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 The associations welcomed the consultation and the draft guidance included on the subject.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
Latest
Request to Extend Relief on No-Action Letter 22-18
On July 3, ISDA requested to extend the relief under the Commodity Futures Trading Commission's (CFTC) no-action letter No. 22-18. ISDA requests that the relief is extended until further action by the CFTC resolves the overlapping and contradictory reporting obligations...
Industry Report under Project Guardian
ISDA and Ant International led the Project Guardian FX industry group to develop a new report for implementing tokenised bank liabilities and shared ledger in cross-border payments and foreign exchange (FX) settlement. The joint report is produced under the Monetary...
ISDA Letter to FASB on Agenda Consultation
On June 30, ISDA submitted a comment letter to the Financial Accounting Standards Board (FASB) in response to the proposal File Reference No. 2025-ITC100, Agenda Consultation. In the letter, ISDA believes the highest priority should be given to expanding the hedge...
Joint Paper on UK EMIR Reform
On July 1, ISDA and UK Finance published a paper, which recommended a set of reforms for the UK European Market Infrastructure Regulation (UK EMIR), carefully considering each EU EMIR 3.0 reform and asking whether we would wish to adopt...