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.
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