Financial Transaction Tax (FTT) Protocols
AFME supports members with the efficient implementation of tax regulations (such as the Financial Transaction Taxes (FTTs) in France, Italy and Spain through industry-wide protocols.
AFME French FTT – Indemnity Protocol
French FTT Adherence Letters
AFME Italian FTT - Equities Indemnity Protocol
Italian Equities FTT Adherence Letters
AFME Italian FTT - Derivatives Indemnity Protocol
Italian Derivatives FTT Adherence Letters
AFME Spanish FTT - Equities Indemnity Protocol
Spanish FTT Adherence Letters
FAQs
What are the AFME FTT Protocols
The purpose of the Protocol is to allow parties to adhere to a set of standard provisions in circumstances where transactions are subject to the taxation on financial transactions under the Country law it falls under.
This Protocol was developed with the objective of creating a relatively simple set of standard terms to which parties could adhere to allocate responsibility for reporting and paying FTT pursuant to the regulation. All terms of the Protocol can be found in the Protocols and we would highlight in particular please refer to Para 1.1; Para 6 Representations and Para 8 FTT Terms where what is require is clearly stated.
How do we adhere to the AFME FTT Protocols
Please refer to the specific FTT Protocol for all details.
We require two copies of the Adherence Letter, one a manually signed original (or e-signature) and the other a conformed copy containing, in place of each signature, the printed or typewritten name of each signatory and sent to [email protected].
How do we add another entity to an AFME FTT Protocol if we are already an adhering party
We would require you to confirm that the new entity is part of the same Corporate Group as the existing Adhering Party.
We then require two copies of the Adherence Letter, one a manually signed original (or e-signature) and the other a conformed copy containing, in place of each signature, the printed or typewritten name of each signatory and sent to [email protected].
Accordingly one Initial Adherence Fee and Annual Adherence Fee will be payable in respect of all Corporate Group Adhering Parties.
How do we withdraw from the AFME FTT Protocols
An Adhering Party may declare the withdrawal of its adherence to the Protocol by execution and delivery to AFME of a letter in the form, or substantially the form, set out in Exhibit 4 to the Protocol.
Please send two copies of the Withdrawal Letter: one a manually signed original (or e-signature) and the other a conformed copy containing, in place of each signature, the printed or typewritten name of each signatory and send to [email protected]
