Following EuroCCP’s Newsflash dated 26 August 2016 regarding the migration of Euroclear Belgium, France and Nederland to Target 2 Securities (T2S), we are pleased to inform Clearing Participants of the forthcoming changes to EuroCCP’s Regulation Corporate Actions, Regulation Settlement and Regulation Buy-in Procedure. The regulations can be found in the Documentation Regulations section of the web site.
The revised Regulation Corporate Actions makes reference to the French withholding tax. EuroCCP has entered into an agreement with the French tax authorities which allows EuroCCP to collect French withholding tax (WHT) by deducting the WHT from distributed income and to declare and pay this WHT to the French Tax Authorities. For further details, we would refer you to Section 10.3 of the updated Regulation.
The Regulations Buy-in Procedure and Settlement reflect the new Standard Settlement Instructions and revised Partial Settlement Schedule.