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Latest Notice » FURTHER UPDATE ON NOTIFICATION ON BROKER WITHHOLDING TAX ON PUBLICLY TRADED PARTNERSHIPS (“PTP”) SECURITIES: NEW SECTION 1446(F) REGULATIONS
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FURTHER UPDATE ON NOTIFICATION ON BROKER WITHHOLDING TAX ON PUBLICLY TRADED PARTNERSHIPS (“PTP”) SECURITIES: NEW SECTION 1446(F) REGULATIONS
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IMPORTANT NOTICE
FURTHER UPDATE ON NOTIFICATION ON BROKER WITHHOLDING TAX ON PUBLICLY TRADED PARTNERSHIPS (“PTP”) SECURITIES: NEW SECTION 1446(F) REGULATIONS
In reference to the Important Notice published at our CGS-CIMB iTrade website on 2 November 2022 regarding on broker withholding tax for PTPs which takes effect on and from 1 January 2023, we have since been notified by our U.S. sub-custodian that it would no longer hold any such PTP securities from 20 December 2022 onwards.
In view of the above notification from our U.S. sub-custodian the following actions will be taken:
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CGS-CIMB will continue cease to accept buy orders and share transfer-in requests for PTP securities.
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Existing clients who hold such PTP securities must either sell or transfer out their PTP securities before 20 December 2022, failing which, we regret to inform that the clients’ remaining PTP securities will be liquidated by our U.S. sub-custodian from 20 December 2022 to 31 December 2022.
Please click here for more information on U.S. PTP withholding and here for the list of PTP securities identified by CGS-CIMB. Please note that the PTP securities list is not exhaustive and can change over time.
If you need assistance or have any queries, please do not hesitate to contact your Dealer’s Representatives, or email us at [email protected].
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