The document provides a weekly briefing on financial services developments in Europe. It summarizes key measures from the UK Budget, including consultations on partnership legislation and carried interest taxation. It also outlines publications from ESMA on MiFID II guidelines, and the EBA's advice on a framework for qualifying securitizations. Additional updates cover FSB progress on benchmark reform, an IOSCO/CPMI assessment of financial market infrastructure principles, negotiations on an EU financial transaction tax, and reforms to UK non-domicile tax status and inheritance tax rules.
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Discussion on the tax consequences related to the decision by the UK to leave the EU. The presentation has been delivered during the vist at the University of Roehampton.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Summary: 5 steps to reform of para-fiscal chargesNALED Serbia
Aiming to reduce the fiscal and para-fiscal burden to businesses, NALED and USAID developed a comprehensive Registry of non-tax charges in Serbia and created a Study with concrete proposals for the reform of this are.
The para-fiscal burden will be reduced if the Government of Serbia takes five steps - eliminates double fees for the same service, adjust the amount of fee with the cost of service provided, eliminates the fees where no counter service or value is provided, return the revenues that naturally belong to the local governments, and establishes a public, electronic Registry of fees and charges on the national level and prescribe that the institutions cannot collect fees and charges that are not included in the Registry.
Proposal for a Directive of the European Parliament and of the Council on the...OECD Governance
http://www.etouches.com/wcooecd2016
Increasing the effectiveness of prosecution and penalties to combat illicit trade:
Proposal for a Directive of the European Parliament and of the Council on the Union legal framework for customs infringements and sanctions
Dr. Panayota Anaboli.
Presentation by Dr Panayota Anaboli, European Commission at the WCO and OECD ...OECD Governance
Presentation by Dr Panayota Anaboli, European Commission at the WCO and OECD Regional Policy Dialogue, 7-8 November 2016, Brussels. For more information see www.oecd.org/gov/risk/oecdtaskforceoncounteringillicittrade.htm
CBR: the EU test case for ruling requests
Several EU Member States have decided to start a test case with regard to the ruling policy, in cross-border situations (CBR).
EU Member States have eventually gotten a deal regarding common procedures in tax rulings. It is a test case, officially started on 1 June 2013 and expected to continue until 30 September 2018, that aims to receive requests and questions from taxable persons and companies involved in cross-border transactions.
1. Who are foreign investors?
2. What must a foreign investor do?
3. What must a foreign investor not do?
4. Making the investment
5. Appointment of a transaction representative
6. Engaging a local fund manager
7. Reporting
8. What's missing? (Fee, Tax)
Presentation by Goran Matesic from Croatia, at the regional conference organised by SIGMA on Public procurement review bodies, which took place in Ohrid, the former Yugoslav Republic of Macedonia on 9-10 June 2016.
Presentation by Ahu Meryem Daloglu, Turkey, at the regional conference organised by SIGMA on Public procurement review bodies, which took place in Ohrid, the former Yugoslav Republic of Macedonia on 9-10 June 2016.
Alison Vine, Director at Deloitte, gives practical and concise update on all the latest tax and NIC developments, topical tax issues, planning you will need to be aware of, and the impact of these changes on your clients and your business.
Slovak Republic: Grant Thornton Tax Newsletter - September 2016Alex Baulf
1. The New Union Customs Code
2. Amendment of the Act on Administration of Taxes Amendment of the Income Tax Act
3. Prepared amendment of the Act on Value Added Tax
4. Obligatory activation of electronic mailboxes from 1 August 2016
5. Simple Joint-Stock Company, Breakthrough for venture capital in Slovakia
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Discussion on the tax consequences related to the decision by the UK to leave the EU. The presentation has been delivered during the vist at the University of Roehampton.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Summary: 5 steps to reform of para-fiscal chargesNALED Serbia
Aiming to reduce the fiscal and para-fiscal burden to businesses, NALED and USAID developed a comprehensive Registry of non-tax charges in Serbia and created a Study with concrete proposals for the reform of this are.
The para-fiscal burden will be reduced if the Government of Serbia takes five steps - eliminates double fees for the same service, adjust the amount of fee with the cost of service provided, eliminates the fees where no counter service or value is provided, return the revenues that naturally belong to the local governments, and establishes a public, electronic Registry of fees and charges on the national level and prescribe that the institutions cannot collect fees and charges that are not included in the Registry.
Proposal for a Directive of the European Parliament and of the Council on the...OECD Governance
http://www.etouches.com/wcooecd2016
Increasing the effectiveness of prosecution and penalties to combat illicit trade:
Proposal for a Directive of the European Parliament and of the Council on the Union legal framework for customs infringements and sanctions
Dr. Panayota Anaboli.
Presentation by Dr Panayota Anaboli, European Commission at the WCO and OECD ...OECD Governance
Presentation by Dr Panayota Anaboli, European Commission at the WCO and OECD Regional Policy Dialogue, 7-8 November 2016, Brussels. For more information see www.oecd.org/gov/risk/oecdtaskforceoncounteringillicittrade.htm
CBR: the EU test case for ruling requests
Several EU Member States have decided to start a test case with regard to the ruling policy, in cross-border situations (CBR).
EU Member States have eventually gotten a deal regarding common procedures in tax rulings. It is a test case, officially started on 1 June 2013 and expected to continue until 30 September 2018, that aims to receive requests and questions from taxable persons and companies involved in cross-border transactions.
1. Who are foreign investors?
2. What must a foreign investor do?
3. What must a foreign investor not do?
4. Making the investment
5. Appointment of a transaction representative
6. Engaging a local fund manager
7. Reporting
8. What's missing? (Fee, Tax)
Presentation by Goran Matesic from Croatia, at the regional conference organised by SIGMA on Public procurement review bodies, which took place in Ohrid, the former Yugoslav Republic of Macedonia on 9-10 June 2016.
Presentation by Ahu Meryem Daloglu, Turkey, at the regional conference organised by SIGMA on Public procurement review bodies, which took place in Ohrid, the former Yugoslav Republic of Macedonia on 9-10 June 2016.
Alison Vine, Director at Deloitte, gives practical and concise update on all the latest tax and NIC developments, topical tax issues, planning you will need to be aware of, and the impact of these changes on your clients and your business.
Slovak Republic: Grant Thornton Tax Newsletter - September 2016Alex Baulf
1. The New Union Customs Code
2. Amendment of the Act on Administration of Taxes Amendment of the Income Tax Act
3. Prepared amendment of the Act on Value Added Tax
4. Obligatory activation of electronic mailboxes from 1 August 2016
5. Simple Joint-Stock Company, Breakthrough for venture capital in Slovakia
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
In this edition of Regulatory Focus, the experts in Duff & Phelps’ UK Compliance and Regulatory Consulting team, provide a detailed synopsis of the latest news and publications issued by the Financial Conduct Authority during May and June 2018.
https://www.duffandphelps.com/insights/publications/compliance-and-regulatory-consulting/regulatory-focus-july-2018
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
Welcome to Euro Shorts, a short briefing on some of the week's developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 01.05.15 including ESMA updates EMIR Q&A and EMIR consultation o...
Euro shorts 10.07.15 including UK Budget and MiFID II - complex debt instruments and structured deposits guidelines
1. ]
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
UK Budget
The Chancellor delivered the UK’s July 2015 Budget this week, which included the following
measures: (i) a consultation on technical changes to limited partnership legislation to enable
private equity and VC investment funds to use an LP structure more effectively; (ii) an immediate
end to the ‘base cost shift’ on carried interest from 8 July 2015, which allows carried interest
holders to deduct some of the original amount that fund investors pay for fund investments to
reduce the carried interest holders’ chargeable gains; (iii) a consultation on legislation to
determine when performance fees may be treated as capital in nature and benefit from capital
gains with the aim of introducing legislation from 6 April 2016. The government also confirmed
that it will proceed with its reform of the loan relationships and derivatives rules, which will be
included in the Finance (No. 2) Bill 2015. In addition to the Finance (No. 2) Bill 2015 provisions,
further changes are to be made to the corporate debt and derivatives tax rules in 2015 through
secondary legislation. This will include updating the rules on foreign exchange hedging,
convertible instruments and property-based derivatives.
MiFID II: complex debt instruments and structured deposits guidelines
ESMA has published responses it has received to its consultation on draft guidelines on complex
debt instruments and structured deposits under MiFID II. Respondents include: the Association
for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA),
ISDA and the London Stock Exchange Group. ESMA is required to develop the guidelines, by 3
January 2016, under Article 25(10) of MiFID II and intends to publish final guidelines in the
fourth quarter of 2015.
2. European framework for qualifying securitisations
The European Banking Authority has published its advice on the establishment of a European
framework for qualifying securitisations for the purpose of determining their regulatory capital
treatment. The opinion contains five recommendations for establishing a European framework for
qualifying securitisations, including a need to: (i) conduct a review of the entire regulatory
framework for securitisations and other investment products; (ii) create a framework for
qualifying securitisations; and (iii) establish criteria to define both qualifying term securitisations
and qualifying asset-backed commercial paper (ABCP). The report proposes a more risk-sensitive
approach to capital regulation for long-term securitisation instruments, as well as for ABCP, and
illustrates how the capital charges set out in the recent revision of the Basel Committee on
Banking Supervision 2014 securitisation framework should be lowered to recognise the relatively
lower risk of qualifying products, while at the same time maintaining restraints on regulatory
capital.
FSB progress on benchmark reform
The Financial Stability Board has reported on its progress on reforms to existing major interest
rate benchmarks and in the development and introduction of alternative near risk-free interest rate
benchmarks (RFRs). The FSB reports that since July 2014, the administrators of LIBOR,
EURIBOR and the Tokyo Interbank Offered Rate (TIBOR) have all made progress in
implementing the recommendations, including: (i) reviews of respective benchmark
methodologies and definitions; (ii) data collection exercises and feasibility studies; (iii)
consideration of transitional and legal issues; and (iv) broad consultations with submitting banks,
users and other stakeholders.
Assessment of implementation of principles for FMIs
IOSCO and the Committee on Payments and Market Infrastructure (CPMI) have started the first
assessment of the implementation of the principles for financial market infrastructures (PFMIs),
the international standards for financial market infrastructures (FMIs), which were published in
April 2012. The assessment will focus on a subset of requirements under the PFMIs that relate to
financial risk management by CCPs, including certain practices related to governance, stress
testing, margin, liquidity, collateral, and recovery. The assessment will then consider outcomes
achieved in this area by examining a number of globally and locally active CCPs that clear
derivative products, both exchange- traded and OTC. The results are due to be published in 2016.
Transaction tax update
According to EU Economic Affairs Commissioner Pierre Moscovici, negotiations over the
financial transaction tax could wrap up in the autumn and the levy could be in place by early
2017. Speaking at a financial sector conference in Paris, Moscovici said that the aim was to have
a widely applicable tax but at a low rate. French Finance Minister Michel Sapin thought that the
tax could be applied in a first phase as early as January 2016, as it would be too complicated to
have it fully up and running until later. He said that "We've made good progress on the basis
sought by France" which meant a widely applicable tax with a low rate that could be collected in a
way that would discourage financial firms from shifting business to countries where the tax did
not apply.
Chancellor abolishes non-dom status
3. ]
George Osborne has announced that permanent non-domicile status will be abolished in the UK
from April 2017. The non-domicile rule allows some wealthy UK residents to limit the tax paid
on earnings outside the country. The reform does not eliminate the tax status, but individuals who
have lived in the UK for 15 of the past 20 years will lose the right to claim it. The government
also announced that from April 2017, new rules would be introduced so that everyone who owns
UK residential property, and would otherwise pay inheritance tax on the property, cannot avoid
the tax by holding it in an offshore company. It said this would limit "abuses" of the rule by some
who have non-dom status. The chancellor said he had decided not to abolish the non-dom tax
status completely because it would cost the UK money and that many individuals that took
advantage of the tax status "make a considerable contribution to public life".
Greek bailout update
Greece submitted new bailout reform plans to the eurozone last night, two hours before the expiry
of the deadline. Details of the plan were not immediately available, but Prime Minister Tsipras
said that Greece would submit "credible reforms, for a fair and viable solution". Greece's
parliament is set to vote on the reform plan today and it will be considered by the Eurogroup of
finance ministers on Saturday, followed by a summit on Sunday, which is to be attended by all 28
EU leaders.
Cummings
Tel: + 44 20 7585 1406
Mob: + 44 7734 057 327
www.cummingslaw.com
10 July 2015