UCITS IV Directive


On 27 May 2011, the federal council of Germany has approved the act to transform the directive on the implementation of guideline 2009/65/EC on the coordination of legal and administrative regulations cocerning specific organisations for joint investments in securities (UCITS IV Undertakings for Collective Investment in Transferable Securities Directive). Accordingly, extensive changes to the tax deduction process came into force on 1 January 2012.

The attached "CBF Functional Concept Custody services - Introduction to the UCITS IV Directive" describes the processes of Clearstream Banking AG, Frankfurt (CBF), the data provided by the “Wertpapiermitteilungen” and the individual CBF reporting channels for relevant events under UCITS IV.

The attached Functional Concept “Bescheinigung und Erstattung/Entlastung von einbehaltener Kapitalertragsteuer und des Solidaritätszuschlags“ is available only in German.