Uruguay: Immobilisation of funds for investment
On 7 June 2013, the Central Bank of Uruguay issued Resolution D-147-2013 (see attached file, which includes an English translation) implementing the immobilisation of non-residents' funds for investment in government securities.
This may have a direct impact on our customers’ activities in Uruguay and concerns securities, in local currency (UYU) and in indexed units, issued in the local market by the Central Bank of Uruguay and/or the Uruguayan government.
We are currently in discussions with the local market authorities to clarify possible impacts on customers and will provide further information when it becomes available.
We also remind customers of similar measures taken by the Central Bank of Uruguay in August 2012, when they issued Circular 2.120 requiring non-resident investors to provide extra funding in UYU representing 40% of the face value of certain securities acquired on/after 16 August 2012.
At that time, we decided not to accept any new securities subject to the Circular 2.120 or any additional balance for existing Clearstream Banking1 eligible securities in its scope. For further information, please refer to our Marketflash M12042, dated 27 August 2012.
1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
|This Marketflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Marketflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Marketflash does not constitute legal or tax advice.|