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You simply pay a brokerage fee when you buy or sell your shares, similar to what happens now when you buy any stock. Advertisement 3 This advertisement has not loaded yet, but your article continues below. Article content Second, it removes the effects of currency fluctuations from any returns obtained by a stock held in a different currency.

For example, U. Third, CDRs can be bought in fractional shares, making companies with very high stock prices more accessible for small retail investors. Buying even one full share is out of reach for many investors. The ability to buy fractional shares is becoming increasingly important as more and more investors with limited funds enter the stock market. Wealthsimple Technologies Inc. Advertisement 4 This advertisement has not loaded yet, but your article continues below.

Article content What can I buy? For now, only the five U. NEO said there will be many more to come. How much will I pay? In most cases, your biggest cost when investing in a foreign stock is the conversion fee from Canadian to U.

With CDRs, CIBC is making those stocks available at fees that the large institutions pay, which is a huge cost benefit compared to any other way of getting access to these larger, global stocks. In actively traded mutual funds, management expenses can be 2.

Advertisement 5 This advertisement has not loaded yet, but your article continues below. CIBC said it wanted a stock exchange driven by innovation and still simple to access. The CDR fractional shares go up and down depending on how the underlying stock is trading that day on the Nasdaq. Advertisement 6 This advertisement has not loaded yet, but your article continues below.

You can buy CDRs through your discount brokerage account at your financial institution, full-service broker or financial adviser. Following reinvestment, the sale of these new purchases may be transferred abroad. The Ministerial Decision which lifts the capital controls. The restrictions related to the capital controls was abolished from September 1, The following activities are be permitted: Cash held before July 31, will be available for repatriation.

Against payment bond transactions will be allowed without the condition that the transaction to be booked between different beneficial owners Deliveries of multi-listed stocks to foreign CSDs will be allowed without the condition of a short position to be involved. Repatriation Policy Foreign investors are permitted to repatriate sale proceeds, capital gains and dividends without any proof of inward remittance. Payment Systems Cash settlement - apart from the payments relating to the settlement of trades, there is also the clearing of a clean payment payment order not relating to financial instrument trading.

Greece is a member of the TARGET 2 payment system and banks operating in Greece participate in the system either as direct or indirect participants. Overdraft Permitted In Greece overdraft facilities are permitted to cover instances of insufficient funding on an overnight basis. The payment date may be any day within a period of three business days from the dispatch by the CSD of the file listing the dividend beneficiaries in accordance with the specific provisions of the Operating Rules of the DSS.

The cash dividend payment takes place at the latest until the fourth working day following the record date. According to par. The total amount of the dividend to be paid is deposited with the paying bank on the date of payment and distributed to beneficiaries in accordance with the data provided by the ATHEXCSD pursuant to the provisions laid down in the Operating Rules of the DSS. The depositing and payment of the dividend shall be effected by virtue of a relevant written agreement between the listed company and the paying bank.

The issuer shall be obliged to ensure that the depositing of the various dividend amounts by the paying bank with the DSS operators that have been duly authorised by the beneficiaries is completed during the day of payment. Dividend Payment Frequency Annual, between April and August, although not all securities distribute dividends each year.

Some companies also distribute interim dividends. The Coupon Certificates of the bondholders are also available for printing by the operator. Payment is based on settled positions on record date, which is payment date minus one business day. Interest Accrual Rate Existing Bonds issued up to December 31, - day convention as referred in original bond issue. Corporate Actions Common Events: Rights and bonus issues, as well as share split issues, conversions, par value changes, DRIP, capital returns, public offers and mergers Rights Tradeable: Yes, except for rare cases as per the company's announcement New Shares from Exercised Rights: The issuer must ensure the admission of its new shares to trading within five business days from the approval of admission by ATHEX.

New shares in dematerialised form are credited to the DSS investor accounts. Additional Information In Greece, there are specific rules that govern the various timeframes depending on the type of event. Corporate actions are calculated using the record of investors with balances in their securities accounts in the DSS on the date determined by the issuing company and record date equals actual settlement date. Ex-Date: one working days prior to the Record Date the day as of which the subject stock is traded without the entitlement in favour of the buyer, that is the receipt of the product of the corporate action.

Pay Date or Distribution date: the date during which the distribution of the corporate action product will take place. As far as dividends are concerned, that is the date of the payment of the dividends to the stockholders or in the case of distribution, the date when the new shares deriving from a corporate event are allocated to the investors' accounts in the Dematerialised Securities System.

The record date is set on one working days following the ex-date. New stock entitlements are reflected in shareholder accounts at the DSS on the due date. The listed company informs the depository about the date of pre-emptive rights cut-off, the record date, the rights listing date in the DSS and the ratio of new shares to old ones.

Every investor has as many pre-emptive rights as the shares he already owns on the record date. Protection of Rights The transfer of ownership occurs on settlement date for both equities and bonds. Market claims are not common in the Greek market. Furthermore, there are no local regulations or market practice covering market claims in Greece.

Shares Blocked The practice of share blocking in order to participate at a general meeting GM has been abolished. The register date is defined as the start of the 5th calendar day prior to the initial GM, regarding both the initial and the repetitive GM, provided that the date of the repetitive GM is no later than 30 days after the date of the initial GM. In the case where the repetitive GM is at a date more than 30 days after the initial GM, the record date is set at the opening of the third calendar day prior to the date of the repetitive GM..

As blocking of shares is no longer required, subcustodian in Greece communicates the final list of entitled shareholders to the issuing company at least 48 hours prior to GM Market Deadline. New Invitations are not required if the time and place of the RGM's is mentioned in the initial announcement L. The details that must be announced are the invitation, the date, the time, the venue, the resolutions of the agenda, the shareholders who are eligible to participate and the process of participation.

The agenda is made available electronically through the issuing company's website and in the ATHEX website. The additional resolutions should be published under the Board of Directors' responsibility, at least 7 days prior to the general meeting date. This general meeting will be held a maximum of 45 days after their request to the Board of Directors of the company. The Board of Directors are obliged to publish those additional items provided that the relevant application has been submitted to the Board of Directors 15 days prior to the general meeting.

For the listed companies the application for the additional items must be properly justified by a relative report and the updated agenda is published 13 days prior to the general meeting art. The general meeting results should be published one business day after the completion of the general meeting, ATHEX rulebook par 4.

In addition to the above, the issuer is obliged to publish in detail the GM decisions, results and the details of the GM minutes within 5 days at the latest from the GM date. The authorisation is freely revocable and cannot be provided for a time period longer than 15 months". However, the market practice for most companies is not to require such authorisation.

Instead a confirmation clause is included in the authorisation that the subcustodian submits to the company empowering their designated person to vote. This clause states that they represent the clients stated below and that they act as their subcustodian. It must be noted that although this is the market practice, it does not mean that companies have not and will not ask for this authorisation, if they deem appropriate. This is very rare.

Up to now no issuing company has taken advantage of this new feature the Law provides. As a result, there is not a clear indication of the exact process that will be followed in this case. The dividends distributed in but approved by the General Meeting of the company in are subject to withholding tax 15 per cent. In the definition of dividends are considered to fall interim dividends, interest from preferred shares, the surplus from mathematical reserves of insurance companies, the distributions from trusts and offshore entities, as well as any amounts paid in any way to the BoD members or administrators and employees from the profits of a Greek legal person or entity.

Repo transactions are only taxed if they are classified as repo transactions, i. Non-resident individuals are exempted from CGT when a DTT is in place, provided that they submit to the competent custodian the relevant documentation proving their tax residence. In such a case, no zero tax return needs to be filed. If the foreign legal entities do not have a permanent establishment in Greece, no income tax is due in Greece and no zero tax return needs to be filed. Subject to CGT are the gains that occurred from the transfer of securities with regards to the following categories: Warrants, provided that the individual transferring the warrants holds at least 0.

Non-listed companies: CGT will apply to resident and non-resident individuals at the rate of 15 per cent, unless they are tax resident in a country with which Greece has a DTT, in which case they are not taxed in Greece. CGT applies to transfers of securities taking place from 1 January onwards, irrespective of when they were acquired.

The circular clarifies that the FIFO rule will apply. Sale of listed shares as of 1 January The relevant capital gain will be taxable based on the new provisions only if the shares were acquired after 1 January It is also clarified that the exemption from capital gains on the sale of Greek corporate bonds issued pursuant to L.

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View Legal DisclaimersHide Legal Disclaimers Legal Disclaimer There may be commissions, trailing commissions, investment fund management fees and expenses associated with investment fund and exchange-traded fund ETF investments. Before investing, please review the applicable fees, expenses and charges relating to the fund as disclosed in the prospectus, fund facts or ETF facts for the fund.

Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. For money market funds there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Additional terms and conditions apply. Visit www. Legal Disclaimer 2 All commissions are charged in the currency in which the security trades.

Trade orders entered will be charged the applicable commission rate on a per order basis. Partially filled orders: Partial fills executed on more than one day will be charged applicable commissions for each day. Note: Commissions are in addition to fees charged by the local securities commission as applicable.

Legal Disclaimer 4 For option assignments and exercises the investment services representative equity rates apply. Legal Disclaimer 5 Switch orders are only permitted within the same family of funds and load types. Management fees and operating expenses are paid by the mutual fund. There may be trailing commissions associated with these mutual fund investments.

Legal Disclaimer 6 Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases. Legal Disclaimer 7 All commissions are charged in the currency in which the security trades. A list of DRIP-eligible securities can be found here. Auto-Pilot Investing — Instead of waiting for cash to accumulate in your account and making an investment decision, DRIPs automatically and immediately put your earnings to work.

Encourages a long-term view — The longer you keep the shares, the more shares you acquire and the more dividends you can generate. It basically allows for an automatic long-term buy-and-hold strategy. Dollar-cost averaging — Since your dividend income is being used to acquire additional shares regularly throughout business cycles, you're taking advantage of dollar-cost averaging without putting new money in.

Find DRIP-eligible securities here. Security Concentration Risk — Over the long term, you could end up with more exposure to a certain company or market sector than you planned as new shares accumulate in your account.

Also, in a rising market, the dollar-cost averaging "pro" mentioned above means you may be paying more for new shares at times than you would choose to otherwise. But the goal, of course, is that the shares purchased on the downturns make up for that. Straggler Shares — If you're aiming to sell your entire holding in a dividend-paying security and have a DRIP in place, it's important to pay attention to that security's ex-dividend date.

If you sell on the ex-date or later, you would still be entitled to the next dividend. That means you could end up holding a few straggler securities of an investment you had planned to sell. Keep in Mind Investors are responsible for their own investment decisions.

Used under licence.

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Legal Disclaimer 4 For option assignments and exercises the investment services representative equity rates apply. Legal Disclaimer 5 Switch orders are only permitted within the same family of funds and load types. Management fees and operating expenses are paid by the mutual fund.

There may be trailing commissions associated with these mutual fund investments. Legal Disclaimer 6 Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.

Legal Disclaimer 7 All commissions are charged in the currency in which the security trades. Commission for listed debentures is charged according to the Stocks Commission Schedule. For full details please refer to the complete Commissions and Fees Schedule at www. Additional maintenance fees will apply if a client opens more than 10 accounts. This fee will be assessed on client information as at the end of each quarter March 31, June 30, September 30, December 31 and will be charged in April, July, October and January of every year.

Legal Disclaimer 11 A commission-paid trade is defined as a stock, exchange-traded fund or options order for which a commission has been charged. Membership in Royal Circle is reviewed annually to ensure the qualification criteria are met. RBC Direct Investing reserves the right to alter the benefits at anytime and to remove clients who no longer qualify for the program, without prior notification.

However, eligible student clients who opened either of these account types prior to April 27, may still receive the Fee Waiver if they meet all other applicable criteria. In the case of RBC Direct Investing joint accounts, the Fee Waiver will be allowed for the younger of the joint account holders only, based on the dates of birth we have in our records for such joint accountholders. Legal Disclaimer 14 Fees will be charged in the currency of the transaction.

But the goal, of course, is that the shares purchased on the downturns make up for that. Straggler Shares — If you're aiming to sell your entire holding in a dividend-paying security and have a DRIP in place, it's important to pay attention to that security's ex-dividend date.

If you sell on the ex-date or later, you would still be entitled to the next dividend. That means you could end up holding a few straggler securities of an investment you had planned to sell. Keep in Mind Investors are responsible for their own investment decisions.

Used under licence. All rights reserved. It is your responsibility to ensure that any associated tax requirements or obligations are satisfied. RBC Direct Investing will purchase whole shares only. Some exclusions may apply. Some eligible securities such as preferred shares and voting class common shares will not reinvest into additional units of the same security but rather the underlying non-voting common share or similar security. Membership in Royal Circle is reviewed annually to ensure the qualification criteria are met.

RBC Direct Investing reserves the right to alter the benefits at any time and to remove clients who no longer qualify for the program, without prior notification. The views and opinions expressed in this publication are for your general interest and do not necessarily reflect the views and opinions of RBC Direct Investing.