Tax on ETNs would be unfair, says Sifma
Pay tax on such financial products, even though no payoff from such investments is assured, would unfairly limit trade of the financial products, according to the group.
Leslie B. Samuels of the Securities Industry and Financial Markets Association testified today before a U.S. House of Representatives subcommittee on proposed tax revisions that would affect prepaid derivatives contracts and exchange traded notes.
In his testimony, Mr. Samuels put forth the vie
Learn more about reprints and licensing for this article.