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The Irish Stock Exchange can confirm that, post the issuance by the Revenue Commissioners of a Compliance Notice concerning certain aspects of the tax treatment of CFDs on March 17, 2006, that it made representations to the Revenue Commissioners and the Department of Finance.
The effect of the Notice changed the tax treatment of CFDs fundamentally and abruptly - this caused considerable disquiet in domestic and international investor communities, and had an immediate and detrimental impact on liquidity in the Irish market. The ISE made it clear that any change of this nature should have been the subject of a detailed consultation exercise.
Responding to market concerns, in a statement issued by the Minister for Finance on March 30, 2006, a review of the law concerning stamp duty on CFDs was announced and on the following day the Revenue Compliance Notice was withdrawn. In a separate but related point, in February 2008, the Irish Stock Exchange called for a full disclosure regime for CFD positions to enhance market transparency. Our position was made clear in a number of submissions to the Financial Regulator and in various public statements. The FSA in the UK has recently announced its intention to introduce such a regime.
