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Broader U.S. Withholding on Dividend Equivalent Amounts is Effective Beginning on January 1, 2017, for Agreements Entered Into On or After Such Date

In General Section 871(m) of the U.S. Internal Revenue Code of 1986, as amended, was enacted in 2010 and imposes a 30% U.S. withholding tax (subject to reduction by an applicable tax treaty) on dividend equivalent amounts paid (or deemed paid) on certain swaps and equity linked instruments referencing U.S. equities if the long party…

Client Alerts | November 18, 2016 | Derivatives | Hedge Funds

ISDA Extends Deadline for Adherence to 2014 ISDA Credit Derivatives Definitions Protocol

As discussed in our September 9, 2014 Legal Update “ISDA ISSUES 2014 CREDIT DERIVATIVES DEFINITIONS AND RELATED PROTOCOL,” the International Swaps and Derivatives Association (“ISDA”) has issued the 2014 Credit Derivatives Definitions (the “2014 Definitions”), which are expected to govern credit derivatives trades starting on September 22, 2014. ISDA has also issued a Protocol for…

Client Alerts | September 15, 2014 | Derivatives

ISDA Issues 2014 Credit Derivatives Definitions and Related Protocol

The International Swaps and Derivatives Association (“ISDA”), the trade group for the over- the-counter derivatives industry, has issued the 2014 Credit Derivatives Definitions (the “2014 Definitions”) which are expected to govern credit derivative trades starting on September 22, 2014. The 2014 Definitions reflect numerous changes to the 2003 Credit Derivative Definitions (the “2003 Definitions”) which…

Client Alerts | September 8, 2014 | Derivatives | Securities and Corporate Finance | Hedge Funds

Adherence with the ISDA Dodd-Frank March 2013 Protocol

As discussed in our previous alert, End-user Adherence with the ISDA August 2012 Dodd-Frank Protocol, over-the-counter derivatives trades between dealers and end-users are generally governed by master agreement forms and other documentation published by the International Swaps and Derivatives Association, Inc. (“ISDA”). Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank…

Client Alerts | May 31, 2013 | Derivatives | Hedge Funds

End-user Adherence with the ISDA August 2012 Dodd-Frank Protocol

Over-the-counter derivatives trades between dealers and end-users are generally governed by master agreement forms and other documentation published by the International Swaps and Derivatives Association, Inc. (“ISDA”), the derivatives industry association. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) the trading of derivatives, including over-the-counter derivatives, is subject to…

Client Alerts | October 31, 2012 | Derivatives | Hedge Funds