Securities Lending association urges exclusion
22 September 2010 Philadelphia
Image: Shutterstock
The Risk Management Association's (RMA) Committee on Securities Lending urged the Internal Revenue Service and the Department of The Treasury to exclude transfers for securities lending transactions from the transfer statement reporting requirements of the proposed cost basis reporting regulations. The proposed rule governs stock basis reporting by brokerage firms. (REG-101896-09 was published on December 16, 2009.)
These regulations were issued as a result of new statutory requirements enacted by Section 403 of Public Law 110-343, The Energy Improvement and Extension Act of 2008, 122 Stat. 3854.
RMA Director of Securities Lending Christopher R. Kunkle and Executive Committee Chairman Michael P. McCauley expressed concern that application of certain cost basis requirements in the securities lending context would result in enormous expense and burden to taxpayers without furthering the goals of the new rules.
The full letter is available on RMA's website:
http://www.rmahq.org/RMA/SecuritiesLending/NewsandAnnouncements/commentletters
These regulations were issued as a result of new statutory requirements enacted by Section 403 of Public Law 110-343, The Energy Improvement and Extension Act of 2008, 122 Stat. 3854.
RMA Director of Securities Lending Christopher R. Kunkle and Executive Committee Chairman Michael P. McCauley expressed concern that application of certain cost basis requirements in the securities lending context would result in enormous expense and burden to taxpayers without furthering the goals of the new rules.
The full letter is available on RMA's website:
http://www.rmahq.org/RMA/SecuritiesLending/NewsandAnnouncements/commentletters
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