Unified for New Opportunities - Japan: New tax forms for Clearstream Europe AG clients

In relation to the initiative Unified for New Opportunities, Japan is part of the Wave 4 market activation wave planned in December 2026.

Between September 2026 (4th activation wave) and end of Q1 2027 (final market activation wave), Clearstream Europe AG¹ clients holding 6-series accounts will gradually be able to move their securities to CEU or Clearstream Banking S.A. (CBL)² accounts.

For the Japanese market, CEU will offer the same level of tax service as CBL. Therefore, to allow clients to already prepare the required certification for their CEU account, clients are requested to refer to the following:

• Market Taxation Guide - Japan for the procedures and full certification requirements. The Market Taxation Guide - Japan for CEU clients will be published in due course but as CEU will offer the same level of tax services as CBL, CEU clients may refer to the CBL tax guide until the CEU tax guide has been published.
• Tax Forms to use - use the newly created CEU tax forms to certify CEU accounts for the purpose of obtaining relief at source.

Impact on clients

Clients can start the certification process immediately to allow a smooth treatment by tax operational team and avoid the risk of not being certified if onboarding new securities and must ensure to provide their certificates/duplication requests if possible by the date of the activation or no later than the deadline applicable for relief at source of the first income payment to which it applies. For the usual certification deadlines, please refer to the Market Taxation Guide - Japan.  

The table below summarises the duplication scenarios:

a. The template must be requested by email to tax@clearstream.com.
b. Duplication is only possible if the OTC or similar document covers both entities (CBL and CEU).

Specific case of Japanese Government Bonds (JGBs), Japanese Municipal Bonds and Corporate bonds (JMB) 

For these instruments only tax-exempt clients are accepted, therefore clients’ accounts need to be certified before being able to hold and trade these bonds.

• Clients migrating these assets from 6-series accounts to CBL accounts or settling new Japanese securities in their CBL accounts must fully certify the CBL accounts as no duplication is possible (except if client has already a CBL TIN that can be duplicated on the new CBL account).
• Clients must consider that this process may take six months on average, as it will require some amendment or new request for FIP/QFI/FIAMI statuses. These statuses are only required for clients that are intermediaries. Clients with own asset accounts do not need these statuses and the re-certification will be faster (a few days to 1 week).
• Clients migrating their assets from 6-series accounts to CEU accounts or settling new Japanese securities in their CEU accounts must duplicate or submit the latest version of the CEU Japanese tax certificates in order to document their CEU accounts for tax purposes.

Further information

For further information, clients may contact the project via UNO@clearstream.com or their Relationship Officer.

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1. This Announcement is published by Clearstream Europe AG (CEU), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.

2. Clearstream Banking S.A. (CBL) registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg and registered with the Luxembourg Trade and Companies Register under number B-9248.