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22 May 099 NTLG Finance & Investment TOFA Working Group

Tony Frost FTIA (Greenwoods and Freehills) and Dr Michael Dirkis FTIA attended TOFA Working Group meeting on Tuesday 19 May 2009. The ATO initially provided a report back on the progress made by the Subgroups dealing with securitisation issues and swap issues. The focus of the balance of the meeting was on reviewing the 65 issues on the April version of the "issues list" prepared by the external members of the Working Group. Although a further 40 issues had been added to the list by the meeting date, these issues were not discussed. In respect of 22 issues designated as needing legislative change, the Treasury indicated they were either under consideration or yet to be considered. To deal with the interpretative issues going forward, the ATO undertook to create a Hedging Subgroup to deal with the 21 hedging issues and to focus on preparing responses to the 12 priority issues identified on the list.

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