Other services – France
Securities lending and borrowing
All French debt securities eligible in Clearstream qualify for Clearstream’s securities lending and borrowing programme.
Multi-Market securities service
Please refer to the Multi-Market Securities page on the Clearstream website for a complete list of multi-market securities that are settled via BNP Paribas S.A. and the corresponding instruction specifications.
As there are an additional number of intermediaries in the settlement chain, cross-border transfers and realignments may take several days to settle. Consequently, Clearstream Banking cannot guarantee timely settlement of cross-border instructions which means that CSDR SDR cash penalties might occur if there is late or failed settlement.
Customers are therefore strongly recommended to send their cross-border settlement instructions to Clearstream Banking as early as possible to avoid settlement delays.
Disclosure requirements
Please refer to Disclosure Requirements – France.
Holding restrictions
Please refer to the Investment regulation section of the Market Profile – France.
Tax services
Tax processing on the French market will not require the use of sub-accounts linked to specific tax rates. Upon reception of the tax breakdown from the client via MT565, eligible positions will be blocked until BO lists are provided after the payment. Client accounts must be certified to obtain the requested reduced tax rate.
Alternatively, CBF clients with CSD 7-digit accounts are able to segregate their assets per tax rate in their subaccounts under the condition that valid certification is in place. Therefore, the total holding in the subaccount will be, by default, taxed at source at the appropriate reduced tax rate (standing instruction) and the client will be only obliged to provide the beneficial owners list by the prescribed deadlines. Client instructions for CBF to transfer the holdings from the main account to the subaccounts prior to each event will no longer be needed and will therefore be rejected.
If any certificate or instruction from CBF client does not have the 7-digit account number it will be rejected. No certificate can be duplicated from the main account to the subaccounts (or vice-versa) unless the client sends an explicit instruction to CBF by an authenticated means of communication.
For details of CBL’s general withholding tax services, please refer to the Clearstream Banking France Tax area.
French Financial Transaction Tax Law (the “FTT Law”)
The reporting and payment obligations in relation to the FTT Law, Article 235ter ZD of the French tax code, as amended by law 2012-354 of 14 March 2012 and by law 2012-958 of 16 August 2012 (and as may be amended from time to time) for Clearstream and its clients are set out in a specific French Financial Transaction Tax document (effective since 13 November 2012) on the Clearstream website.
The official list of companies with a market capitalisation of over EUR 1 billion is available on the French Ministry of Finance website. We also provide, for infomation purposes, the list of ISINs in this webpage.
Note: For the avoidance of doubt, such French Financial Transaction document (attached below) is a Governing Document and forms part of the Market Link Guide – France.