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© 2024 The Bank of New York Mellon Corporation

Depositary Receipt business and services are conducted through The Bank of New York Mellon.

BNY - DR Legal Disclaimer
 

To learn more about DRs, please contact DRBrokerSolutions@bnymellon.com.

 

The information and data provided herein are provided for general informational purposes only.  BNY does not warrant or guarantee the accuracy, timeliness or completeness of any such information or data.  BNY does not undertake any obligation to update or amend any information or data, and may change, update or amend any information or data at any time without prior notice.

 

BNY provides no advice, recommendation or endorsement with respect to any company or securities.  No information or data is intended to provide legal, tax, accounting, investment, financial, trading or other advice on any matter, and is not to be used as such.  We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any information or data, including market value loss on the sale or purchase of securities or other instruments or obligations.

 

Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

 

BNY collects fees from DR holders pursuant to the terms and conditions of the DRs and any deposit agreement under which they are issued.  From time to time, BNY may make payments to an issuer to reimburse and/or share revenue from the fees collected from DR holders, or waive fees and expenses to an issuer for services provided, generally related to costs and expenses arising out of establishment and maintenance of the DR program.  BNY may pay a rebate to brokers in connection with unsponsored DR issuances; brokers may or may not disclose or pass back some or all of such rebate to the DR investor.  BNY may also use brokers, dealers or other service providers that are affiliates and that may earn or share fees and commissions.

 

BNY may execute DR foreign currency transactions itself or through its affiliates, or the Custodian or the underlying Company may execute foreign currency transactions and pay US dollars to BNY.  In those instances where it executes DR foreign currency transactions itself or through its affiliates, BNY acts as principal counterparty and not as agent, advisor, broker or fiduciary.  In such cases, BNY  has no obligation to obtain the most favorable exchange rate, makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate. BNY earns and retains revenue on its executed foreign currency transactions based on, among other things, the difference between the rate it assigns to the transaction and the rate that it pays and receives for purchases and sales of currencies when buying or selling foreign currency for its own account.  The methodology used by BNY to determine DR conversion rates is available to registered Owners upon request or can be accessed here.  In those instances where BNY's Custodian executes DR foreign currency transactions, the Custodian has no obligation to obtain the most favorable exchange rate or that the method by which the rate will be determined will be the most favorable rate, and BNY makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate.  In certain instances, BNY may receive dividends and other distributions from an issuer of securities underlying DRs in U.S. dollars rather than in a foreign currency.  In such cases, BNY will not engage in or be responsible for any foreign currency transactions and it makes no representation that the rate obtained by an issuer is a favorable rate and it will not be liable for any direct or indirect losses associated with the rate.

 

BNY is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).

 

BNY's name, brand and/or trademarks may not be used, copied or reproduced without the prior express written consent of BNY.

 

DEPOSITARY RECEIPTS ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY, ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, AND ARE NOT GUARANTEED BY, BNY AND ARE SUBJECT TO INVESTMENT RISKS INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.

 

Please also see "Terms of Use."

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BNY - DR Tax Reclamation Disclaimer
 

BY CLICKING THE "ACCEPT" BUTTON BELOW, YOU AGREE TO THE TERMS AND CONDITIONS BELOW.
 

BNY's tax relief assistance service is wholly voluntary and discretionary, and outside the terms and conditions of any applicable deposit agreement. BNY undertakes no duty or obligation to provide this service, and may reject or decline any or all proposed electing participants or holders in its sole discretion. Electing participants agree to pay the fees of BNY and any other charges, fees or expenses payable by or due to BNY or their agents, including any custodian, in connection with the tax reclaim process, or to tax authorities or regulators (which fees, charges or expenses may be deducted from the dividend or any other distribution or by billing or otherwise in BNY's discretion). Electing participants agree that any such fees, charges or expenses may be due and payable whether or not a successful reduction in rate or reclamation is obtained and acknowledge that fees paid to BNY may be shared with their agents and affiliates.
 

Electing participants agree that in addition to statutory and documentation requirements, and the deduction of fees, tax relief benefits will be subject to review and approval by the applicable custodian and tax regulators, and that BNY is not providing any legal, tax, accounting or other professional advice on these matters and has expressly disclaimed any liability whatsoever for any loss howsoever arising from or in reliance hereto. Participants and/or investors should seek advice based upon their own particular circumstances from an independent tax advisor.
 

Electing participants must certify that to the best of their knowledge that each of the beneficial holders identified are eligible for the preferential rates as stated and declare that they have performed all the necessary due diligence to satisfy themselves as to the accuracy of the information submitted to by these beneficial holders. Furthermore, in the event of an audit, electing participants agree to provide any required documentation to support the preferential rate.
 

Electing participants will be fully liable for any and all claims, penalties and / or interest, including without limitation, any foreign exchange fluctuations associated therewith. BNY shall not be liable for the failure to secure any refund. In consideration of the assistance of BNY and the custodian in processing such claims, the electing participants expressly agree that BNY and its agents or affiliates shall not have any liability for, and shall indemnify, defend and hold each of BNY and its agents and affiliates harmless from and against, any and all loss, liability, damage, judgment, settlement, fine, penalty, demand, claim, cost or expense (including without limitation fees and expenses of defending itself or enforcing this agreement) arising out of or in connection herewith.
 

 

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Description of Tax Reclamation Processes

 

The Bank of New York Mellon, as Depositary, (“BNY”) includes in its cash distribution announcements any applicable tax to be withheld. Investors can receive their dividend income at a treaty-reduced rate if there is an available tax reclamation process. Please note that the tax reclamation process, filing requirements and timing vary by market. BNY makes available three (3) processes for certain markets, whereby the investors can opt to receive their dividend at the treaty-reduced rates. Many countries, including the U.S., have Double Taxation Treaties ("DTTs") with other countries. DTTs may apply based upon residency or entity status (e.g. individuals, pension and/or charity). Generally, treaty benefits may be available to U.S. and Non-U.S. holders enabling them to receive dividend income at the treaty-reduced rate rather than the statutory tax rate.

  • Relief at Source – an immediate process which allows investors to receive their dividend income at the treaty-reduced rate on the US Payable Date
  • Quick Refund – an intermediate refund process which occurs directly after the US Payable Date or 3-6 months thereafter
  • Long Form (standard reclaim) – a longer process which occurs after the dividend payable date and up to the statute of limitation in the respective market

For information regarding Tax Reclaim, please contact: