On March 30, ISDA, the International Securities Lending Association and the Association for Financial Markets in Europe responded to the European Commission’s (EC) call for evidence on the tax omnibus.
The associations argue that inconsistent interpretation of “beneficial ownership” among member states creates significant tax uncertainty for dividends and interest in securities lending and derivatives, a problem that will worsen with the move to T+1 settlement. They call for a prospective, EU‑level, principles‑based framework, aligned with guidance from the Organisation for Economic Co-operation and Development but supplemented by clear, practical rules and safe harbours for standard capital markets transactions, to ensure consistent withholding tax outcomes, reduce market fragmentation and keep anti‑avoidance rules separate from beneficial ownership determinations.
Documents (2) for ISDA Responds to EC Call for Evidence on Tax Omnibus
Latest
Response to FCA on Post-trade Transparency
On October 16, ISDA responded to the Financial Conduct Authority’s (FCA) consultation CP26/30. While the consultation is principally focused on cash equity market structure and transparency, ISDA responded to questions on the potential inclusion of equity swaps in the scope...
Efficiency is Vital to Delivering Resilience
With less than three months to go until implementation of US Treasury clearing begins at the end of this year, it’s critical that the mandate is safely implemented without compromising market efficiency. This represents a huge change in market structure,...
ISDA In Review – September 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2026.
ISDA Digital Assets Forum Opening Remarks
ISDA Digital Assets Forum Washington, DC October 6, 2026 Opening Remarks Scott O’Malia, CEO, ISDA Good morning, and a very warm welcome to the ISDA Digital Assets Forum. Thanks for joining us today, and a special thank you to...