31.10.23
ICSDs’ joint bulletin re eligibility criteria for tax information upon securities acceptance
Background
A few years ago, the implementation of the EU Prospectus Regulation led to a reduction in tax information in issuers’ documentation, which created some difficulties in properly assessing the eligibility criteria upon securities acceptance and the applicable tax treatment.
Upon request from some market stakeholders (i.e., Issuer’s Agents and Common Depositories) to the ICMSA, both ICSDs agreed to issue this joint bulletin as a practical guidance, regarding the required tax information, which Issuers, Issuers’ Agents and Common Depositories must provide to the International Central Securities Depositories (ICSDs), Euroclear Bank and Clearstream Banking S.A., upon securities acceptance.