GFMA and its regional members, SIFMA, AFME and ASIFMA, provide comments to the Organisation for Economic Co-operation and Development (OECD) Centre for Tax Policy and Administration to express concerns regarding the current timeframe for both implementing and ensuring compliance with the Common Reporting Standard (CRS) for automatic exchange of information on financial accounts.

Related:
GFMA White Paper on Implementation of the OECD's Common Reporting Standard - 5 February 2015

This white paper reflects the views SIFMA, AFME and ASIFMA, collectively, the “Working Group” with regard to implementing the OECD’s Common Reporting Standard (CRS).

Related:
GFMA Submits Comments to OECD Regarding Implementation of the Common Reporting Standard Background - 16 March 2015

GFMA brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian and North American members of GFMA.

GFMA provides comments to the Organisation for Economic Co-operation and Development (OECD) on the OECD's Action Plan for Base Erosion and Profit Shifting (BEPS).  GFMA shares concerns that certain aspects of the Action Plan could have unintended consequences for the financial services industry. In order to minimize the risk of possible unintended effects, GFMA requests that the OECD consider the potential implications of the action items for the financial services industry.

GFMA provides comments to the G20 Central Bank Governors voicing strong opposition to the EU's proposed financial transaction tax (FTT).  GFMA believes that, as currently designed, the proposed FTT will harm economic growth at a time of significant economic uncertainty by increasing government and corporate borrowing costs, and will undermine the effectiveness of monetary transmission channels.  In addition, the FTT would have unprecedented extraterritorial impacts, contrary to G20 principles and commitments.  In addition, the AFTT would have unprecedented extraterritorial impacts, contrary to G20 principles and commitments.

GFMA, the Australian Financial Markets Association (AFMA), the Investment Industry Association of Canada (IIAC), the Japan Securities Dealers Association, and the Korea Financial Investment Association (KOFIA) provide comments to all G20 financial ministers expressing their strong opposition to the EU's proposed financial transaction tax (FTT).  The groups believe the FTT would have unprecedented extraterritorial impacts, contrary to G20 principles, and would harm economic growth.

GFMA writes to express opposition to the imposition of a financial transaction tax (FTT), or other substitute form of the FTT.