ISDA 2015 Section 871(m) Protocol

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The ISDA 2015 Section 871(m) Protocol (the “Protocol”) offers market participants an efficient way to amend ISDA Master Agreements to address the effects of Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder.

It replaces the ISDA 2010 HIRE Act Protocol and/or the ISDA 2010 Short Form HIRE Act Protocol (“2010 Protocols”) and other language parties may have agreed to address the impact of Section 871(m) in their ISDA Master Agreements, for all transactions entered into from January 1, 2017.

For all the delinquent and remiss other who haven't judiciously updated their docs, it will allocate the risk of withholding tax under Section 871(m) to the long party to any transaction entered into on or after January 1, 2016.

The fundamental risk allocation in the Protocol is effectively the same as the previous risk allocation under the 2010 Protocols.

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See also

• ISDA Website