FASB Drafting Guidance on Repos in Response to Lehman Case

NORWALK, Conn.—The Financial Accounting Standards Board aims to issue draft guidance by Nov. 1 that would…

BNA INSIGHTS: When the Other Shoe Falls: IRS Notice 2010-46 Restricts the Application of Notice 97-66 for Cross-Border Securities Loans

Notice 97-66 created an opportunity for non-U.S. financial institutions to participate in the securities lending markets for stocks of U.S. corporations without suffering…

IRS Withdraws Guidance Implementing Cross-Border Securities Transaction Rules

The Internal Revenue Service May 20 issued Notice 2010-46, withdrawing 1997 guidance that generally limited the aggregate U.S. gross basis tax on a series of securities lending…

Senate Passes Financial Reform Bill Affecting Tax Treatment of Derivatives

The Senate voted 59-39 late May 20 to pass its version of a financial regulation reform bill that could have an adverse and unintended tax impact on…

Securities Industry Group Seeks Swift Guidance on Treatment of New Equity Swaps Under HIRE Act Provision

The Securities Industry and Financial Markets Association May 11 asked the government for swift guidance on a newly enacted provision that would impose withholding tax on…

Bipartisan Concerns Raised on Impact of Proposed Bank Tax on Small Business Lending

Senate Finance Committee members on both sides of the aisle expressed concerns May 4 that the Obama administration’s proposal to impose a $90 billion tax on large banks would…

Senate Financial Reform Bill’s Derivatives Language Seen Having Unintended Tax Consequences

The substitute amendment (S. Amdt. 3739) to the financial regulatory reform bill (S. 3217) under consideration in the Senate contains language related to derivatives contracts that could have unintended…

Senate Finance Committee Chairman Baucus Open to $90 Billion Bank Tax, But Says More Hearings Needed on Details

Senate Finance Committee Chairman Max Baucus (D-Mont.) said April 20 that he is open to President Obama’s proposal to impose a new $90 billion tax on large financial institutions, but there are…

White House, House Ways & Means Committee Chairman Seek to End VAT Talk; Tax to Recoup TARP Funds Being Considered

The White House and a top congressional tax writer sought to close the door April 19 on a value-added tax, with officials saying it was not under…

Proposals to Tax Financial Transactions Backed by Diverse Stakeholder Coalition

A diverse coalition of stakeholders April 15 spoke out in support of proposals to tax financial transactions that they said would curb speculation on Wall Street, increase the resiliency of…

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