Due to changes in U.S. federal tax laws, HSBC Global Private Banking no longer supports investments in certain publicly traded partnerships engaged in a trade or business within the United States or which are otherwise subject to Section 1446 of the U.S. Internal Revenue Code (“PTPs”). Recent regulations impose new withholding and reporting obligations on brokers and their non-U.S. clients when selling an interest in, or receiving certain distribution from, PTPs.
HSBC Global Private Banking in Hong Kong and Singapore will not be facilitating any orders placed for PTPs, and can only facilitate a transfer out of any PTPs currently held by us, provided there is no change of legal title and beneficial ownership. The list of PTPs will be updated from time to time. Where a holding in your portfolio becomes classified as a PTP, we will inform you in due course.