Structured product and mutual funds industries clash during US tax hearing

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Representatives of the US structured product and mutual fund industries have gone head to head over the taxation of derivative instruments at a Washington hearing on March 5.

The Ways and Means committee hearing was originally instigated by the mutual fund lobby in an attack on the favourable taxation of exchange-traded notes (ETNs), but it has rapidly become a wider debate on the taxation of associated products.

"The mutual fund industry can't simply demand that structured products and derivative

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