Portugal T2S: Tax impact on account structure and service offering – reminder – update


Note: The PDF attached to this announcement, originally published on 2 September 2020 and updated on 17 December 2020, has been further updated with additional information on the deadline for receipt of documents.

Further to Announcement D20019, informing customers of the activation of Clearstream Banking AG1 (CBF) direct access to the Portuguese market (Interbolsa) and the eligibility of Interbolsa issued securities for settlement in T2S, effective

14 December 2020        

Clearstream Banking S.A.2 (CBL) will deposit and settle Portuguese T2S eligible assets with CBF in order to enable future OneClearstream service upgrades (the “Migration Date”). This forms part of our ongoing effort to harmonise our services allowing customers to benefit from advantages across multiple areas of our business.

CBL will access Interbolsa for settlement in T2S via CBF, as follows:



Type of link

Securities eligible



Relayed link via CBF (All T2S eligible assets) to Interbolsa

Government bonds, corporate bonds, listed equities, warrants eligible in Interbolsa

CBF will act as Portuguese tax agent for Portuguese T2S eligible debt securities and equities (the “Portuguese Securities”) processed via the link with Interbolsa. Please refer to the attached PDF, which provides relevant details.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.

1. 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.

2. Clearstream Banking S.A. (CBL) registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.