets.com.

Who in our firm has received the forms? Who needs to sign?

• Forms must be executed by your Designated Authorized Representative (DAR) or authorized signatory. If you are unsure who your DAR is, please contact CBL Client Service at clientservice@cblmarkets.com.
• The forms were sent to the Designated Authorized Representative (DAR) CBL Market currently has on file. If the DAR does not have appropriate signing authority levels within your firm, the forms can be reassigned to the appropriate firm member to sign within DocuSign.

Please Note:

• The DAR or Authorized Signatory’s name and email address MUST BE USED to log into the initial form, even if it is being filled out by a delegate.
• A secure, Multi Factor Authentication PIN will be sent to the DAR or Signatory’s email address to validate authority and WILL BE REQUIRED to access the forms.

Must I open a Bank of America account to continue trading on CBL Market?

• Yes. All Market Participants are required to establish a For-Benefit-Of (FBO) account with Bank of America N.A. ahead of migration.
• Market Participants who do not complete the required documentation are at risk of having CBL trading privileges suspended until paperwork is complete and your account at Bank of America N.A. is opened.

Am I required to open the account directly with Bank of America or will you do that for me?

• CBL Markets will open an account at Bank of America N.A. on your firm’s behalf after all required documents are completed and executed.

When will these changes take effect?

• Our targeted migration is 4Q23. To achieve that we need all our Market Participants to return documentation no later than Friday, 20 October 2023.

Who do I contact if my firm hasn’t received the forms?

• Please email Client Service at clientservice@cblmarkets.com

When do we need to send the forms back to CBL Client Service?

• Please complete the DocuSign envelope, executing the two required forms and providing any required tax documentation as soon as possible and no later than Friday, 20 October 2023..

Will I get a copy of the fully executed forms?

• Yes, Participants will receive copies of the fully executed forms after all parties have signed.
• This includes your firm, the CBL Client Service team, and Bank of America N.A.

How will we be advised that our Bank of America account has been opened?

• Upon account opening, and ahead of the migration, the CBL team will reach out to all Market Participants with their updated bank account information.

Will we need to start using the new Bank of America N.A. account straight away?

• No. CBL Markets will notify Participants in advance of the migration on when to begin using the new bank account.

With the change in Market Operator, how do I access information regarding CBL Markets (USA) LLC, in case KYC is required?

• CBL Markets can provide Participants with our standard documentation pack upon request. Please email kyc@xpansiv.com with any inquiries regarding this information.
• The change to Bank of America N.A. does not change other internal Xpansiv/CBL Markets policies and procedures.