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.
We are satisfied that this is a valid request for appeal. This letter sets out the reasons for our decision and the procedure for determining the appeal.