SIFMA Statement on Treasury/IRS Extensions Related to Section 871(m), QDP

Published on:
May 22, 2024

Washington, D.C., May 22, 2024 – SIFMA issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding announcements from the Treasury Department and the IRS today on the extension of the phase-in period for the enforcement and administration of Section 871(m) and the extension of the transition period for qualified derivative payment (QDP) reporting requirements related to section 59A and Section 6038A:

“We appreciate the IRS and Treasury’s decisions today recognizing the need for more time for our industry to adequately comply with new policies around Section 871(m) and QDP reporting requirements. As we noted in our comment letter on Section 871(m), given regulators are still contemplating changes, in order to analyze any updated guidance or new requirements, update complex systems, secure budgets, and implement our operational processes to comply, parties will need a significant amount of lead time after final guidance is issued. Similarly, the extension of the transition period for QDP will allow Treasury to continue to actively and appropriately consider changes to QDP reporting requirements. We look forward to working with the government as they refine and finalize these policies.”

-30-

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

Details

Contact

More Content

  • Pennsylvania + Wall
    May 20, 2026

    Trump Accounts: What’s New and What Questions Remain

    Trump Accounts are set to launch July 4. SIFMA examines key implementation updates, operational questions, and remaining guidance needs.
  • The SIFMA Podcast
    May 19, 2026

    Digital Assets at an Inflection Point

    Listen to the latest SIFMA Podcast on digital assets, tokenization, and the future of capital markets infrastructure.
  • Speeches
    May 14, 2026

    Shaping the Next Era of Capital Markets Operations

    Steve Byron opens the final day of SIFMA Ops 2026 with remarks on resiliency, innovation, and market operations.

Get the latest trends, stats, and research on financial markets and securities.