Regulatory Alerts2013-05-06
Added · Updated
Clarification on Outward Remittance of Commission Earnings for Foreign Brokerage Firms
The document amends paragraph 3(b) of FE Circular No. 02 dated January 09, 2013, to allow Beneficiary Owner accounts for foreign investors to be opened with a securities custodian bank in addition to a brokerage firm. Authorized Dealer Banks may now consider commission or service charges earned from trading through accounts opened with either the concerned brokerage firm or the securities custodian bank for sharing with foreign brokerage firms. This sharing is subject to the deduction of taxes and other items, and subsequent remittance abroad must follow the agreement signed between the parties.
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