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ARTICLE · 01 OCTOBER 2008

IRS Issues Revenue Procedure On Securities Lending

Goodwin Procter LLP
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The Internal Revenue Service (“IRS”) released Revenue Procedure 2008-63, which provides that when a securities loan is in default because the borrower (or an affiliate of the borrower) that is unrelated to the lender goes bankrupt, no gain or loss will be recognized if the lender applies the collateral to the purchase of identical securities as soon as practicable (and in any event within 30 days) after the default.

United StatesFinance and Banking

Developments Of Note

  1. IRS Issues Revenue Procedure on Securities Lending
  2. SEC Issues Guidance on Treatment of Loaned Securities under Regulation SHO
  3. SEC No-Action Letter Permits Banks to Acquire Asset-Backed Commercial Paper from Affiliated Money Market Funds under the FRB's Liquidity Facility without Violating Section 17(a)(2) of the 1940 Act
  4. OCC Issues Interim Final Rule Concerning Risk-Based Capital Treatment of Asset-Backed Commercial Paper Purchased from Money Market Funds
  5. Treasury Finalizes Terms of Temporary Guaranty Program for Money Market Funds
  6. FDIC Issues Interim Rule on Deposit Insurance Coverage of Revocable Trust Accounts
  7. OCC Updates Policy on Minority-Owned National Banks

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