Stocks from a large number of direct securitisation accounts ensure a constant supply of the credit pool. This means that beneficial owners have no legal relationship with third parties who can buy or sell securities to the original borrower, or have insight into what a borrower intends to do with the borrowed shares, either to meet regulatory requirements or to sell the securities to adopt a short strategy. While naked short selling (i.e. the sale of shares before the loan of shares) is prohibited in many legal systems, securities lending is used to legitimately enable covered short selling, in accordance with regulatory guidelines, as confirmed in ESMA`s December 2019 report. For beneficial owners such as GPIF, who might be concerned about borrowers` motivation, agent lenders have for some time been offering lenders skills to precisely adjust the assets they lend, on what terms and to whom. These tools allow beneficial owners to indicate the cohorts of borrowers to whom they do not wish to lend – for example, hedge funds set thresholds for the amount of securities they are willing to lend to a given company or indicate that certain shares in their portfolio cannot be lent to certain borrowers. The service is an integral part of the billing process. Customers must explicitly subscribe to the service by filling out different registration forms. Borrowers must complete the credit documentation with Euroclear Bank. .