On 10 April 2014, the International Capital Market Association (ICMA) published a draft Global Master Repurchase Agreement (GMRA) provision which considers withholding obligations under the US Foreign Account Tax Compliance Act (FATCA).

The provision has a similar effect to a no gross up clause in that it relieves the payer from having to make any additional payment to the payee on account of the payer being required to withhold or deduct from its payment to the payee any amounts that represent US federal withholding tax imposed or collected pursuant to FATCA. The wording has not been formally adopted for use with the GMRA and remains subject to change and is provided for information only at this stage.