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Why the experience of COVID-19 will accelerate progress towards digitalisation and automation
Journal of Securities Operations & Custody,
13
(1),
6-12
(2020)
Abstract
This paper explores the weaknesses within securities operations highlighted by the coronavirus disease-2019 (COVID-19) pandemic and considers the extent to which COVID-19 will serve to accelerate progress towards a more digitised and automated industry. It is illustrated with a review of the practical challenges that the COVID-19 lockdown caused for obtaining tax relief on overseas investments. These challenges arose primarily from the difficulties involved with moving the paper documentation — including physical documents with wet ink signatures — needed to obtain withholding tax relief. An often cumbersome, costly and time-consuming administrative process in normal times, COVID-19 exposed its vulnerabilities, leading to a backlog of claims.
Keywords: digitisation; automation; standardisation; withholding tax; COVID-19
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Author's Biography
Mariano Giralt is Managing Director, Global Head of Tax and Regulatory and EMEA Digital Lead at BNY Mellon Asset Servicing. Prior to joining BNY Mellon in 2011, he was a Director at JP Morgan Chase Treasury & Securities Services and before that a Senior Lawyer at Cuatrecasas Law Firm. He holds a Masters in Finance from the London School of Economics, a Masters in Law from Georgetown University, Washington DC, a Degree in Research in International Law from the University of Barcelona, a Degree in Tax Consultancy and Management from ESADE Law School Barcelona and a Law Degree from the University of Zaragoza.
