Other services - Spain

30.11.2020

Securities lending and borrowing

Spanish domestic debt instruments eligible in CBL qualify for CBL's securities lending and borrowing programme.

Listed and unlisted equities and listed warrants are not eligible for CBL's securities lending and borrowing programme.

Multi-Market securities service

Please refer to the Multi-Market Securities page on the Clearstream website for a complete list of multi-market securities that are settled via BBVA and the corresponding instruction specifications..

LATIBEX securities

LATIBEX is the international market for Latin American securities. It was created in 1999, following the approval by the Spanish government. It is regulated by the Spanish Securities Market Law.

The market is based on the trading and settlement platform of the Spanish stock market, in such a way that Latin American securities listed on LATIBEX are traded and settled in EUR only and in the same way as any other Spanish securities.

This is also valid for taxation; that is, the same rules apply as in the Spanish market. For CBL setup, this means exemption at source according to our non-resident nominee status.

Disclosure requirements

Please refer to the Clearstream Banking Disclosure Requirements - Spain, which is an appendix to the Creation Market Guide.

Holding restrictions

Customers are not allowed to hold Spanish stripped securities or zero-coupon bonds with Clearstream Banking on behalf of Spanish resident individual income tax payers.

There are no holding restrictions for beneficiary owners that are Spanish resident corporate income tax payers.

Please also refer to the Investment regulation section of the Market Profile - Spain.

Other restrictions

Customers are not allowed to instruct rights selling operations ordered by Spanish individuals whose positions are held through non-resident banks or financial institutions (no Spanish custodian in the chain). This applies to all rights selling operations including sales instructed via MT565 corporate action event and via bilateral MT54X instructions.

Consent

By instructing a sale of rights each customer shall be deemed to represent each of the below:

  • The sale is not ordered by a final beneficial owner being a Spanish individual that holds its positions through non-resident banks or financial institutions;
  • Upon request of the local Tax Authorities for additional documents, the customer engages to provide Clearstream Banking with requested documents within the next seven business days. Documents may include but is not limited to certificate, holding information, or identity of the ultimate beneficial owners ordering the sale.
  • The customer acknowledges and agrees to indemnify and hold harmless Clearstream Banking from any and all expenses (including attorney fees) costs, penalties, losses, damages, judgements, suits, tax increase or any other liabilities whatsoever incurred due to the fact that it has not instructed part of all of its positions in accordance with the above described restriction.

Tax services

Please refer to the Clearstream Banking Spain Tax area.

The following are applicable out-of-pocket tax fees:

Tax service fee

Attestation per request, beneficial owner, ISIN and pay day: EUR 30, charged on a monthly basis.

Tax reclaim fees

Type of securityFee

Government bonds

Exemption at source and quick refund: free

Disclosure of Spanish beneficial owner: EUR 5 per Spanish beneficial owner, per payment and ISIN
Regional and municipal government bondsa and corporate bonds issued by semi-public institutionsbExemption at source and quick refund through Bank of Spain: free

Disclosure of Spanish beneficial owner: EUR 5 per Spanish beneficial owner, per payment and ISIN

Other corporate bonds

Disclosure of Spanish beneficial owner: EUR 5 per Spanish beneficial owner, per payment and ISIN

Equities

Flat fee of EUR 20 per beneficial owner

a. Such as bonds issued by Generalitat de Cataluña or Junta de Andalucia.
b. Such as Sociedad Estatal de Participaciones Industriales (SEPI), Radiotelevisión Española or Renfe.

These reclaim fees are charged on a monthly basis. Applicable fees on tax refunds filed before 1 October 2007 are EUR 50 for fixed income securities and EUR 30 for equities.

Tax reclaim custody fee

Per request, per beneficial owner: EUR 95.

Note: No “custody” fees are charged if the reclaim application is sent after 1 January of the year following the year in which the income or redemption payment took place.

For other fees, please refer to the Clearstream Banking Fee Schedule.