France: New One-Time Certificate for French securities held with BNP Paribas and CBF mandatory - reminder
Further to announcement A17174, Clearstream Banking1 would like to remind customers that the new One-Time Certificate for French securities is mandatory for all Clearstream Banking S.A. (CBL) and Clearstream
Banking AG (CBF) account holders investing in French-sourced securities.
Background
Following the migration of ESES T2S-eligible securities to CBF, the existing One-Time Certificate for Simplified procedure (old OTC) must be replaced by a new version named One-Time Certificate for French securities (new OTC).
The new OTC must be submitted once before the first tax relief application and will remain valid until revoked. It gives customers the possibility to apply for standing instructions.
Impact on customers
The old OTC will become invalid as of the last migration phase on 11 June 2018. Customers wishing to obtain the benefit of relief at source or quick refund on French-sourced equities as of this date must follow the below procedure:
- Customers who have already certified their account with the new OTC are duly certified and do not need to take any further action. Any old OTC that was in place to certify their account will be end-dated with the date of receipt of the new OTC.
- Customers who have not yet certified their account with the new OTC must submit it as soon as possible and at the latest by 7 June 2018. Any old OTC that was in place to certify their account will be end-dated 11 June 2018 with no possibility to obtain relief at source or quick refund on dividend payments if the new OTC is not provided.
Any request for tax relief at source or quick refund where the account is not certified with the new OTC will be rejected.
Fees
No charges will apply for OTCs sent to renew the ones that were valid before the migration date for the same account nor for the duplication of a new OTC to a 6-series account that has already been provided for a 7-digit CBF account.
OTCs submitted for accounts that were not certified in the past will be charged according to the Fee Schedule.
Further information
For further information, customers may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or their Relationship Officer.