Sub-custody guide: Slovakia
The Ministry of Finance’s development strategy includes the
creation of a new CSD under the name Slovakia Clearing CDCP, which is expected
to begin operations in 2015 on a full membership principle adopting European
market standards, including Swift.
One of the persistent problems of the Slovakian capital market is low liquidity, although that situation could improve as the government is set to privatise its 49% stake in Slovak Telekom, most likely through an IPO. “The sale of Slovak Telekom would be the first time that the government has privatised through IPO, after passing a law that allows shares to be sold on equity markets,” says Zuzana Milanova, head of global securities services Slovakia at UniCredit.
The nominee concept is fully recognised with a free choice
of account structures possible and non-resident investors enjoy 0% withholding
tax on government bonds, treasury bills, corporate bonds and equities, adds
Katarina Markova-Rusnakova, head of GSS Slovakia at Raiffeisen Bank
International.
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