N-2016-42 -- Proposed Qualified Intermediary Agreement

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July 1, 2016

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Issue Number: N-2016-42

Inside This Issue

Notice 2016-42 sets out a proposed Qualified Intermediary (“QI”) agreement revising and updating the current agreement, Rev. Proc. 2014-39, published in July 2014. The revised QI agreement updates the current agreement by providing more detailed procedures regarding how qualified intermediaries satisfy their compliance review obligations and sets out terms and requirements for qualified intermediaries that want to act as qualified derivatives dealers with respect to transactions subject to section 871(m). The proposed QI agreement, when finalized, would be effective beginning January 1, 2017.

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