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ISDA Symposium® - Derivatives Tax Issues: 871(m) Overview and Update of the Final Regulations
8:15 AM - Registration and Continental Breakfast
9:00 AM - Introduction and Welcoming Remarks (Frederick O. Quenzer, Counsel, ISDA)
9:15 AM - Overview of 871(m) and Covered Transactions
- 871(m) and U.S. withholding tax on “dividend equivalent payments”
- Final 871(m) regulations issued in September 2015
- New effective date
- Rules that apply to affected transactions prior to new effective date
- Transactions that may be subject to 871(m) - notional principal contracts,
other derivatives and structured notes and other equity-linked instruments - Expansion from prior applicable rule to delta 80 products
- The ISDA 2015 Section 871(m) Protocol and how this Protocol differs from the
ISDA 2010 Hire Act Protocols
Micah Bloomfield, Partner, Stroock & Stroock & Lavan LLP
Ilene K. Froom, Partner, Reed Smith LLP
Maureen N. Smith, Director and Tax Counsel, Credit Suisse
11:00 AM - Coffee Break
11:30 AM - 871(m) - Delta test, withholding, QDDs and other considerations
- How the delta test is applied
- Qualified indices
- Calculating the dividend withholding payment
- When must payments be withheld?
- Withholding issues for affected trades that don’t have a dividend payment
- Transactions entered in “connection with” each other
- Complex vs. simple transactions
- Qualified Derivatives Dealers (QDDs)
Mark Howe, Partner, Cadwalader, Wickersham & Taft LLP
Thomas Prevost, Managing Director, Credit Suisse
1:00 PM - Symposium Concludes
