Qualified Intermediary (QI)/Qualified Derivatives Dealer (QDD) status

Please be informed that Alfa Capital Markets Ltd ("ACM") has been granted a Qualified Intermediary (QI)/Qualified Derivatives Dealer (QDD) status by the U.S. Internal Revenue Service ("IRS"). With this status, ACM will start acting as a U.S. withholding agent in relation to U.S. source income, and endorse due diligence, withholding and reporting responsibilities as applicable and required by its status. The exact start date will be announced in a separate notice. 

The withholding tax rate applicable for each affected account (U.S source income) will depend on valid documentation provided to us by our clients for the U.S. withholding and reporting purposes. ACM will determine clients' status and tax treaty benefits (if applicable) based on the IRS form such as IRS Forms W-9, W-8BEN, W-8BEN-E or Form W-8IMY or documentary evidence provided by its clients. 

Clients should consider whether they wish to update any relevant documentation provided to us and if so, contact us at their earliest convenience. We remain at your disposal for any questions you may have.