FMLC has written to the heads of the EU DG Internal Market and Services and DG Taxation and Customs Union to comment on the legal uncertainties arising from the proposals for a Financial Transactions Tax (FTT) Directive. In its letter to the latter, it raises issues around the types of transactions affected, the persons liable, enforcement and the application of the anti-avoidance provisions. The letter to the former includes comments on the impact of the FTT on pre-existing contracts which do not contain clauses suited to allocate the risks associated with the FTT. (Source: Letter to DG Internal Market and Services and Letter to DG Taxation and Customs Union)