A provision of law no. 96-597 of July 2, 1996 enacting the European Union Investment Services Directive (ISD) extends the scope of the tax neutrality regime previously applicable to loans of securities to the lodging of full title to securities so as to guarantee transactions involving financial futures. This measure is intended to avoid the transfer of full title to the securities lodged as cover leading to the immediate inclusion into taxable income of any gains or losses recorded at the time of the lodging.

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