The Securities and Exchange Commission announced an open meeting will be held on October 28, 2020 during which the SEC will consider whether to adopt rules and related amendments designed to provide an updated approach to the regulation of funds’ use of derivatives. The notice adds that the amendments the SEC will consider also would
Derivatives
Limited US Tax Guidance for Adding ARRC and ISDA Fallbacks
By Steven D. Garden, Russell E. Nance, Remmelt Reigersman, Brennan W. Young & Thomas A. Humphreys on
Posted in Derivatives, Tax
On Friday, October 9, 2020, the Internal Revenue Service released Revenue Procedure 2020-44 (the “Revenue Procedure”), providing retroactive but limited relief for amending specific types of legacy contracts to add fallback mechanics for the London Interbank Offer Rate or other Interbank Offer Rates. The fallback granted relief by the Revenue Procedure must rather strictly follow…