Informationen für Kunden zur Anbindung - SIX Financial Information

Reference Data & Pricing
Compliance, taxation, regulation
January 2012

Contents
1 Introduction 3
2 Compliance, taxation, regulation 4
2.1 MiFID 4
2.2 EUSD-2005 4
2.3 EUSD-2009 4
2.4 SNB reporting 4
2.5 Taxable securities 5
2.6 SEC Rule 22-C-2 5
2.7 UK Tax 5
2.8 Fund reporting in Austria 6
2.9 French taxation / reporting and regulation 6

1 Introduction
SIX Telekurs offers our clients a number of different service packages to meet
your needs in the areas of tax information and regulatory requirements. This
document provides an overview with brief descriptions of our services related to
regulation and compliance.

2 Compliance, taxation, regulation
2.1 MiFID
The European Union’s Markets in Financial Instruments Directive (MiFID) has the following
objectives: market efficiency (with respect to competition and transparency in securities trading),
investor protection, harmonization of business processes and regulations, and collaboration
between national supervisory authorities. The SIX Telekurs service for MiFID provides a
comprehensive assortment of data that delivers the classification of the relevant instruments
(e.g. complex instruments/non-complex instruments) and key data for reporting to supervisory
authorities, as well as important basic information to define the best execution policy (e.g.
determining the best trading venue). Furthermore, it shows the different categories of trading
centers under the MiFID guidelines and the categorization of listings on the basis of complex
regulations.
For more information, please click on the following link:
http://www.six-telekurs.com/dl_tkfich_customers_documentation_compliance_mifid_en.pdf
2.2 EUSD-2005
In connection with the European Union's directive on the taxation of savings income (European
Union Savings Directive/EUSD), SIX Telekurs offers a comprehensive selection of data that
encompasses the tax classification of several hundred thousand financial instruments. This
includes specifications whether any given instrument is subject to the directive or excluded from
it. Moreover, for investment funds SIX Telekurs publishes the “asset tests” submitted by the
individual fund providers and derives from these the corresponding tax status. The same
approach applies to structured products, where key figures submitted by the issuer are likewise
analyzed for purposes of establishing their tax status before being delivered via VDF. The Swiss
Federal Tax Administration (FTA) has conferred upon SIX Telekurs the status of a recognized
data provider for this service.
For more information, please click on the following link:
http://www.six-telekurs.com/dl_tkfich_customers_documentation_compliance_eusd_en.pdf
2.3 EUSD-2009
The EUSD 2009 service is a supplement to the EUSD-2005 package that encompasses the
classification of structured products from the Swiss tax perspective. All the structured products
available in VDF are marked with one of 19 codes defined by the authorities according to rules
agreed with the Swiss Federal Tax Administration (FTA). The FTA has conferred upon
SIX Telekurs the status of a recognized data provider for this service.
For more information, please click on the following link: http://www.sixtelekurs.com/dl_tkfich_customers_documentation_compliance_eu_savings_e.pdf
2.4 SNB reporting
Banks active in Switzerland are legally obliged to report their securities holdings on a regular
basis to the Swiss National Bank (SNB), not only from various technical standpoints but also
according to the type of custody account holder. The SNB provides a standardized format for
this reporting. SIX Telekurs indicates which reporting category should be selected for any
instrument that has to be reported, providing the technical name of the category in question as
well as the lines of the “securities survey” in VDF. This makes the reporting task significantly
easier for clients, and relieves them of the often complex and laborious decisions on which
category to select.

2.5 Taxable securities
The Federal Act on Taxable Securities (formerly “Stamp Duty”) sets out the duty payable on
securities transactions. In the area of complex structured products in particular, but also for
investment funds, assessment of the products of the various market participants for tax
purposes can differ greatly. This is why the Swiss Federal Tax Administration (FTA) has given
SIX Telekurs a mandate to develop a corresponding service and to implement the
corresponding mechanisms as agreed with the authorities for classifying instruments according
to their tax treatment. The FTA has conferred upon SIX Telekurs the status of a recognized data
provider for this service.
2.6 SEC Rule 22-C-2
The SEC Rule gives fund providers in the US the option of levying an additional redemption fee
of up to 2% of the settlement amount if the units in question are held for a shorter duration than
the defined minimum period. These fees may be retained by the fund to cover the costs
resulting from the short-term trading strategy of the investors in question. The idea behind the
ruling is to curb speculative activity in investment funds. The corresponding data offer from
SIX Telekurs includes details of whether a fund levies a supplementary redemption fee. In
addition, the level of the fee in question and the holding periods set by the fund (including
custody account blocking periods) are provided in message type TKFSD “Tax and Reporting /
Regulation”. Miscellaneous other information relating to the SEC Rule is also provided, including
the regulations of the fund provider with respect to the number of “round trips” that the investor
needs to take account of (the entire cycle from issuance to redemption of fund units). Obtaining
this data involves costs and requires authorization. A corresponding entitlement to access the
data is therefore required.
For more information, please click on the following link: http://www.sixtelekurs.com/dl_tkfich_customers_documentation_compliance_secrule_22_en.pdf
2.7 UK Tax
In the area of UK taxation, SIX Telekurs offers information on UK stamp duty, capital gains tax,
and the PTM levy. UK stamp duty is levied on transactions for securities and other assets such
as real estate in the United Kingdom. Capital gains tax is also levied in the UK. The PTM levy is
an automatically triggered fee that must be paid to the London Stock Exchange by investors
buying or selling shares of a particular aggregate value (PTM = Panel on Takeovers and
Mergers). This information is provided in message type TKFSD “Tax and Reporting /
Regulation” under the corresponding tax names. This indicates whether the instrument in
question is subject to the tax or exempt from it. Accessing this data involves no separate costs
but requires special clearing.
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2.8 Fund reporting in Austria
Under Austrian regulations, foreign funds permitted for sale in Austria are subject to a reporting
obligation. So-called blütenweisse Fonds (“brighter than white funds”) are subject to a daily
reporting obligation for Austrian capital gains tax purposes, whereas funds that have lost their
brighter-than-white status are no longer subject to this reporting obligation. So-called weisse
Fonds (“white funds”) are subject to an annual reporting obligation for Austrian capital gains tax
purposes. This information is provided in message type TKFSD “Tax and Reporting /
Regulation” under the corresponding regulation names. Obtaining data on brighter-than-white
funds requires authorization. A corresponding entitlement requirement therefore applies.
2.9 French taxation / reporting and regulation
This tax and reporting/regulation information is essential for financial institutions with French
investment clients if tax and compliance requirements are to be processed efficiently and
competently on these investors’ behalf. Included are information on securities authorized for the
equity savings plan “Plan d’Epargne en Actions” (PEA), details on capital gains tax and
redemption premium tax (tax prime de remboursement), as well as tax information on dividend
payments and their specifications under the French double taxation agreement. The data
contained in the package is provided in message types TKFSD “Tax and Reporting /
Regulation” and TKXSD “Tax” under the country code “France”.
For more information, please click on the following link: http://www.sixtelekurs.com/dl_tkfich_customers_documentation_compliance_french_tax_e_uk.pdf
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