On June 8, ISDA and UK Finance jointly wrote to HM Revenue & Customs (HMRC) to respond to their consultation on tax impacts arising from the withdrawal of LIBOR. The associations welcomed the consultation and the draft guidance included on the subject. As noted in previous correspondence with HMRC, certain tax omissions and certain tax aspects could potentially have material implications and/or cause uncertainties, which may serve as a barrier to secure the consent needed from derivatives counterparties to make contract amendments and could risk obstructing the broader benchmark reform transition project.
Documents (1) for ISDA Responds on Tax Impact of LIBOR Withdrawal
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Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...
Response on CSDD Guidelines
On August 6, ISDA responded to the European Commission’s (EC) consultation on due diligence guidelines under the Corporate Sustainability Due Diligence Directive (CSDDD). While ISDA acknowledges that model contractual clauses can be a helpful resource for in-scope companies, there are...
Response to BoE on Extension of Settlement Hours
On August 6, ISDA responded to the Bank of England’s (BoE) consultation paper on the extension of settlement hours for RTGS and CHAPS, the UK’s high-value payment system. ISDA supports the BoE’s plan to extend RTGS and CHAPS settlement hours...