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Proposed Foreign Account Tax Compliance Act: Impact On Bearer Debt Instruments

December 18, 2009 in World Securities Law Report · Leave a Comment 

Bearer debt instruments, when issued in definitive form, allow holders to invest anonymously. Recognising the potential for U.S. investors to take advantage of bearer debt instruments to avoid U.S. taxes, President Ronald Reagan and the U.S. Congress took a number of steps in 1982 to eliminate bearer debt instruments from the U.S. markets. Congress passed the Tax Equity and Fiscal Responsibility Act (“TEFRA”), legislation…

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