Effective
immediately
Clearstream Banking1 wishes to remind and inform its customers of the updated certification requirements for the repatriation service. This is further to our announcement A15118, dated 12 June 2015.
Reminder of repatriation procedure
This service is offered for foreign exchange transactions that fall under the exceptions to the repatriation limit. In those specific cases, customers can request to have Argentine Pesos (ARS) converted to U.S. Dollars (USD) by undertaking the following procedure:
Customers must send their foreign exchange instructions and certification requirements via SWIFT MT599 free-format message to the attention of Income department/Argentina, indicating:
- Clearstream customer safekeeping account number;
- Clearstream customer cash account number (if different from the safekeeping account number);
- ISIN code of the related dividend/interest payment event;
- Value date of the dividend/interest payment;
- Number of shares/nominal holding for which the conversion is requested;
- ARS amount to be converted;
- Confirmation that the final beneficiary owner is non-resident of Argentina.
Changes to certification requirements
The content of the certification requirements, that must be included in the SWIFT MT599 free-format message in order to comply with certain regulations issued by the Argentine Central Bank, was updated to the following, to reflect recent market changes.
“We hereby represent, warrant and covenant that:
- From the date that the above mentioned funds were credited to our custodian’s account until such Peso were transferred to us, we have not used such funds to make other investment in Argentina;
- we shall provide Clearstream’s Agents (“the Agents”) with any additional documentation and/or information that may be required related to the instruction referred to herein;
- all information included herein, as well as any information which may be submitted by us to the Agents in connection with this instruction, is and shall be true, complete and correct and shall be deemed to be given under our sworn statement;
- the Agents are authorised to submit to the Argentine Central Bank any and all information required by the Argentine Central Bank in connection with this foreign exchange transaction;
- the Agents are authorised to sign on our behalf and at our own risk any affidavits and/or declarations and/or any other documentation that may be required by the Argentine Central Bank and/or any other authority or third parties, in connection with this foreign exchange transaction;
- the final beneficial owners of the funds that are being transferred under this foreign exchange transaction are non-Argentine residents; and
- we agree to indemnify and hold harmless the Agents, its directors, officers, employees, agents and attorneys-in-fact, from and against any and all liabilities, expenses, damages and other costs of any kind (including legal fees and expenses) arising from or in connection with any misrepresentation, insufficiency, inaccuracy, illegitimate and/or omission within this sworn statement.”
Further information
The Foreign Exchange section of the Creation Link Guide - Argentina is available on the Clearstream website.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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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 Trade and Companies Register under number B-9248.