The European Securities and Markets Authority (ESMA) has today published a report on its preliminary findings on multiple withholding tax (WHT) reclaim schemes, following a European Parliament (EP) request, and has launched a formal inquiry to gather further evidence from national competent authorities (NCAs) on the supervisory practices regarding those schemes across the European Union (EU).
ISLA is currently undergoing a thorough review of the report, including specific references to securities lending activity.
Details of full press release as well as a copy of the report can be found here.
