EBF letter to the US Treasury regarding Section 871(m) and FATCA
EBF advisor: Roger Kaiser
Publication date: 9 August 2018
The EBF has reiterated its concerns to the US Treasury about some unintended consequences of FATCA and the side effects of Section 871(m) of the Internal Revenue Code (IRC). Regarding FATCA, the EBF recommends that the scope of the default reporting should be limited only to entities for which US indicia have been identified in relation to the entity or one or more of its Controlling Persons based on AML/KYC or other information. Regarding Section 871(m), the EBF calls for an indefinite extension of the status quo resulting from Notice 2017-42 notably providing a carve-out for non-delta-one transactions and a withholding exemption for dividends received by Qualified Derivatives Dealers (QDDs) on physical securities held as hedges.
EU27 responds to UK requests in a positive spirit and:
👉 agrees to Art. 50 extension until 22 May if Withdrawal Agreement approved next week
👉 if not agreed next week then extension until 12 April
👉 approves ‘Strasbourg Agreement’
👉 continues no-deal preparations
“International Directors Banking Programme” is a new modular programme of three three-day modules at the INSEAD business school in Fontainebleau, France. The content is driven by the needs for bank directors and senior executives working in banks to review and update their corporate governance practices due to the many pressures they face, and will focus on the effectiveness of directors and boards. Successful completion by participants offers certification by INSEAD. Read more
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European Banking Federation
The EBF is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
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