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Section 871(m) Eligibility

Streamlining Section 871(m) Compliance

The IRS issued regulation Section 871(m) out of a concern that non-US investors were using US equity derivatives and other linked instruments to avoid US withholding tax on dividends. Section 871(m) re-characterizes some of these payments so they are treated as a US “dividend equivalent amount” (DEA) and are subjected to a withholding tax. Financial institutions trading or servicing these transactions face the challenge of creating new systems and processes to monitor which products fall within the scope of the regulations, and implement withholding and reporting where necessary.

S&P Global can help by determining when an equity derivative is in scope/subject to Section 871(m) and calculate the dividend equivalent amounts. Unlike any other service providers, our solution also drills down to the specific US compositions of an Index or ETF and calculates the appropriate DEA through integrating with our DeltaOne SOLA platform. Additionally, by integrating with our Portfolio Valuations solution at S&P Global, clients can directly access our Section 871(m) outputs creating streamlined functionality. Clients will not need to build any additional API feeds, as Tax Solutions will receive transaction data and pull 871(m) results directly from Portfolio Valuations.

If you are holding Qualified Derivatives Dealer (QDD) status and looking to identify withholding tax requirements or screen the population of indices and ETFs in the marketplace to identify those lacking QDD status, we can help.

Our full service 871(m) offering can cover all your needs from eligibility through compliance:

Download Section 871 (m) Eligibility factsheet
Download Tax Solutions: Section 871 (m) factsheet

Automate Section 871(m) compliance
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Why IHS Markit?

Watch the video below to see how you can safely navigate the new tax regulations today...and keep your eye on opportunities coming over the horizon

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William Sheridan

Mr. Sheridan has an extensive background in information reporting, documentation and withholding. He serves as one of the tax subject matter experts regarding the Foreign Account Tax Compliance Act (FATCA), the OECD's Common Reporting Standard (CRS), Qualified Intermediary (QI) compliance and Section 871(m). He works with several financial institutions, including large multi-national banks, insurance companies and funds. Mr Sheridan has a broad range of experience assisting clients in the implementation of process and procedures for operational tax compliance. Prior to joining IHS Markit, Mr. Sheridan spent over 12 years with HSBC where he was seconded in the United Kingdom and acted as the Group's subject matter expert with respect to FATCA. He was also responsible for the Group's QI program; and had oversight of internal testing, audit preparation and risk management. Mr. Sheridan has experience in implementing and developing global operational tax risk processes and procedures; and has developed information reporting, documentation and withholding training programs for business lines. Mr. Sheridan has also worked with U.S. withholding compliance issues and led successful Voluntary Compliance Program submissions. He has over 20 years' experience in the financial service industry and brings a practical understanding on how to implement strategic institutional change in order to comply with operational tax matters.

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Christopher Hare

Having joined IHS Markit in 2016, Mr. Hare is responsible for managing strategic initiatives, designing, building and delivering innovative products spanning Custom Baskets, Indices, ETFs, Dividends and Regulatory concerns. With over 15 years of financial markets experience, Mr. Hare started his career as a full stack developer for a social media firm and continued on to work at Bank of America Merrill Lynch and Citigroup in capacities as both project management and business analyst in support of DeltaOne businesses. Mr. Hare has an in depth understanding across a wide range of disciplines including trading, execution, risk, market making, modelling, settlements and confirmations.

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Madhu Ramu

Mr. Ramu is responsible for managing data strategy, product, operations, and strategic direction for multi-asset class capabilities in Corporate Actions. He leads a global team of subject matter experts responsible for providing hundreds of customers with validated reference data, corporate actions, and managed service solutions for over 3 million securities across multiple asset classes.Mr. Ramu has over 15+ years of experience in reference data, pricing, and corporate actions and has a proven track record of leading cross-functional teams to deliver new solutions. He joined Markit in 2012 and has led various initiatives focused on cross-product synergies, data sourcing, operational excellence, change management, data science, automation, and vendor management. Previously, Mr. Ramu worked at Thomson Reuters, working in various roles focusing on business analysis, data quality, and content management for reference data and fixed income products. He has a Master of Business Administration and a Bachelor of Business Management in Finance.

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