Transaction Tax

April 3, 2013

SIFMA Submits Comments to the US Secretary of Treasury on Upcoming Meetings with European Finance Officials

SIFMA provides comments to U.S. Treasury Secretary Jacob Lew raising a number of important financial regulatory, tax and trade issues between the EU and U.S., ahead of Secretary Lew's upcoming visits with European finance officials.   

SIFMA shares four areas of concern, which include: the extraterritorial nature of the European Union’s and member states’ Financial Transaction Tax programs; the divergence from Basel III in the EU’s implementation of CRD IV related to the Credit Valuation Adjustments (CVA); the lack of progress by the EU on cross-border resolution; and the need to include both market access and regulatory financial services issues in the Transatlantic Trade; and Investment Partnership (TTIP) negotiations.

SIFMA includes a copy of a joint trade letter sent to the European Commission on 13 February 2013 regarding the Enhanced Cooperation Agreement on the Financial Transaction Tax.


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