Qualified securities lenders Sample Clauses

Qualified securities lenders. Once implemented, the QDD regime is intended to replace the qualified securities lender (QSL) regime described in Notice 2010-46, 2010-25 I.R.B. 757. The proposed QI agreement will require a QI to act as a QDD for all securities lending and sale-repurchase transactions the QDD enters into that are section 871(m) transactions, in addition to acting as a QDD for payments with respect to other potential section 871(m) transactions and underlying securities as a principal. All securities lending and sale-repurchase transactions the QI enters into that are section 871(m) transactions will be deemed to be entered into by the QI as a principal and therefore within the QDD regime. Until the QDD regime is implemented, the QSL rules (including the credit-forward rules described in Notice 2010-46) will continue to apply for substitute dividend payments made pursuant to a securities lending or a sale- repurchase transaction. For more information about the QSL regime, see Notice 2010- 46.
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