Monday, November 9, 2020

EU Tax Officials to Audit Securities Finance

Search for WHT Abusers Will Upend Regulatory Infrastructure

Author: Ed Blount

ESMA has recommended that the market regulators in EU Member States combine trade data generated from the Securities Finance Transaction Regulation (SFTR) with local surveillance data and empower tax authorities to catch and indict tax abusers. To the abusers, that is like saying that the Sheriff and Posse are closing in on their SFTR trails. (No kidding. What did they think? So if the abusers haven’t created defenses by this time, it’s already too late.) To the legitimate lenders, it’s like, ok, can I work within these new rules? Institutional lenders will ask, "What effect does it have on my lending income?" Their agents will ask, "What effect will this have on my and career, especially if my firm cannot meet the higher disclosure standards implied by the prospect of tax audits?

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Wednesday, July 3, 2019

ESMA Takes a Look at Tax Withholding Schemes

Proposes Some Best Practices and Promises a Follow-up Study

Author: David Schwartz

The European Securities and Markets Authority (ESMA) has published the findings of its preliminary study of multiple withholding tax (WHT) reclaim schemes. ESMA conducted this preliminary study at the request European Parliament (EP) and has launched a formal inquiry to gather further evidence from national competent authorities (NCAs) on the supervisory practices and experience regarding those schemes.

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Thursday, December 10, 2015

House Committee Faults FSOC for “Lack of Transparency” in SIFI Designations

Author: David Schwartz

In a nearly four-hour hearing held on December 8, 2015, members of the House Financial Services Committee grilled the heads of the Financial Stability Oversight Council (FSOC), accusing the FSOC of a poor transparency and lack of responsiveness to legislators’ requests for information. 

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Friday, November 20, 2015

FSB Finalizes Standards and Processes for Global Securities Financing Data Collection and Aggregation

Author: Member Admin

On November 18, 2015, the Financial Stability Board (FSB) published its final Standards and Processes for Global Securities Financing Data Collection and Aggregation. The final standards are based on the FSB’s previous November 2014 consultation paper and define the data elements for securities lending, repo, and margin lending that national and regional authorities will be asked to report in aggregate to the FSB.

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Thursday, October 15, 2015

B of E Explores Accepting Equities as Collateral

Author: David Schwartz

In a speech in July before at the Money Markets Liaison Committee in London, Chris Salmon, Executive Director, Markets, Bank of England hinted that the Bank of England was exploring means by which it could accept equities as collateral for its market operations.

 

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