Canada: Swift or Xact Web Portal messages to replace BO Uploads for relief at source - Update

Note: This announcement, originally published on 3 April 2019, has been updated to add per-payment instruction information. Changes have been highlighted. 

Clearstream Banking¹ would like to inform customers that, effective

1 May 2019

customers are requested to submit their per-payment instruction, if applicable via either:

• Formatted MT565 instructions via Swift;

or

• Free-formatted instructions via Swift or Xact Web Portal message.

When requesting relief at source on dividends from Canadian equities in collective safe custody and no longer via the Clearstream BO Upload function.

For full formatting requirements of these instructions, customers should refer to the event notification, the Customer Handbook and Announcement D18075.

Impact on customers

To allow customers sufficient time to adapt to the new instruction requirements, Clearstream Banking will accept relief at source requests submitted via the current BO Upload function until 31 July 2019. Customers are, however, strongly encouraged to already start submitting per-payment instructions, as per above new requirement.

As of 1 August 2019, Clearstream Banking will consequently no longer accept per-payment instructions submitted via the BO Upload function and only accept per-payment instructions submitted via a formatted MT565 instruction via Swift or a free-formatted instructions via Swift or Xact Web Portal message.

Further information

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

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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.