ISLA releases template clause for Austria 17 April 2023Austria Reporter: Carmella Haswell
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The International Securities Lending Association (ISLA) has published a new Austrian template to accompany the 2010 and 2018 versions of the Global Master Securities Lending Agreement (GMSLA).
It follows a requirement from ISLA members to produce a standard form template clause to assist market participants when lending and borrowing Austrian securities, as a result of an Austrian Ministry of Finance publication in November 2022.
The publication was titled ‘Information on Levying and Refunding of Austrian Withholding Taxes on Dividends received by Taxpayers with Limited Tax Liability (Non-Resident Taxpayers) from Public Limited Companies’.
This wording was drafted by members of the ISLA Tax and Legal Steering Groups and reviewed by Freshfields Bruckhaus Deringer LLP. The wording can be used as an additional provision in new GMSLAs, says ISLA, or as an amendment to legacy ones.
The announcement comes as ISLA releases its 2023 GMSLA netting opinions relating to transfer of title-based securities lending transactions.
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