On 28 August 2020, the Connection and Use of System Code (CUSC) Panel voted to implement self-governance modification proposal CMP342 ‘Clarification of VAT for Securities in the CUSC’. The decision was published on 11 September 2020.
On 2 October 2020, we received a request for an appeal against the CUSC Panel’s decision to implement CMP342.
Having duly considered the arguments and evidence submitted, we have decided to reject the appeal. This letter sets out the reasoning for our decision and advises parties on next steps.