Provisions Applicable to Qualified Derivatives Dealers and Qualified Security Sample Clauses

Provisions Applicable to Qualified Derivatives Dealers and Qualified Security. Lenders. The 2017 QI Agreement includes the requirements for QIs acting as QDDs and the requirements of QIs with respect to payments of dividend equivalents they receive in an intermediary capacity for purposes of regulations issued under sections 871(m), 1441, 1461, and 1473 (section 871(m) regulations). The 2017 QI Agreement requires a QI acting as a QDD to act as a QDD for all payments made as a principal with respect to potential section 871(m) transactions and all payments received as a principal with respect to potential section 871(m) transactions and underlying securities, excluding any payments made or received to the extent treated as effectively connected with the conduct of a trade or business within the United States. The 2017 QI Agreement generally provides that a QDD must assume primary withholding responsibility for purposes of chapters 3 and 4 and section 3406 for all payments it makes as a QDD and that a QDD is subject to withholding on dividends (including deemed dividends) other than dividends the QDD receives in its equity derivatives dealer capacity in calendar year 2017. The 2017 QI Agreement requires that a QI must act as a QDD for any securities lending or sale-repurchase transaction it enters into that is a section 871(m) transaction unless it is acting as an intermediary in the transaction. The 2017 QI Agreement also provides rules for how a QDD calculates its section 871(m) amount and determines its QDD Tax Liability and its requirements to report payments on Forms 1042-S. For further information on the requirements for QIs to act as QDDs and for withholding on payments of dividend equivalents and on dividends paid to QDDs, see §§1.1441-1(e)(6) and 1.871-15. Finally, the 2017 QI Agreement permits a QI to act as a qualified securities lender (QSL) in accordance with Notice 2010-46, 2010-24 I.R.B. 757, but only to the extent that a QI acts as an intermediary with respect to payments of substitute dividends when the QI is not acting as a QDD, and only for 2017. Following the publication of the 2017 QI Agreement, the Treasury Department and the IRS published a series of notices that deferred the full application of certain provisions of the section 871(m) regulations, including certain of the requirements applicable to QDDs, and the requirement for withholding on payments of dividends received by QDDs in their equity derivatives dealer capacity. These notices also extended the allowance for QIs to continue to act as QSLs and apply t...
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Related to Provisions Applicable to Qualified Derivatives Dealers and Qualified Security

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