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The London Interbank Offered Rate (LIBOR) is subject to ongoing global regulatory reform and is likely to be discontinued at the end of 2021. In addition, other Interbank Offer Rates (IBORs) are subject to significant reform and potential cessation in the future. IBORs are widely used interest rate benchmarks and are reference rates for a vast number of financial instruments and products, including certain cash and derivative products offered by Citi. We encourage you to review the below resources for further information on this industry event, and discuss any impact to your personal situation with your independent professional advisor as appropriate.
Translated versions of select forms may be available in Portuguese and Spanish. Please contact your Private Banker or Banker Team to assess if a specific form is available in a language you may prefer.
FATCA is a US tax law aimed to reduce or elimate US tax evasion by US taxpayers who maintain financial accounts outside the United States or invest offshore through non-US entities. Please review Citi Private Bank's What is FATCA? At a Glance to help answer some frequently asked questions related to FATCA.
FATCA related resource available for Citi Private Bank clients:
IRS approved Tax forms: These forms are accessible from the IRS website, www.irs.gov by clicking the direct links below for the repsective form
Translated versions of select forms may be available in Simplified Chinese, Traditional Chinese, Portuguese and Spanish. Please contact your Private Banker or Banker Team to assess if a specific form is available in a language you may prefer.
This information is made available for general reference only. It does not constitute legal or tax advice. Citigroup Inc. (Citi), its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citi and its affiliates. These materials are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Citi and its affiliates comply with applicable laws and regulations. We encourage you to seek third-party professional advice regarding your personal tax situation.
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The original Payment Service Directive ("PSD") was adopted in 2007. This legislation provided a legal framework for the EU's Single Euro Payments Area ("SEPA"). The main objective of PSD was to unify the EU e-payment market by creating rules and guidelines for payment institutions within the EU and to make cross-border payments as easy and efficient as local payments.
PSD2 aims to widen the scope of the regulatory framework of PSD to cover new services and players (including payment initiation service providers and account information service providers) and additional geographies and currencies. It attempts to fix legal uncertainties and to enhance customer protection and payment services and to provide customers and retailers with effective, convenient and secure payment methods within the European Union.
PSD2 comes into force on 13 January 2018.
We set out below the Engagement Policy of Citi Investment Management (CIM), acting through Citibank N.A., London Branch, published in accordance with Article 3g1(a) of the Shareholders Rights Directive (2007/36/EC) as amended by Directive (EU) 2017/828.
Integration of shareholder engagement in our investment strategy
CIMs portfolio management team are continuously monitoring companies and holdings to ensure that they remain appropriate and aligned with their investment mandates. The team may engage with management or investor relations of investee companies, but not other stakeholders, as we do not hold significant positions. Meetings may be held with companies to discuss specific results or events as well as more informal dialogue incorporating site visits and other research initiatives. These meetings may cover a range of topics from corporate strategy, risk management, corporate governance, board composition and remuneration issues.
Third party managers utilised in investment strategies may engage on matters relating to environmental, social and corporate governance (ESG) developments; enhancements or clarifications to company analysis or process improvements.
Where any material issues occur, either financial or non-financial, we would review the investment thesis to see if this has affected our investment rationale.
Monitoring of investee companies on relevant matters (including strategy; financial and non-financial performance and risk; capital structure; social and environmental impact and corporate governance)
Where direct stocks are selected, analysis is carried out on these companies including the financial and non-financial performance, risk, capital structure and corporate strategy. We use a wide variety of sources including company meetings, company reporting, broker research, industry reports and in-house research. The portfolio management team monitor the public statements of investee companies through financial information platforms like Bloomberg and Factset, financial statements and regulatory announcements, reports and accounts. Citi Investment Managements portfolio managers access to a specialist research provider for environmental, social and governance (ESG) issues, is the main tool for monitoring these risks.
When we appoint third party managers in our investment strategies, they monitor investee companies on their strategy, capital structure, financial and non-financial performance and risk. We review the third party managers research process, portfolio construction, sell discipline and risk management process to ensure that these processes incorporate monitoring of investee companies strategy, capital structure, financial and non-financial performance and risk. Third party managers are assessed and researched by Citi Private Banks Investment Manager Research team and approved (for use in discretionary portfolios) by the Manager Access and Review Committee.
Our approach for third party managers in relation to ESG is to add, via Citi Private Bank�s Investment Manager Research team, what we believe are best in class ESG-oriented or focused strategies, by asking associated ESG questions during our due diligence process. The responses to these questions are a key consideration in ESG manager searches. We also ask these questions in non-ESG orientated manager searches although the related responses are not a critical decision parameter in these cases. We believe that incorporating ESG considerations in a managers approach is likely to enhance returns and reduce risk in addition to producing better outcomes for society and the planet.
Conducting dialogue with investee companies and communicating with relevant stakeholders of the investee companies
We assess the information third party managers gather to make their investment decisions, its quality and depth and the judgement the managers use in making investment decisions. This may include dialogue with the investee companies depending on the nature of the investment strategy, number of holdings and structure of the manager.
We do not currently liaise directly with other stakeholders because CIM does not currently hold significant positions in any companies. However, we do support the principle of collaborative engagement. Where stakeholders rights are likely to have a significant impact on the fortunes of investee companies such factors are taken into account via our ESG analysis.
Exercising voting rights and other rights attached to shares, cooperation with other shareholders and management of actual and potential conflicts of interests in relation to the firm�s engagement.
Institutional Shareholder Services is retained for the management of the voting process and acts as the voting agent for the securities held in portfolios managed by CIM.
This allows us to take advantage of the extensive research carried out by ISS and our default instruction gives ISS consent to vote on our behalf in line with their expert recommendation.
More information about ISS can be found at the following link.
Where CIM does exercise its discretion to vote for or against a particular proposal or co-operate with other shareholders, it will be in a manner consistent with its relevant underlying clients best interests and when not in violation of anti-trust or any other laws or CIM policies. Any actual or potential conflict of interest that may arise would be managed in line with Citibank N.A., London Branchs conflict of interest policy and standard, which is updated on an annual basis.
The Sustainable Finance Disclosure Regulation (SFDR) is an EU regulation that applies from 10 March 2021.
SFDR requires fiduciaries, such as portfolio managers, alternative investment fund managers (AIFMs) and investment and insurance advisers, to publish on their website disclosures in respect of the following:
Additionally, portfolio managers or AIFMs are required to publish certain product level disclosures when their financial products either:
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