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The repeal of rules on bearer debt instruments under the Foreign Account Tax Compliance Act could halt significant sources of yen funding for U.S. firms and hurt the Japanese bond market, the top official from the Japan Securities Depository Center Inc. tells IRS. Guidance offering temporary and transitional relief is urgently needed, JASDEC President and Chief Executive Officer Haruhiko Kato says. Under FATCA, the so-called TEFRA D rules on such instruments will expire March 18, 2012. Those rules provide a safe harbor under the Tax Equity and Fiscal Responsibility Act, which otherwise prohibit the sale of certain bearer bond debt instruments to U.S. persons.
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