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

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