Regulatory Alerts2016-12-09
Added · Updated
Ministerial Decision of 7 December 2016 renewing the recognition of a centralized system for the lending and borrowing of financial instruments
The Minister of Finance renews the recognition of Euroclear Bank's centralized system for the lending and borrowing of financial instruments for the period from 1 January 2017 to 31 December 2021. This recognition is granted under Article 261, third paragraph, of the Income Tax Code 1992, subject to the condition that participants do not use contractual clauses that prevent compliance with the conditions set out in Article 736 of the Royal Decree implementing the Income Tax Code 1992. The system manager is required to notify participants of the date of cessation of recognition, the eligible financial instrument categories, and any general terms and conditions clauses that fail to meet the regulatory requirements.
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