Other services - Romania
Securities lending and borrowing
Romanian government securities eligible in CBL qualify for CBL's securities lending and borrowing programme.
Not all CSD eligible securities deposited by Depozitarul Central S.A. may be used for lending operations. The list of securities that may be subject to a loan to be registered in RoClear system, as well as the list of securities that may be subject to a financial collateral in connection to a loan are decided by Depozitarul Central Board of Governors and are communicated to the participants through RoClear system.
Back-valuation is not allowed in Real-Time Gross Settlement System (RTGS).
Please refer to the Disclosure Requirements - Romania.
Please refer to the Investment regulation section of the Market Profile - Romania.
Market Specific legal consideration
The laws and regulations of Romania do not exempt from upper tier attachment securities eligible under this link and/or credit on CBL's direct account with National Bank of Romania.
Customers that hold Romanian bonds and equities in their CBL account are obliged to provide CBL, upon request from the Romanian authorities (tax authorities or withholding tax agent), with a List of Beneficial Owners containing, for each beneficial owner (including themselves, if applicable) the name, address, country of residence for tax purposes, official Tax Identification Number (if any), legal status and nominal amount of the securities.
- Government and Municipal bonds are not subject to withholding tax.
- Corporate Bonds and Equities are subject to tax and the applicable rate apply at source
Capital Gains Tax
Capital gains tax is not applicable to gains derived from trading in government, municipal and selected foreign bonds issued in RON or a foreign currency on the domestic and international financial markets.
Capital gains tax may however be payable for Corporate bonds and equities.
Customers and/or beneficial owners of Romanian securities deposited with CBL are responsible for any possible taxation of capital gains on such securities,
- For Government and Corporate bonds the final investors are recommended to register with the Romanian Tax Authorities ("RTA") and are strongly encouraged to appoint a local Tax Agent.
- For bonds and equities the investors have to register with the RTA and need to appoint a local Tax Agent.
BRD, as a Commercial Bank, is not authorised by the National Bank of Romania to offer tax representatives services.