EPIF is delighted to share with you its response to the OECD Public Consultation on the Regulated Financial Institutions exclusion under Amount A of Pillar 1.

EPIF points out that the proposed rules lead to inequalities that result from the exclusion being determined on an entity-level basis and thus applies to the financial services activities of such an entity as it competes alongside companies that do not benefit from the exclusion.

EPIF thus supports the creation of a wider class of RFI Service Providers through the extension of the scope to cover regulated PIs and EMIs. EPIF also recommends a review of the impact of Pillar One within two years of implementation.