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Central Bank of the Republic of China


How to apply for transfer registrations?

Transfer registrations are performed either through delivery versus payment (DVP) or through free of payment (FOP). Transactions between the customers of the same clearing bank can be settled either on a DVP basis or FOP basis at customer’s discretion. However, interbank transactions shall be settled on a DVP basis except physical delivery of futures contracts, net settlement transactions in the OTC market, and transactions not associated with fund payments, such as inheritance, gift and trust. The application for transfer registrations may be done through secure electronic means upon agreements between a customer and his/her correspondent clearing bank.

1. Delivery-versus-payment:
Securities transactions: After trading, both the buyer and the seller have to fill out application forms respectively for registration and transfers processed by clearing banks on the date of settlement.
RP/RS transactions conducted by the CBC open market operations: Banks, bills finance companies, or securities firms should apply to correspondent clearing banks for selling securities, with funds settlements through their funds accounts or their agent banks’ fund accounts at the CBC

2. Free-of-Payment:
Only the transferor has to fill out an application form in the following transactions:
(1) Transfer between the accounts of the same person, or transfer between the accounts of companies in a merger.
(2) Net settlement, securities lending, physical delivery of futures contracts, coverage of futures margin.
(3) Self-settlement of funds receivable (limited to applicants belonging to the same clearing bank).
(4) Securities transfer between head offices and branch offices, swap of securities for RP/RS, transfer to customers after purchasing at issuance on behalf of customers.
(5) Securities trust:
Establishment of trust (including increases of trust assets): The settlor shall fill out a transfer registration application form with certificates of trust relationship and certificates of tax payment or exemption attached for transferring securities to the trust account of the trustee. Besides, the trustee has to open a securities trust account and a fund trust account with the clearing bank to perform book-entry securities trust.
Termination of trust (including decreases of trust assets): The trustee shall fill out a transfer registration application form.
(6) Inheritance or gift: The transferor shall fill out a transfer registration application form with relevant verification documents attached.
(7) collateral transfer