The OECD released a discussion draft dealing with approaches to address base erosion and profit shifting (BEPS) involving interest in the banking and insurance sectors under Action 4 (Limiting Base Erosion Involving Interest Deductions and Other Financial Payments) of the BEPS Action Plan.  The report on Action 4, released in October 2015, established a common approach to tackling BEPS involving interest, but highlighted a number of factors which suggested that a different approach may be needed to address risks posed by entities in the banking and insurance sectors.  The discussion draft focuses on (1) the risks posed by banking and insurance groups to be addressed under Action 4; (2) approaches to address risks posed by banks and insurance companies; and (3) approaches to address risks posed by entities in a group with a bank or insurance company.  Interested parties are invited to provide comments by September 8, 2016.