Indirect holding system

A holding system for securities in which (i) a nominee is reflected as the legal owner of securities on the official register of the issuer and the beneficial owner (or the intermediary through which the latter holds the security) is reflected as the owner of the securities on the books of the nominee or (ii) bearer securities are deposited with an intermediary and the intermediary maintains an account reflecting the beneficial owner's rights and interests in the security. The beneficial owner's rights and interests in securities in an indirect holding system are transferred by accounting entries on the nominee's or relevant intermediary's books.