Use of 7-digit account number format - Update

16.11.2017

Note: This announcement, originally published on 26 September 2017 has been updated to provide further clarifications. Changes have been highlighted.

CBF1 will implement the following tax changes effective

20 November 2017

Tax instructions

Tax instructions (for example, allocations, position breakdown reports and breakdown of holdings) sent via SWIFT (ISO 15022) must be completed with 8-digit account numbers (for example MMMM – 0 – SSS // 1234 0 000) as applicable today, whereas as of 20 November 2017 all original tax certifications, disclosures and tax voucher requests via BO List Uploads have to be provided with 7-digit account numbers instead of previously 4-digit account numbers.

Clearstream Banking customers will be informed via MT568 Corporate Action Narrative about any validation or rejection of submitted tax instructions, certifications, disclosures or reclaim requests.

Tax certificates for tax relief and refund

On the cutover date, CASCADE will transfer all registered and valid tax certificates from the 4-digit account number to the 7-digit main account number. Certificates already submitted by customers to obtain tax relief at source or via quick or standard refund will not apply to sub-accounts unless customers instruct CBF to duplicate them. In this case, the sub-accounts must be clearly specified.

After the cutover date, all new tax certificates must be submitted with a 7-digit account number. If a certificate includes an invalid account number format, the customer will receive their MT568 Corporate Action Narrative with information about the rejection.

Customers will be able to certify at main account, sub-account or both account levels by indicating each CBF account number to be covered by the respective tax certificate.

All tax certificates will be visible in the Xact Web Portal and CreationOnline based on the 7-digit account number format. Refund applications dated before 20 November 2017 will remain visible under the customer’s 6-series account numbers.

Further information

------------------------------------------
1. This announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.