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
US Treasury Repo Clearing Indicators May 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, the key objective of the Securities...
ISDA, FIA, GFMA, CMC, CMCE Respond to IOSCO on Best Practices for OTC Commodity Derivatives
ISDA, FIA, the Global Financial Markets Association (GFMA), the Commodity Markets Council (CMC) and the Commodity Markets Council Europe (CMCE), have responded to the International Organization of Securities Commissions' (IOSCO) consultation report on best practices for over-the-counter (OTC) commodity derivatives...
Joint Response to 2026 US G-SIB Surcharge Proposal
On June 18, ISDA, the Securities Industry and Financial Markets Association and the Institute of International Finance submitted a joint response to US agencies on proposed changes to the surcharge for global systemically important banks (G-SIBs). The associations welcome the...
Eyeing the Basel III Finish Line
An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...