solutions for cross-border distribution · the objective of this handbook is to give you a ......

A SECURITIES SERVICES PUBLICATION

SOLUTIONS FORCROSS-BORDER DISTRIBUTIONYOUR GUIDE TO LOCAL DISTRIBUTION REQUIREMENTS

The bankfor a changing

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world

Introduction

Cross-border distribution solutions for asset managers

A sophisticated suite of services that add value to your business by optimising your distribution and helping you grow your business.

As asset managers, it is time to take advantage of the enhanced international fund distribution environment and opportunities triggered by the introduction of Ucits IV measures.

With BNP Paribas Securities Services, you have access to a range of flexible distribution solutions that have been designed to help you distribute your funds across your various domiciles – enabling you to overcome the difficulties of distributing your funds cross-border today. We combine a global approach with local expertise to drive industry change and deliver innovative solutions – allowing you to optimise your strategy, grow and excel.

Thanks to our local presence and global capabilities, we provide fund representation and regional transfer agency services that support local regulatory requirements and facilitate cross-border distribution needs.

The objective of this handbook is to give you a country per country overview of the regulatory and tax requirements applicable to Ucits funds available for public sale, as well as our related local distribution services.

* The information in this document is not exhaustive and does not constitute a legal opinion.

SOLUTIONSFOR ASSET

MANAGERS

Measure Service

Protect Optimise

Updated 2016 information

Regulatory reference¡ Act of 3 August 2012 on certain forms of collective

management of investment portfolios¡ Act of 19 April 2015 on alternative investment funds and

their managers¡ Royal Decree of 12 November 2012 on certain public

undertakings for collective investment abrogating and replacing the Royal Decree of 4 March 2005

¡ Royal Decree of 12 November 2012 on the management companies of undertakings for collective investment which mainly transposed articles 1 to 28 and 38 to 39 of the Directive 2010/43/EU

¡ FSMA circular 2013 05 of 14 February 2013 on notification procedure for Ucits governed by the law of another member state of the European Economic Area (EEA) and meeting the conditions of the Ucits IV Directive

¡ FSMA circular 2007 04 on collective investment units held through an intermediary (nominee)

¡ FSMA circular 2015 16 on marketing rules applicable to the distribution of financial products to retail investors

Our services

RepresentativeBNP Paribas Securities Services, Brussels branch, as fund financial servicing agent:¡ Makes fund related documentation available to shareholders

established on the Belgian territory at their request¡ Assists the Ucits to pay the annual tax charge to the FSMA¡ Enables shareholders to execute orders via the standard

fund channel

OperationalAs fund administrator we:¡ Calculate Belgian TIS¡ Calculate daily revenues for contractual investment funds

Market overview

Belgium

Source: Lipper, December 2015

Distributed funds’ domiciles:

Domestic 31%

Luxembourg 57%

Ireland 8%France 2% UK 2%

Belgian requirements

Local representative agentA local financial servicing agent must be appointed for each sub fund to make information and documents related to the funds available to Belgian investors.

NAV publicationNAV must be made available for investors via press publication or the Belgian asset managers’ association website or any other website approved by the FSMA.

Annual charge to the FSMAPayment of the annual tax charge to the regulatory authority.

Information to shareholders¡ KIID in one of Belgium’s languages (French,

Dutch, German), prospectus, investment company’s articles of association/fund‘s fund rules, annual, semi-annual and quarterly reports

¡ All the information required for investors in the home country must be made available for Belgian investors

¡ Investor payment details, received and processed on request

¡ Marketing material used in a public offer of the Ucits on the Belgian market is subject to the prior approval of the FSMA

Regulatory reporting¡ No statistical reporting

Tax reporting¡ Funds are required to publish the

Belgian TIS¡ As contractual investment funds are

considered as co-ownership, Belgian investors are required to declare foreign fund revenues related to their holdings

Regulatory reference¡ Monetary and Financial Code – Section I of Chapter IV of Part I

of Book II and Section 3 of Part II of Book VI Article 621-5-3¡ Article 411-135 and Article 421-27 of AMF General Regulation¡ Article 1 of the Order of 6 September 1989 pursuant to Act

88-1201 of 23 December 1988 on collective investment undertakings and relating to the formation of securitisation common funds

¡ AMF instruction DOC-2011-19 on approval procedures, drafting of a KIID and a prospectus, and periodic reporting

¡ Catalogue of French statutory and regulatory measures applicable to the marketing of shares or units in foreign Ucits in France

Our services

RepresentativeBNP Paribas Securities Services, France, as fund financial and centralising agent:¡ Makes fund related documentation available to shareholders

established on the French territory¡ Pays annual fees to the AMF

OperationalFor funds issued in the central depository system (Euroclear France), BNP Paribas Securities Services, France will:¡ Collect subscription and redemption orders from financial

intermediaries acting for investors in the French market¡ Pay dividends for related eligible assets¡ Communicate information to shareholders via Euroclear France¡ Help monitor your local distribution and process trailer fees

Market overview

France



Domestic 46%

Luxembourg 40%

Ireland 10%Belgium 1%

UK 2%

French requirements

Local representative agentA local centralising agent must be appointed for each sub fund assuming the following financial services and responsibilities:¡ Collection of subscription and redemption

orders received from financial intermediaries acting on behalf of investors established in France and transmission of those orders to the transfer agent of the funds

¡ Payment of dividends¡ Provision of documents related to the funds,

including specific information in the cases to be stipulated by an AMF instruction to shareholders established on French territory

¡ Communication to shareholders of information originating from a client’s special request, via Euroclear France

NAV publication¡ NAV must be made available for investors

Annual charge to the AMF¡ Payment of the annual charge to the AMF

Information to shareholders¡ All information required by French law must

be made available to shareholders

Regulatory reporting¡ Annual, semi-annual and any modification

affecting the fund or the prospectus¡ No statistical reporting¡ No tax reporting obligations

Regulatory reference¡ Investment Capital Code of 4 July 2013 (Federal Gazette I,

2013 p. 1981)¡ German Investment Tax Act of 15 December 2003 (Federal

Gazette I p. 2676) as amended by Article 13 of the Act of 25 July 2014 (Federal Gazette I p. 1266)

¡ BAFIN guidance Notice (2013) on marketing of EU Ucits in th Federal Republic of Germany, last updated 22 July 2013

Our services

RepresentativeBNP Paribas Securities Services, Frankfurt branch, as fund paying and/or information agent:¡ Makes fund-related documentation available to shareholders

established on the German territory

OperationalAs fund administrator we:¡ Calculate equity gains (Aktiengewinn – AKG), interim profit

(Zwischengewinn – IP), real estate gain (Immobiliengewinn – IMG)¡ Publish NAV via the German media¡ Supply auditors with data for the calculation and certification

of Deemed Distributed Income (DDI) and for the issuance in the electronical Federal Gazette

¡ Publish tax information

Market overview

Germany



Domestic 18%

Luxembourg 63%

Ireland 13%

Belgium 1%Others 0.01%

UK 2%France 2%

German requirements

Local representative agentA local information agent must be appointed for each sub fund to make information and documents related to the funds available.

A local paying agent, a German credit institution or the German branch of a foreign domiciled credit institution, must be appointed if some of the fund’s units are issued as printed individual certificates, to undertake the payments to investors.

The paying agent can also act as the information agent.

NAV publication¡ NAV must be made available for the investors

Information to shareholders¡ KIID in German. Prospectus, investment

company’s articles of association or fund rules, annual and semi-annual reports and quarterly reports if applicable

¡ Information required in the home country must be made available for German investors

Regulatory reporting to the BaFin¡ The supervisory authority must be

informed of any amendments to the sales documentation without undue delay and amendments to certain information in the notification letter prior to their implementation

¡ No statistical reporting

Tax transparency under the InvTaxAct¡ Funds are required to publish taxable and

non-taxable figures¡ Funds are required to publish Dividend

Distributed Income (DDI) certified by auditors¡ Transparent funds and semi-transparent

funds (for minimum tax reporting) are required to publish additional information in line with the InvTaxAct. Other funds’ unit holders are taxed annually

Regulatory reference¡ Law 4099/2012 implementing into Greek law Directive

2009/65/EC, as amended by Directive 2010/78/EU and 2011/61/EU

¡ CMC decision 16/633/20.12.2012

Our services

RepresentativeBNP Paribas Securities Services, Athens branch, as representative:¡ Represents the funds toward the HCMC¡ Makes fund related documents available to shareholders

established on the Greek territory¡ Pays HCMC fees

Market overview

Greece



Domestic 13%

Luxembourg 82%

Ireland 5%

Greek requirements

Local representative agentA local representative must be appointed for each fund to make available to unit holders all information which funds are obliged to provide, and to represent the fund toward the HCMC.

A local distributor, a Greek credit institution, insurance company, mutual fund management company or investment firm must be appointed to act as intermediary for the distribution of the fund in Greece.

If the representative and the distributor are not a credit institution, a paying agent must be appointed.

Annual charge to HCMC¡ Payment of a registration charge an an annual

marketing charge to the regulatory authority

Information to shareholders¡ KIID in Greek¡ All of the documents which a fund is

required to provide to investors must be available for Greek resident investors

¡ All documents, brochures or advertisements must comply with Greek marketing

Regulatory reporting¡ The HCMC must be informed of any

change to the information regarding the arrangements for marketing or the documents related to the fund

¡ Quarterly statistical reporting

Tax¡ For individuals (residents and non-

residents) capital gain tax from the sale of Greek and EU UCITS are exempted from the 15% Capital Gains

Regulatory reference¡ Hong Kong Securities & Futures Commission (HKSFC)¡ SFC Handbook for unit trusts and mutual funds, investment-

linked assurance schemes and unlisted structured investment products

¡ Circular to management companies of SFC – authorised unit trusts and mutual funds – launch of pilot revamped fund authorisation process (October 2015)

¡ Advertising guidelines applicable to collective investment schemes authorised under the product codes

¡ Circular (July 2015) and Supplemental Circular (December 2015) on disclosure of the ongoing charges figure and past performance information in the product key facts statements

¡ Advertising guidelines applicable to Collective Investment Schemes authorised under product codes

Our services

RepresentativeBNP Paribas Securities Services, Hong Kong branch, offers representative services:¡ Represents the fund¡ Facilitates subscription and redemption¡ Makes fund information available to shareholders

OperationalAs fund transfer agent or regional transfer agent our Hong Kong branch provides a client service desk located in Hong Kong for your local clients.

Market overview

Hong Kong



Domestic 22%

Luxembourg 56%

Ireland 15%

Cayman Islands 3%UK 4%

Hong Kong requirements

Local representative agentA representative must be appointed and be authorised by the fund, if its management company is not incorporated and does not have a place of business in Hong Kong.

The representative has responsibility to receive applications and money for units/shares from persons in Hong Kong, to make copies of all constitutive documents of the scheme available for public inspection in Hong Kong, to accept notices or correspondence which holders may wish to serve on the fund and represent the fund in relation to all matters in which any holder normally resident in Hong Kong has a pecuniary interest or which relate to units/shares sold in Hong Kong and other responsibilities outlined in the Code published by the SFC.

NAV publication¡ NAV must be published at least once a month

in an appropriate manner which may include newspapers, telephone hotlines and websites

Information to shareholders¡ Prospectus and offering fund documents,

annual semi-annual reports¡ Hong Kong offering document, and Product

Key Facts Statement (Product KFS)¡ A fund should maintain a website for

publication of documents and prices

Regulatory reporting¡ Financial reports and accounts on the fund

must be filed with SFC. Certain proposed changes must be submitted to SFC for prior approval

Regulatory reference¡ S.I. No. 352/2011 — European Communities (Undertakings

for Collective Investment in Transferable Securities) Regulations 2011

¡ S.I. No. 420/2015 – European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 replacing Ucits Notices (October 2013)

¡ Central Bank of Ireland requirements for Ucits authorised in another Member State intending to market its units in Ireland

Our services

RepresentativeBNP Paribas Fund Administration Services (Ireland) Limited, as fund facilities agent:¡ Makes fund related documents available to Irish residents¡ Provides the details of how to place a redemption or how

redemption proceeds will be paid upon request

Market overview

Ireland



Domestic 60%

Luxembourg 34%

France 1%UK 5%

Irish requirements

Local representative agentA local facilities agent must be appointed for each fund to ensure that facilities are available in Ireland for making payments to unit holders, repurchasing and redeeming units and making available to them all information which Ucits are obliged to provide.

The facilities agent must facilitate access to all the documents which a Ucits is required to provide to investors available for Irish resident investors. The agent must also provide information to investors on how a redemption request can be made and how redemption proceeds will be paid. This does not require the agent to receive and transmit the redemption order to the Ucits or the redemption proceeds to the investor.

Information to shareholders¡ KIID in English or Irish¡ All of the documents which a Ucits is

required to provide to investors must be available for Irish resident investors

¡ The prospectus must provide the details of the facilities agent and the facilities maintained and the provision of Irish tax laws, if applicable

Regulatory reporting¡ The Central Bank of Ireland must be

informed in advance of any change to the information regarding the arrangements for marketing or to the documents provided in the notification letter

Regulatory reference¡ Consob Regulation n. 11971/1999 concerning the provisions

on issuers, as amended from time to time (19446 updated on 25 November 2015)

¡ Regulation of Bank of Italy on collective asset management¡ Consob Regulation n. 16190/2007 on intermediaries (last

version n. 19094 updated on 8 January 2015) management companies and SICAVs

¡ Joint Regulation of Bank of Italy — Consob of 29 October 2007 (last update 19 January 2015)

Our services

RepresentativeBNP Paribas Securities Services, Milan branch, as fundpaying agent and investor relations manager:¡ Provides payment intermediation activities¡ Makes available fund-related documentation to shareholders

established on the Italian territory¡ Creates reports for the Bank of Italy

OperationalOur Milan branch will:¡ Act as withholding tax agent versus final client¡ Manage payments from depositary bank to final client¡ Provide services to third party distributors including order

capture/management/routing/execution, fee management, corporate actions, trade and transfer management, reporting and communication to clients

Market overview

Italy



Domestic 14%

Luxembourg 68%

Ireland 11%

Belgium 1%UK 2%France 4%

Italian requirements

Local representative agentA paying agent established in the EU must be appointed for each sub fund, reporting the performance of payments for the investment to the fund, by shareholder.

Investor relations managerThe fund has to enter into an agreement with an agent established in Italy — the investor relations manager — who shall care for the relationship between the fund and the underlying investors in Italy (ie order capture, management, routing and execution, trade management, transfer management, corporate actions, official communications/reporting to final client, cash and stock reconciliation, fee management).

NAV publication¡ NAV must be made available for the investors

Information to shareholders¡ KIID in Italian. Prospectus, investment

company’s articles of association or fund‘s fund rules, annual and semi-annual reports and quarterly reports if applicable

¡ Information required in the home country must be made available for Italian investors

¡ Confirmation of each trade and, if required by the fund, the statement of account on a yearly basis

Regulatory reporting¡ Statistical reporting to Bank of Italy¡ Information disclosure obligation to Consob

(list of distributors, list of documents and information provided to shareholders, list of sub funds offered in Italy)

Tax¡ Publish the fund’s percentage of bonds issued

by the Italian Treasury, other public entities, and similar securities issued by the Treasury of countries included in the white list

¡ Percentage disclosed half yearly on the basis of the last two financial reports published in the previous semester. For personal investors capital gains related to the funds is treated proportionally according to this percentage and taxed at a rate of 12.5% or 26%

Regulatory reference¡ Law of 17 December 2010 relating to undertakings for

collective investment (last version 12 July 2013)¡ National rules for marketing of units of a Ucits in

Luxembourg and other specific national regulations related the notification procedure

Our services

RepresentativeBNP Paribas Securities Services, Luxembourg branch, as fund local representative agent:¡ Enables shareholders to receive payments, repurchase or

redeem units through the standard channel of the fund

OperationalAs fund administrator we:¡ Calculate and publish NAV

Market overview

Luxembourg



Domestic 89%

Ireland 6%

Belgium 1%Others 2%

UK 1%France 1%

Luxembourg requirements

Local representative agentA local credit institution must be appointed for each sub fund to ensure that facilities are available in Luxembourg for making payments to unit holders and repurchasing or redeeming units.

NAV publicationNAV must be made available for the investors, at the frequency required in the fund home country.

Information to shareholders¡ KIID in Luxembourgish, French, German or

English, prospectus, investment company’s articles of association or the fund‘s fund rules, annual and semi-annual reports, as well as quarterly reports if applicable

¡ All the information required for investors in the home country must be made available for investors from Luxembourg

Regulatory reportingThe CSSF must be informed of any amendments to the marketing arrangements communicated in the notification letter prior to implementing the change.

Regulatory reference¡ Law 35/2003 on Collective Investment Schemes¡ Royal Decree 1082/2012 which is the regulation that develops

the law 35/2003 (ongoing amendment procedure)¡ Law 35/2006 on Personal Income Tax (art. 94)¡ Royal Decree 439/2007, which is the regulation that develops

law 35/2006 (art. 52)¡ CNMV Circular 2/2011 on information of foreign collective

investment schemes registered at CNMV

Our services

RepresentativeBNP Paribas Securities Services, Madrid branch, as entidad designada, entidad responsable del pago de tasas a CNMV and comercializador designado:¡ Reports to CNMV¡ Pays CNMV fees¡ Reports quarterly to CNMV (retail distribution)¡ Archives annual and economic reports for 6 years

OperationalOur Madrid branch will:¡ Represent the fund to CNMV as entidad designada¡ Communicate to the CNMV quarterly statistical information

related to the retail investors‘ distribution activity in Spain as comercializador designado

¡ Provide operational support to your distributors including order capture/management/routing/execution, corporate actions, trade and transfer management, reporting and communication to clients

Market overview

Spain



Domestic 31%

Luxembourg 53%

Ireland 11%

UK 2%France 3%

Spanish requirements

Local representative agentEach fund shall appoint the following entities:A local, entidad legal designada, to represent the fund and submit relevant documentation to CNMV.

A local entidad responsable del pago de tasas with subsidiary liability for payment of the annual fee to CNMV.

A designated distributor comercializador designado to communicate the number of shareholders and unit holders for the purposes of article 52 of the personal income tax regulation.

Information to shareholders¡ The entidad designada, as well as all the

distributors, must maintain in their head office for a minimum period of 6 years, the successive economic reports, as well as the annual reports which are prepared following registration with CNMV

¡ The official distributors in Spain shall provide each shareholder, prior to subscribing, a copy of the simplified prospectus/KIID and a copy of the latest published economic report

Annual charge to CNMV¡ Payment of the annual charge to CNMV by

the entidad responsable del pago de tasas a CNMV

Regulatory reporting to CNMV¡ Inform CNMV of any amendments to the

marketing arrangements communicated in the notification letter within seven days of the modification being made

¡ Communicate the number of shareholders, assets and the maximum percentage of a shareholding in a company in accordance with article 52 of the personal income tax regulation, by electronic means

¡ Statistical reporting: the comercializador designado or each distributor included in the CNMV registry must supply information on its distribution activity on a quarterly basis

Regulatory reference¡ Federal Act on the Swiss Financial Market Supervisory

Authority (FINMASA; RS 956.1)¡ Federal Act on Collective Investment Schemes (CISA; RS 951.31)¡ Ordinance on Collective Investment Schemes (CISO; RS951.311)¡ Ordinance of the Swiss Financial Market Supervisory Authority

on Collective Investment Schemes (CISO-FINMA, RS 951.312) — last version 27 August 2015 (Status of 1 January 2015)

Our services

RepresentativeAs fund representative and paying agent, BNP Paribas Securities Services Zurich branch:¡ Is in charge for the FINMA approval of new funds: to gather

and control the completeness and correctness of all required fund documents

¡ Communicates with FINMA: to indicate any important events during the lifetime of the fund

¡ Controls public advertising: to check that marketing materials, websites and electronic platforms are compliant with FINMA rules

¡ Files annual and semi-annual reports to FINMA: to check the reports’ completeness and correctness before submitting them to FINMA without delay

¡ Approves due diligence on new distributors, follow up and control of distributors’ homepages

OperationalAs fund administrator we:¡ Calculate Swiss TIS, TER and PTR¡ Publish NAV and TIS

Market overview

Switzerland



Domestic 15%

Luxembourg 63%

Ireland 14%

Germany 2%Others 1%UK 2%

France 3%

Swiss requirements

Local representative agent authorised by the FINMAA local fund representative must be appointed for each sub fund for distribution to qualified and non-qualified investors. For distribution to non-qualified investors, the following reporting and information duties shall apply:¡ Collect, control and publish the fund’s legal

documents submitted in one of the national Swiss languages

¡ Communicate to FINMA any modifications during the funds’ lifetime within 30 days of the approval of the home regulator, as well as annual and semi-annual reports, without delay

¡ Ensure that funds publish their NAV as required¡ Make sure that the fund’s marketing materials as

well as its homepage comply with FINMA rules¡ Approval and due diligence of new distributors,

follow up and control of distributors’ homepages and marketing material

¡ Sign new distribution agreements and check whether they comply with the requirements of SFAMA

¡ A local paying agent must be appointed for each sub fund

NAV publication¡ Net Asset Value (NAV) must be published in the

print or electronic media on a regular basis, at least twice a month

Information to shareholders¡ Prospectus, KIID, investment company’s articles

of association or the fund‘s rules, annual and semi-annual reports in one of the national Swiss languages as well as modifications of legal documents in the print media or on electronic platforms

¡ All information required for investors in the home country must be available for Swiss investors

Regulatory reporting¡ Total Expense Ratio (TER), Portfolio

Turnover Rate (PTR) and profit and loss accounts must be published in the annual and semi-annual reports

¡ It is not permitted to mention sub funds which are not registered in Switzerland for public sale in the annual and semi-annual reports


Tax reporting¡ Calculation and publication of the Swiss TIS

(Tax Income per Share)¡ Publication of tax figures (taxable investment

income, taxable value of shares) on the website of Swiss federal tax administration

Regulatory reference¡ Section 264 or Section 272 of the Financial Services and

Markets Act 2000¡ FCA Handbook COLL 9 Recognised Schemes¡ FCA Handbook COBS 6 Information about the firm, its services

and remuneration¡ Finance Act 2008 and the Offshore Funds (Tax) Regulations

2009 (S.I.2009/3001)

Our services

RepresentativeBNP Paribas Securities Services, London branch, as funds facilities agent:¡ Makes available fund related documents to shareholders

established on the UK territory

Market overview

United Kingdom



Domestic 37%

Luxembourg 41%

Ireland 20%

Others 1%France 1%

UK requirements

Local representative agentA local facilities agent must be appointed for each fund.

Documents and information to be available at UK facilities agent:¡ The instrument constituting the scheme and

any instrument amending the instrument constituting the fund

¡ The latest prospectus and the KIID for a Section 264 recognised scheme

¡ The latest annual and semi-annual reports, notices and documents for shareholders sent by operators and depositaries to and from the United Kingdom

¡ Details of how investors can redeem¡ Correspondence address for complaints

about operation of scheme for forwarding to scheme operator

¡ Information about fund unit prices

Information to shareholders¡ KIID, prospectus, annual and semi-annual

reports must be available free of charge and any instrument constituting the fund must be available in the UK

¡ KIID in English for Section 264 recognised schemes and all documents in English for Section 272 recognised schemes

Regulatory reporting¡ The Supervisory Authority must be

informed of any amendments to the fund’s documentation


Tax¡ The funds fall within the offshore fund

rules for the purposes of UK taxation. An application for reporting fund status can be made to the HMRC. UK investors will then be charged United Kingdom Income Tax (or Corporation Tax) on the gain, rather than United Kingdom Capital Gains Tax (or Corporation Tax on chargeable gains in the case of corporate investors). Otherwise the UK investor gains will be taxed as income which has a higher tax rate

¡ Reporting funds provide report to UK investors and information to HMRC for each period of account and at least annually

Regional transfer agent

Our servicesAccess to funds for investors and distribution monitoring is becoming a key objective for asset managers.

Distribution management is even more complex for asset managers that have multiple fund ranges in various domiciles.

You need a solution that addresses the entire fund range with a single access point for client service, order routing and settlement, providing a consolidated view of distribution network activity. Our regional TA service manages these processes for all your fund ranges, operating through a combination of European and Asian hubs.

European, South American investors

Asian investors

Transfer agents

European hub

KYC/account opening Static data

Local clientservice from

Europe

Local clientservice from

Asia Contractnotes Execution

Order input Transmission to TA

¡ Client service in Europe and in Asia, close to your clients

¡ Standard reporting on transactions and positions

¡ Standard TA operating model

¡ One account opening process including KYC/AML

¡ Single access to your multiple range of funds whatever their domicile

Fund range

Client service

Reporting

Account o

peni

ng

Operating model

Distribution in Asia and Latin America

Our servicesDistribution of European Ucits in Asia and Latin America is an area of focus for asset managers. We facilitate access to your fund range through a dedicated client service team in Hong Kong or Singapore for Asia. For Latin America, we can make your funds eligible to the NSCC platform through our BNP Paribas New York branch with the provision of a dedicated NSCC fund membership and settlement agent service. Your fund range can therefore be accessible to the main platforms and brokers used by Latin American investors.

North America

Latin America

Africa

Europe

Singapore Hong Kong

Japan South-Korea

Taiwan

Australia

Ucits

ColombiaChile Peru

GlossaryAMF: Autorité des Marchés Financier (France)

BaFin: Bundesanstalt für Finanzdienstleistungsaufsicht (Germany)

CNMV: Comisión Nacional del Mercado de Valores (Spain)

CONSOB: Commissione Nazionale per le Società e la Borsa (Italy)

CSSF: Commission de Surveillance du Secteur Financier (Luxembourg)

FINMA: Swiss Financial Market Supervisory Authority (Switzerland)

FCA: Financial Conduct Authority (United Kingdom)

FSMA: Autorité des Services et Marché Financiers (Belgium)

HCMC: Hellenic Capital Market Commission (Greece)

HMRC: Her Majesty’s Revenue and Customs (United Kingdom)

SFAMA: Swiss Funds & Asset Management Association (Switzerland)

SFC: Securities and Futures Commission (Hong Kong)

The information contained within this document (‘information’) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services’ judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request.BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and supervised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers).BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas Securities Services, London branch is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of BNP Paribas Securities Services), incorporated in the UK is authorised and regulated by the Financial Conduct Authority.In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited liability. Services provided under this business line, including the services described in this document, if offered in the U.S., are offered through BNP Paribas, New York Branch (which is duly authorised and licensed by the State of New York Department of Financial Services); if a securities product, through BNP Paribas Securities Corp. or BNP Paribas Prime Brokerage, Inc., each of which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association.Printed on recycled paper with vegetable inks – Designed by the graphics department, corporate communications, BNP Paribas Securities Services.160202U_SFCBD_BR_EN

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A SECURITIES SERVICES PUBLICATION

SOLUTIONS FORCROSS-BORDER DISTRIBUTIONYOUR GUIDE TO LOCAL DISTRIBUTION REQUIREMENTS


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