On Oct. 23, BEL GVT issued decree on securities lending/borrowing.
BEL GVT issued Decree in Official Gazette (OG 2024009798) which renews the recognition of a centralized system for lending and borrowing financial instruments.
Decree by BEL GVT sets out a payment and settlement system for securities transactions that must be met and period during which recognition may be granted.
Taken in implementation of articles 735 to 7312 of the Royal Decree/wib 92.
As per Income Tax Code 1992, Article 261, third paragraph, inserted by Act of Dec. 15, 2004 and amended by Act of Dec. 26, 2015, Royal Decree/WIB 92, Art. 738.
Inserted by Royal Decree of Nov. 29, 2000, amended by Royal Decree Jan. 20, 2005.
Extension of GC Access System
In recognition by Ministerial Decree of Apr. 19, 2013 of the centralized system for lending and borrowing financial instruments, which is called GC Access.
Euroclear Bank is manager of GC Access, and subsequent decrees guaranteed further extension, with the latest a period of 5 years from Jan. 1, 2020 to Dec. 31, 2024.
Euroclear Bank applied on Sep. 26, 2024, to renew the recognition as a centralized system for lending and borrowing financial instruments as per Art. 735 of WIB 92.
BEL GVT states it is important that the recognition of this centralized system for lending and borrowing financial instruments continues without interruption.
It is up to the manager of the centralized system to inform its participants of the date on which it ceases to use this recognition, and eligible financial instruments eligible.
Specifically for the centralized system for which the manager uses the recognition.
Effectiveness
This recognition is renewed by BEL GVT for the period Jan. 1, 2025 to Dec. 31, 2029.
