TEFRA

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Whereas the actual Tax Equity and Fiscal Responsibility Act of 1982 was repealed and superseded by the HIRE Act of 2010, it casts a long shadow over Regulation S securities offerings (being those not intended to be sold in to the United States at all), and one still has to put all kinds of rules on your forms of global securities, despite them living for all times and in all possible universes, in a clearing system in Belgium.

Functional reminder:

TEFRA C is the one with a Permanent Global Note. TEFRA D is the one with a Temporary Global Note.