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ES - Implementation of the Spanish market reform

On 2 May 2016, the reform of the Spanish market settlement, clearing and registry system was implemented after a successful migration process on the weekend of 30th April, and is now up and running.

On 2 May 2016, the reform of the Spanish market settlement, clearing and registry system was implemented after a successful migration process on the weekend of 30th April, and is now up and running. The reform eradicated the Registry Reference which had been allocated to every purchase and had been used to control stock movements and positions. It introduced the figure of the Central Counterparty (CCP) in order to novate trades and to enable netting, and moved the moment of trade finality to settlement date.

Furthermore, the new tax treatment of market claims resulting from corporate actions or dividends became effective upon the day of this implementation .From that day, claims are not subject to Spanish withholding tax at source. Cash received from market claims must not be treated as income but as capital gains, and it is debited and credited on a gross basis by Iberclear, the Spanish central securities depository (CSD). Tax reclaims are not possible on cash market claims