24.06.2022

A new security transaction levy will have to be paid by investment companies as defined in the Hungarian Investment Service Act "Bszt." and by credit institutions as defined in the Hungarian Banking Act "Hpt.", effective

1 August 2022

Impact on customers

This security transaction levy is to be paid by investment companies as defined in the Hungarian Investment Service Act "Bszt." and by credit institutions as defined in the Hungarian Banking Act "Hpt."

The subject of the levy is the purchase of a financial instrument with an ISIN identification code issued by KELER KSZF Zrt. (Hungarian Central Securities Depository) for the benefit of a client account or own account.

The base of the levy is the value (purchase price) of the financial instrument credited to the client account (securities account). The rate of the levy is 0.3%, but not more than Hungarian Forint (HUF) 10,000 per purchase.

This will be effective from 1 August 2022, applicable for the first time to the levy due until 20 September 2022.

Customers should note that the modalities and practical application details of this transaction levy are still not known on the market.

Clearstream Banking is working with the market to get the necessary clarification and will inform customers once it knows the application details.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.