SIFMA provides comments to the Italian Ministry of Economy and Finance requesting clarification on specific issues impacting the implementation of the Italian Financial Transaction Tax within U.S. markets. SIFMA notes that the lack of guidance in certain aspects of the law make it difficult to properly collect the tax and leaves the possibility that firms will interpret the law differently.

The three critical issues that require immediate clarification are:

1. Confirmation that U.S. markets are considered regulated markets and that transactions conducted on the platforms that compose them should be taxed at the appropriate rate for the regulated market.
2. Clarification of whether the U.S. is or is not a black-listed country within the meaning of Article 19(4) and a list of countries that have in force a qualifying agreement with Italy for the exchange of information or the assistance in the collection of tax credits.
3. Confirmation that U.S. firms currently conducting market-making activities will be eligible for a market-making exemption on those transactions after requesting the exemption via the CONSOB defined process.