Division of Investment Management Provides Information Update on Tax Claims in Foreign Jurisdictions

March 22, 2017

The Division of Investment Management (the “Division”) recently issued an Information Update dated March 2017 (the “Update”) to provide U.S.-registered funds with guidance for requesting assistance from the Division when seeking to obtain refunds of any foreign taxes that were inappropriately withheld. The Update relates to a 2014 determination by the Court of Justice of the European Union and certain European Union (“EU”) member state courts that EU member states may not impose withholding taxes on certain foreign investors if substantially similar domestic investors were not subject to tax.

In the Update, the Division states that a fund seeking Division assistance with an outstanding tax claim should provide the Division with a draft letter to the relevant foreign jurisdiction that includes the following information:

  • the name of the registrant and registration statement file numbers (and series number, if applicable);
  • the first date of the fund’s first fiscal year to which the claim relates;
  • a statement that the fund is an open-end registered investment company; and
  • the date and state of organization of the fund.

The Update also states that funds should provide the Division with documentation confirming this information.


If you have any questions regarding the matters covered in this memo, please contact any of the partners and counsel listed below or your primary attorney in Seward & Kissel’s Investment Management Group.