ESMA’s Preliminary Report & Investigation on Withholding Tax

The European Securities and Markets Authority (ESMA) has today published a report on its preliminary findings on multiple withholding tax (WHT) reclaim schemes, following a European Parliament (EP) request, and has launched a formal inquiry to gather further evidence from national competent authorities (NCAs) on the supervisory practices regarding those schemes across the European Union (EU).

ISLA is currently undergoing a thorough review of the report, including specific references to securities lending activity.

Details of full press release as well as a copy of the report can be found here.

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