Other services - International (CBL)


Securities lending and borrowing

All debt securities eligible in CBL qualify for CBL’s securities lending and borrowing programme.

Equities are not eligible for CBL’s securities lending and borrowing programme.

Registration of securities

Although rare, some international debt securities are subject to registration. These securities are normally registered either under the name of Clearstream Banking or under the name of the Nominee company of Clearstream Banking’s depository.

In the event of an entry of registered securities, the custodian of the delivering party must complete a stock transfer form. Upon receipt of the securities and the stock transfer form, CBL’s depository completes the form and sends it to the corresponding registrar for registration.


The U.S.A. asserts jurisdiction over transactions involving securities issued or held for custody in the U.S.A., even where the link between the transaction and the U.S.A. is quite attenuated. Some U.S. economic sanctions laws have extraterritorial effect and others impose or threaten third parties' actions with secondary boycotts, which may affect the third parties' access to U.S. financial or other markets. U.S. financial institutions and, in some cases, their foreign-incorporated subsidiaries and affiliates, are subject to U.S. regulations, even when operating outside the U.S.A. CBL intermediates transactions involving securities in which the U.S.A. is the jurisdiction of issuance or custody. CBL also engages U.S. financial institutions to provide custody, depository and other services in selected non-U.S. jurisdictions, based on the quality of the services offered and CBL’s other requirements. Such U.S.-owned or controlled institutions may be required to refuse or even block/freeze transactions directly or indirectly involving parties subject to U.S. economic sanctions regulations, regardless of the law of the jurisdiction in which the U.S. institution operates. CBL conducts its business to comply with all laws applicable to CBL. Accordingly, CBL may not be able to complete or may refuse or block/freeze transactions in or through a CBL account that, in CBL's judgment, may expose CBL to U.S. laws and regulations even where neither CBL nor the customer is directly subject to such laws, but where CBL’s chosen custodian or depository is subject to such laws.

Where a U.S.-linked institution serves as CBL’s custodian or depository, the customer acknowledges and accepts the obligation to comply and ensure compliance by any of the customer’s underlying clients, up to the ultimate [legal and] beneficial owner, with any U.S. law, regulation, sanction, order, judgment, injunction, asset freeze, blocking regulation or order or any other act or action of, or by, any national or foreign government, authority, court, (self-) regulatory organisation, government agency or instrumentality of government, including, but not limited to, investment and holding restrictions (“U.S. Regulations”) applicable to any of the customer, its underlying clients or CBL. The customer shall not hold or seek to hold CBL liable for actions by CBL’s chosen custodian or depository to comply with U.S. Regulations applicable to such custodian or depository. The customer shall not, by action or inaction, cause CBL to violate a U.S. Regulation and shall be liable for and hold CBL harmless against any direct or indirect loss, claim, damage, liability or expense, imposed on or incurred by or asserted against CBL in connection with any actual or alleged non-compliance with the aforesaid by the customer or any underlying client of such customer up to the ultimate [legal and] beneficial owner.

Please also refer to the Resource Center of the U.S. Department of the Treasury.

Disclosure requirements

In principle, international securities are not subject to disclosure requirements. Exceptions may apply to securities subject to local tax or legal requirements, such as the Shareholder Rights Directive II national acts.

Holding restrictions

In principle, international securities are not subject to any holding restrictions. Exceptions are described in the Investment regulation section of the Market profile - International.

Tax services

Income from international securities may be subject to tax depending on the terms and conditions of the securities. Where withholding tax is applicable, a relief may be available through CBL either at source or through refund.

Please contact Clearstream Banking Tax Help Desk for details of the services offered.