Poland: Implementation of omnibus account by Clearstream Banking S.A.
Reference
On 1 January 2012, the concept of omnibus accounts was introduced in Poland1.
To allow market participants to adapt to the new account structure, new rules of the Polish Central Securities Depository, NDS, need to be adopted.
If these rules are approved by the Polish regulator, PFSA, earliest mid February 2012, Clearstream Banking (CBL) expects to be able to adopt the omnibus account structure at the beginning of March 2012. This is an opportunity to provide improved access to Polish securities to customers.
The link will continue to be operated through CBL’s current Polish depository Bank Handlowy Warszawie S.A.
The new features will include:
- Simplification of the administrative process to hold Polish securities through CBL. Customers will no longer have to request the opening of segregated accounts with CBL’s depository in Poland. Customers that already have segregated accounts with CBL’s depository in Poland will receive a separate communication;
- Possibility to process internal trades in addition to external trades for Polish equities, taking into account the applicable stamp duty considerations when necessary;
- Improved settlement deadlines;
- Application of tax relief and refund procedures at final beneficial owner level;
- New proxy voting services.
Further details will be advised later.
1. Act of 16 September 2011 amending the Act on Financial Instruments dated 29 July 2005 and certain other acts.