Creation Link Guide - Portugal

16.05.2017

Key features

Yes/NoRemarks
Settlement in T2SYes
Settlement free of paymentYes 
Settlement against paymentYesEligible settlement currency: Euro (EUR).
Bridge settlementYes 
Shaping facilityNo 
Partial settlementYes 
Settlement penalty feesNo
Pre-matchingYesHold and release service
Back-to-back processingYes 
AllegementsYes 
Bilateral cancellationYes
Automatic compensationNo 
Registered securitiesNo  
Multi Market SecuritiesYes 
Lending and borrowingYesDebt securities only.
Proxy votingYes 
Investment FundsNoCSD-eligible investment funds only.
Liquidity Hub ConnectNo 
Sale and purchase of rightsYes 
Repo servicesNo 
Market restrictionsYes

According to Portuguese Decree Law 193/2005 and in order to allow the holding of Portuguese debt securities, customers must provide a Portuguese Debt Securities - One-time Declaration of Beneficial Ownership certifying that the final beneficial owners do not fall into the market-specific categories that are not entitled to exemption from Portuguese withholding tax.

Note: Law 83/2013, which removed the restrictions on holdings by or on behalf of non-exempt beneficial owners at the ICSDs, remains applicable only to securities still falling under the previous wording of Decree Law 193/2005.

FTTNo 
FATCA GIINYes1G159I.00207.ME.250
Type of linkCSD or settlement method
Indirect link through BNP Paribas Securities ServicesCVM: Central de Valores Mobiliários/T2S