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.
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📰Morning Brief -🗓️Wed 29 Mar
➡️Regulators to review CDS market after bank turmoil
➡️EU banks in 'better place' than US for commercial property risk
➡️Swedish bank shares attract short sellers amid commercial real estate fears
🤝Members news: 🇪🇸🇨🇭🇨🇿
🖇️https://mailchi.mp/ebf/morning-brief-day-wednesday-29-march
📰Morning Brief -🗓️Tue 28 Mar
➡️ECB determined on inflation fight with markets in view
➡️Banking stress puts US and Europe on watch for credit crunch
➡️EU to vote on limited ban on self-hosted crypto payments
🤝Members news: 🇳🇴🇮🇪🇬🇷
🖇️https://mailchi.mp/ebf/morning-brief-day-tuesday-28-march
We are excited to welcome @Wim_Mijs, CEO of the @EBFeu as a keynote speaker at #tbsconf23bxl on May 16. His keynote speech will address a crucial question: Do we Need a New Ethos in Banking?
Not to be missed! Register now https://bit.ly/40zmWZG
#banking #payments #fintech
European Banking Federation
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation 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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