Paris Tax Alert. France to tax financial transactions.
|
|
- Andrea York
- 7 years ago
- Views:
Transcription
1 February 2012 Paris Tax Alert. France to tax financial transactions. As announced by French President Nicolas Sarkozy on 29 January 2012, the French government plans to introduce a tax on certain financial transactions, effective 1 August In that respect, draft provisions have been adopted by the French Government on 8 February 2012 (the Bill ) and will be discussed in the coming days by the Assemblée nationale and the Sénat. While pursuing objectives similar to those set out in the draft Directive presented by the European Union Commission on 28 September 2011, the French financial transaction tax (the FTT ) is not as broad as the tax envisaged by the European Union. In particular, the FTT would apply only to securities issued by French companies with a market capitalisation of at least EUR 1 billion, and only shares and equity-linked securities would be taxable. The main features of the FTT in their current form are described below. The FTT provisions addressed in the Bill are however still at a very preliminary stage. Amendments and precisions should be expected during parliamentary discussions and we are working with professional organisations to suggest possible amendments to the French Parliament. Contents The Financial Transaction Tax... 1 Scope of the Tax... 1 Taxable Persons and Payment... 2 Entry into Force... 3 High Frequency Trading. 3 Credit Default Swap... 4 In addition to the FTT, the Bill introduces a tax on high frequency trading carried out in France and another tax on credit default swaps which refer to debt obligations of EU Member States. The Bill would also repeal, as from 1 August 2012, the recently enacted amendments to the French transfer tax levied on acquisitions of shares (the Transfer Tax ) (See our Tax Alert of 16 December 2011). The French tax authorities also issued today a ruling providing some clarification on the scope of these newly enacted amendments for transactions carried out during the interim period. The Financial Transaction Tax Scope of the Tax The FTT would apply to purchases of shares and other equity-linked instruments (i.e., transferable securities giving access to capital or voting rights (titres de capital, as defined under Article L A of the French Financial and Monetary Code), that are admitted to trading on a French or Paris Tax Alert / France to tax financial transactions 1
2 foreign regulated or recognised market and issued by companies having their registered seat in France, whose market value exceeds EUR 1 billion as at 1 January of the relevant taxable year (the Taxable Securities ). Accordingly, the FTT would not be limited to acquisitions of shares but would also apply to convertible and exchangeable bonds, share warrants or similar financial instruments. Bonds or other debt instruments which track the performance of equity securities issued by a French company would however not be subject to the FTT so long as they are not physically settled. Securities not governed by French law are also in the scope of the FTT. The tax would apply to any transfer of ownership for consideration including in particular purchases under the form of exercise of an option, forward sales, exchanges or subscription of financial instruments in consideration for contributions in kind. The following transactions would however not be subject to the FTT: > Issues of shares: purchases of Taxable Securities in the context of the issue of such securities, including where the securities are placed by banks under an underwriting agreement or a placement agreement on a firm commitment basis; > Clearing activities: transactions carried out by clearing houses or by a central depositary in the course of their regulated activities; > Market-making activities: market-making activities carried out by French or foreign investment companies, credit institutions or by enterprises members of trading venues or multilateral trading facilities, where they act as intermediaries; > Liquidity agreements: transactions carried out on behalf of issuers in order to enhance liquidity over their shares in the framework of market practices accepted by the Autorité des marchés financiers; > Intra-group transactions: purchases of Taxable Securities carried out between companies of the same legal group (as defined under Article L of the French Commercial Code) or same consolidated tax group; > Temporary transfers: securities financing transactions such as stock lending, repurchase or buy-sell-back transactions; > Management and employee buy-outs, and certain reorganisations that benefit from the related French favourable tax regime under Articles 210 A and 210 B of the French tax code. Taxable Persons and Payment The tax would be levied on the value of the Taxable Securities, at the rate of 0.1%. It would be due either by the investment services provider having executed the relevant order or negotiated on its own account, irrespective of its business location or in the absence of such an investment services provider Paris Tax Alert / France to tax financial transactions 2
3 by the institution in charge of custody and management services in relation to the Taxable Securities. The tax applies irrespective of whether the seller, the purchaser or the investment services provider is established in France or not the only required nexus to France is that the Taxable Security itself be issued by a French company. The practical implications of these rules are accordingly farreaching and their enforcement will certainly prove challenging for the French tax authorities. Where the relevant central depositary is subject to Article L II-3 of the French Monetary and Financial Code (i.e., subject to the regulation by the French AMF this principally targets Euroclear France), it would generally be responsible for the collection of the FTT with the relevant taxpayer and its declaration and payment to the French tax authorities prior to the 15th of the month following the month of acquisition. Where the relevant central depositary is not subject to these provisions, the taxpayer (i.e., the investment services provider) would be responsible for the payment and reporting of the FTT within the same time limit. In order to enable the central depositary to comply with its obligations in respect of the FTT, the Bill imposes information requirements to be provided to it by the relevant parties to the financial transaction. This information would have to be provided prior to the 5th of the month following the month of acquisition. These information requirements would be set out in more detail in a decree to be adopted at a later stage. The failure to comply with these information requirements or payment obligations in respect of the FTT would carry specific penalties and late payment interest to be borne by the person failing to its reporting or payment obligations. Entry into Force The FTT would apply to purchases of Taxable Securities carried out as from 1 August High Frequency Trading The Bill also introduces a tax on certain high frequency trading activities. This tax would apply to French and foreign companies carrying on high frequency trades in France over shares and securities giving access to capital or voting rights where the number of orders cancelled or amended during a relevant day exceeds a certain threshold (to be set out by a coming decree without being lower than two thirds of the orders submitted by the relevant company). This tax would be equal to 0.01% of the amount of the cancelled or amended orders exceeding this threshold. Market making activities would however be exempt. Paris Tax Alert / France to tax financial transactions 3
4 The tax would be declared and paid to the French tax authorities prior to the 10 th of the month following the month of acquisition. It would apply to orders cancelled or modified as from 1 August Credit Default Swap Another tax would be introduced on purchases of credit default swaps (CDS) and similar derivatives over EU Member States. It would be due in respect of acquisitions made by French resident individuals, enterprises carrying on activities in France or any legal entity established or incorporated in France (which would include French banks, whether acting from France or from foreign branches, as well as French branches of foreign banks) where the beneficiary of the CDS does not hold a long position over the relevant State s debt or does not hold assets or undertakings whose value is correlated to that of this debt. Again, market making activities would be exempt. The tax would be equal to 0.01% of the notional amount of the CDS and would be declared and paid upon the filing of the taxpayer s VAT returns. It would apply to CDS entered into as from 1 August Amendments to the Transfer Tax on the Sale of Shares Following the adoption of the 2012 Finance Act (no ) dated 28 December 2011, the Transfer Tax applicable to the sale for consideration of shares and interests in the capital of French companies, codified under Article 726 of the French tax code, had been substantially amended. Broadly: > the territorial scope of the Transfer Tax had been extended to include sales of French shares where the contract evidencing the transfer is executed outside France (this was only relevant for shares in listed companies); > the tariff of the tax had been increased for sales of shares in joint-stock companies (actions): whereas the rate was previously 3% with a cap of EUR 5,000 per sale, the 2012 Finance Act increased it to (i) 3% for the portion of the purchase price not in excess of EUR 200,000, (ii) 0.5% for the portion of the purchase price between EUR 200,000 and EUR 500,000,000, and (iii) 0.25% for the portion of the purchase price in excess of EUR 500,000,000. The cap was also repealed. For shares listed on a regulated financial market within the meaning of Article L of the French financial and monetary code admitted to a multilateral trading facility within the meaning of Article L of the French financial and monetary code, the Transfer Tax applies only where the sale of shares is evidenced by a contract (acte), that is, a written instrument, or a combination Paris Tax Alert / France to tax financial transactions 4
5 of written instruments, that can be used against the parties to evidence the transfer of the shares. Such a broad and vague concept, combined with the change in territorial scope and increase in rates, stirred considerable concerns among market participants. This led the representative bodies for banks and professionals working in the securities industry and financial markets in France to seek clarification on the scope of this Transfer Tax from the tax authorities. A ruling (no. 2012/07 (ENR)) published on 9 February 2012 addresses some of these concerns by confirming that temporary transfers of shares (transfers of shares as collateral under Articles L et seq. of the Monetary and Financial Code, stock-lending or borrowing transactions effected under Articles L et seq. of the Monetary and Financial Code, and repos) should not be regarded as taxable transfers. The same applies to dividends paid by way of issuance of shares. The tax authorities, however, have not clarified the treatment applicable to many other trades in listed shares. Contacts For further information please contact: Edouard Chapellier Partner - Tax (+33) (0) edouard.chapellier@linklaters.com Thomas Perrot Counsel - Tax (+33) (0) thomas.perrot@linklaters.com The amounts at stake, fortunately, should be reduced significantly since the Bill presented on 8 February 2012 provides that the amendments introduced by the 2012 Finance Act (in particular the increase in applicable rates) will be repealed with effect as from 1 August The Transfer Tax applicable as from that date will accordingly be capped at EUR 5,000 per transfer. Authors: Edouard Chapellier, Thomas Perrot, Clémentine Giannini This publication is intended merely to highlight issues and not to be comprehensive, nor to provide legal advice. Should you have any questions on issues reported here or on other areas of law, please contact one of your regular contacts, or contact the editors. Linklaters LLP. All Rights reserved 2012 Linklaters LLP is a limited liability partnership registered in England and Wales with registered number OC It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of the LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP and of the non-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ, England or on Please refer to for important information on our regulatory position. We currently hold your contact details, which we use to send you newsletters such as this and for other marketing and business communications. We use your contact details for our own internal purposes only. You have a right of access to, and rectification of, all information relating to you. Should you wish to exercise these rights, please let us know by ing us at marketing.database@linklaters.com. If you no longer wish to receive this newsletter or other marketing communications or if you wish to be removed from the list, please let us know by ing us at marketing.database@linklaters.com A rue de Marignan Paris Telephone (+33) Facsimile (+33) Linklaters.com Paris Tax Alert / France to tax financial transactions 5
The FTT will be due irrespective of whether the acquisition is carried out by a company or an individual.
French Parliament Adopts Proposed Legislation on Financial Transaction Tax with Few Amendments SUMMARY Draft legislation to introduce a financial transaction tax (the FTT ) in France was presented by the
More informationRelaxation of PRC regulatory restrictions on cross-border security and guarantees
May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration
More informationFrench Tactic to Implement Financial Transaction Tax (FTT)
News Analysis: France Takes the Initiative on Financial Transaction Tax by Michel Collet The French government on February 8 presented to Parliament a draft bill that would introduce a financial transaction
More informationOne Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade Zone s Free Trade Account.
June 2014 One Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade s Free Trade Account. New rules published by PBOC Shanghai on 22 May provide much needed practical guidance on the
More informationNEW 0,2% TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS UPDATE
CBS128 31 July 2012 NEW 0,2% TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS UPDATE Monte Titoli is pleased to provide its customers with AN UPDATE on information regarding the forthcoming Financial Transaction
More informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationTrading Halt Conclusions from the Hong Kong Stock Exchange s Consultation
March 2013 Trading Halt Conclusions from the Hong Kong Stock Exchange s Consultation The Stock Exchange of Hong Kong Limited (the Exchange) published the conclusions to its Consultation on Trading Halts
More information18 August 2015. 1. Amendments to the participation exemption regime
18 August 2015 Luxembourg draft legislation introducing EU anti hybrid and anti-abuse provisions in the participation exemption regime and a horizontal consolidation tax regime. On 5 August 2015, the Minister
More informationMineral, Oil and Gas Companies - Listing on SGX.
December 2013 Mineral, Oil and Gas Companies - Listing on SGX. New eligibility criteria and on-going obligation requirements Background In September 2013, Singapore Exchange Securities Trading Limited
More informationHong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives
30 December 2015 Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives Introduction On 3 December 2015, the Hong Kong Monetary Authority ( HKMA ) issued a consultation
More informationPersonal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing.
July 2012 Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing. Contents Introduction On 27 June 2012, Hong Kong s Legislative Council ( LegCo ) passed
More informationUse or Transfer of Personal Data for Direct Marketing
February 2013 Changes to Direct Marketing Privacy Laws come into force on 1 April 2013 Introduction The Personal Data (Privacy) (Amendment) Ordinance 2012 (the Amendment Ordinance ), introduced some important
More informationNew FSA rules on disclosure of interests in UK companies
New FSA rules on disclosure of interests in UK companies The FSA s new rules on Disclosure of Contracts for Difference, which come into force on 1 June 2009, will considerably extend the scope of the disclosure
More informationChina's New Company Registration Regime.
February 2014 China's New Company Registration Regime. In recent months, China s central government has unveiled a range of initiatives to reduce the regulatory burden of businesses and provide greater
More informationSubstance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies
October 2012 Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies Contents Introduction On 26 October 2012, the Commission
More informationAIFMD implementation in Germany: Draft Capital Investment Act revised Government draft addresses industry criticism
December 2012 AIFMD implementation in Germany: Draft Capital Investment Act revised Government draft addresses industry criticism Government draft of Capital Investment Act published On 12 December 2012,
More informationEU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013
May 2012 EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 Contents 1 Overview In February 2012, eurozone member states signed a modified version of
More informationMiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation.
July 2012 MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. Introduction MiFID is often described as the corner stone of financial services regulation
More informationShanghai-Hong Kong Stock Connect: New short selling rules.
March 2015 Shanghai-Hong Kong Stock Connect: New short selling rules. With the launch of the Shanghai-Hong Kong Stock Connect ( Stock Connect ) in November of last year, foreign investors now have direct
More informationForeign investment in the United Arab Emirates.
March 2011 Foreign investment in the United Arab Emirates. Overview Regional insight and awareness of the local legal landscape is key for global companies and financial institutions doing business in
More informationChina opens up its bank card payment clearing market
June 2015 China opens up its bank card payment clearing market The Decision to Implement Market Access Administration for Bank Card Clearing Institutions (the Decision ) of the State Council, which came
More informationChanges relating to age 75 and flexible drawdown
October 2011 Registered pension schemes: Changes relating to age 75 and flexible drawdown This year s Finance Act makes a number of changes from 6 April 2011, concerning the impact that reaching age 75
More informationSingapore Consults on OTC Derivatives Regulation.
February 2012 Singapore Consults on OTC Derivatives Regulation. On 13 February 2012, the Monetary Authority of Singapore ( MAS ) released its Consultation Paper on Proposed Regulation of OTC Derivatives
More informationFSA paper on conflicts of interest between asset managers and their customers
November 2012 FSA paper on conflicts of interest between asset managers and their customers The FSA issued a warning to asset managers to step up their compliance with FSA rules relating to conflicts of
More informationPublic consultation on the possibility for an investment fund to originate loans
Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment
More informationUNOFFICIAL TRANSLATION. Explanatory Memorandum
UNOFFICIAL TRANSLATION Explanatory Memorandum Article 1, paragraphs 491 to 500, of Law No 228 of 24 December 2012, hereinafter referred to the Law, has introduced a tax on financial transactions applying
More informationHong Kong IPO Sponsor Reforms.
December 2012 Hong Kong IPO Sponsor Reforms. Background The Securities and Futures Commission (the SFC ) published on 12 December 2012 its Consultation Conclusions on the Regulation of IPO Sponsors (the
More informationRevised security regimes in Africa: the OHADA reforms
Revised security regimes in Africa: the OHADA reforms Contents A revised security regime is about to come into force in 16 Sub-Saharan African jurisdictions. The new regime will improve the process of
More informationFinal Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission.
July 2011 Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission. Contents Implications for Non-U.S. Investment Advisers On June 22, 2011, the
More informationMiFID II: The New Investor Protection Regime
May 2014 Overview On 13 May 2014, the Council of the European Union formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive ( MiFID ), which has
More informationMiFID II: The new market structure paradigm
February 2014 MiFID II: The new market structure paradigm Overview On 14 January 2014, after months of negotiations, EU legislators reached political agreement on reforms to the Markets in Financial Instruments
More information(FRENCH TAX CODE, ART. 235 TER ZD, 235 TER ZD BIS AND 235 TER ZD TER ; ANNEXE III TO THE FRENCH TAX CODE, ART. 58 Q, 58 R AND 58 S) TABLE OF CONTENTS
(FRENCH TAX CODE, ART. 235 TER ZD, 235 TER ZD BIS AND 235 TER ZD TER ; ANNEXE III TO THE FRENCH TAX CODE, ART. 58 Q, 58 R AND 58 S) INTRODUCTION TABLE OF CONTENTS TITLE 1 : TAX ON ACQUISITIONS OF EQUITY
More informationNew board pay rules are they working? Key statistics
New board pay rules are they working? Key statistics Linklaters Incentives Practice New board pay rules are they working? Many of the world s largest companies rely on our global incentives practice to
More informationThe Minister of Economy and Finance
The Minister of Economy and Finance Having regard to Law No 228 of 24 December 2012 laying down provisions for drawing up of the annual and multi-annual State budget ("Legge di stabilità 2013 2013 Stability
More informationThe Bermuda Stock Exchange
The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock
More informationFINANCIAL TRANSACTION TAX
FINANCIAL TRANSACTION TAX (DERIVATIVE INSTRUMENTS AND OTHER SECURITIES) Unless otherwise specified, legal references are made to the Decree of the Minister of Economy and Finance of 21 February 2013. Article
More informationFCA changes client money and custody asset rules
June 2014 This note provides a summary of the extensive changes to the client money and custody rules for investment firms Overview The Financial Conduct Authority ( FCA ) released on 10 June 2014 a new
More informationShanghai-Hong Kong Stock Connect: Are You Ready for the Through Train to Shanghai?
September 2014 : Are You Ready for the Through Train to Shanghai? Market participants in the Hong Kong market eagerly await what will be one of the most major developments in the equity market: the October
More informationThe Reserved Alternative Investment Fund (RAIF) - The best of two worlds?
The Reserved Alternative Investment Fund (RAIF) - The best of two worlds? What is a RAIF? a Luxembourg alternative investment fund ( AIF ) managed by an external authorised Alternative Investment Fund
More informationBriefing Note UAE Corporate Governance Regime
February 2010 Briefing Note UAE Corporate Governance Regime At a Glance > Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between
More informationHow To Make Money In Indonesia
Client Update An overview of the Indonesian insurance industry for foreign investors 21 February 2014 The Indonesian insurance market has attracted significant interest from international investors in
More informationRupiah requirement on transactions in Indonesia update
Client Update Rupiah requirement on transactions in Indonesia update Revised June 2015 On 31 March 2015, the Indonesian central bank (Bank Indonesia) issued Bank Indonesia Regulation No. 17/3/PBI/2015
More informationA Cautionary Tale When Considering Yieldco Dropdown and Other Related Party Transactions: In re: El Paso Pipeline Partners, L.P. Derivative Litigation
June 2015 A Cautionary Tale When Considering Yieldco Dropdown and Other Related Party Transactions: In re: El Paso Pipeline s, L.P. Derivative Litigation Sponsors of yieldcos, master limited partnerships
More informationWelcome to our Summer London seminar programme 2016
Welcome to our Summer London seminar programme 2016 Contents Welcome to our London seminar programme May 2016 June 2016 June 2016 June 2016 July 2016 The increasing cooperation between U.S. enforcers and
More informationEuropean Commission releases final report on business insurance sector inquiry
Insurance Update. European Commission releases final report on business insurance sector inquiry The Commission has published the final report of its competition inquiry into the business insurance sector.
More informationPART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act
1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:
More informationThe Minister of Economy and Finance
The Minister of Economy and Finance Having regard to Law No 228 of 24 December 2012 laying down provisions for drawing up of the annual and multi-annual State budget ("Legge di stabilità 2013 2013 Stability
More informationIndependent Commission on Banking Final Report on UK Banking Reform
Independent Commission on Banking Final Report on UK Banking Reform 13 September 2011 1. Introduction The UK Independent Commission on Banking (the ICB ) published its final report on 12 September 2011.
More informationCFTC Aligns Regulation of Certain DCOs with International Standards
January 2, 2014 CFTC Aligns Regulation of Certain DCOs with International Standards Key Takeaways: > In November of 2013, the CFTC adopted regulations for systemically important DCOs, and other DCOs that
More informationEUTELSAT COMMUNICATIONS. Société anonyme with a share capital of 226,972,338 Euros Registered Office: 70 rue Balard, 75015 Paris 481 043 040 RCS Paris
EUTELSAT COMMUNICATIONS Société anonyme with a share capital of 226,972,338 Euros Registered Office: 70 rue Balard, 75015 Paris 481 043 040 RCS Paris ORDINARY AND EXTRAORDINARY SHAREHOLDERS MEETING OF
More informationChina pushes change in IT infrastructure by strengthening regulation of cyber security
April 2015 China pushes change in IT infrastructure by strengthening regulation of cyber security China pushes change in IT infrastructure by strengthening regulation of cyber security The CBRC s recent
More informationRegulated Mortgages. March 2012
Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section
More informationBrief guide to Administration
Brief guide to Administration Administration is a rescue procedure for companies that are, or are likely to become, insolvent. It is similar in concept to Chapter 11 proceedings in the United States but
More informationWhy Spain? Why Austria?
Briefing Overseas investments by Brazilian corporations Summary In this briefing we look at how the Austrian and Spanish domestic tax regimes for holding companies may be relevant when structuring international
More informationThe Bratislava Stock Exchange IPO Overview
The Bratislava Stock Exchange IPO Overview Bratislava Stock Exchange (hereinafter referred to as BSSE ) was founded in 1991, in conformity with a decree of the Ministry of Finance of the Slovak Republic
More informationThe Warsaw Stock Exchange Rules
The Warsaw Stock Exchange Rules (text according to legal condition at 1 June 2015)* *The Warsaw Stock Exchange Rules adopted in Resolution No. 1/1110/2006 of the Exchange Supervisory Board dated 4 January
More informationGLOBAL GUIDE TO M&A TAX
Quality tax advice, globally GLOBAL GUIDE TO M&A TAX 2013 EDITION www.taxand.com CYPRUS Cyprus From a Buyer s Perspective 1. What are the main differences among acquisitions made through a share deal versus
More informationHow To Avoid Inheritance Tax On A Pension Scheme
September 2013 Occupational pension schemes: Lump sum death benefits: Tax issues Here we look at the main tax issues which arise in relation to lump sum death benefit payments. We shall start with tax-registered
More informationRules for the CAC 40 index. January 2009
Rules for the CAC 40 index January 2009 Effective from 2 January 2009 This English translation is for the convenience of English-speaking readers. However, only the French text has any legal value. Consequently,
More information1. Definition of cash components
Opinion n 2015-06 of 3 July 2015 relating to Central Government Accounting Standard 10 Cash Components On 3 July 2015 the Public Sector Accounting Standards Council adopted this Opinion relating to Central
More informationCOMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016
EUROPEAN COMMISSION Brussels, 10.6.2016 C(2016) 3446 final COMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council
More informationEU financial transaction tax
Briefing EU financial transaction tax Summary On 14 February 2013, the European Commission tabled its proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction
More informationParis Client Alert. One-way exclusive jurisdiction clause held void by Cour de Cassation.
October 2012 Paris Client Alert. One-way exclusive jurisdiction clause held void by Cour de Cassation. On 26 September 2012, the Cour de Cassation, France s highest court in civil and commercial matters,
More informationThe Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective.
REITS REAL ESTATE INVESTMENT TRUSTS The Listing Rules Chris Luck, Nabarro LLP As at 1 April 2008, 18 companies have either converted to or have listed as UK-REITS. This article considers how to convert
More informationCHAPTER 16 INVESTMENT ENTITIES
CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end
More informationAuthorised Persons Regulations
Authorised Persons Regulations Contents Part 1: General Provisions Article 1: Preliminary... Article 2: Definitions... Article 3: Compliance with the Regulations and Rules... Article 4: Waivers... Part
More informationFinancial Transaction Tax (Shares and other financial instruments subject to the tax)
Financial Transaction Tax (Shares and other financial instruments subject to the tax) Unless otherwise specified, legal references are made to the Decree of the Minister of Economy and Finance of 21 February
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationIreland Treasury Shares Guide IBA Corporate and M&A Law Committee 2014
Ireland Treasury Shares Guide IBA Corporate and M&A Law Committee 2014 Contact Paul White A&L Goodbody, Dublin pwhite@algoodbody.com Contents Page GENERAL OVERVIEW 2 REGULATORY FRAMEWORK 3 ACQUISITION
More informationRoche Capital Market Ltd Financial Statements 2014
Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive
More informationThe Warsaw Stock Exchange Rules
(text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.
More information(Legislative acts) REGULATIONS
24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and
More informationSection 1 1 Purpose of the Act The purpose of this Act is to lay the basis for secure, orderly and efficient trading in financial instruments.
Finanstilsynet Norway Translation update January 2015 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.
More informationSupplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)
Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),
More informationFSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers
July 2011 FSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers FSA reports on how banks deal with high-risk customers, correspondent banking 1
More informationREQUIREMENTS FOR OBTAINING A BANK OR FINANCIAL INSTITUTION LICENSE
REQUIREMENTS FOR OBTAINING A BANK OR FINANCIAL INSTITUTION LICENSE The business of banks (or credit institutions ) and financial institutions is regulated by directive No. 2006/48 EC of 14 June 2006 ("the
More informationAIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended.
Glossary Accounting Period means the annual accounting period for the Company ending on 31 December in each calendar year. The first annual accounting period will end on 31 December 2015. Acts means the
More informationAMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03
AMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03 References: Articles 311-1 to 311-3, 311-7, 311-7-1, 313-53-1, 316-3 to 316-5,
More informationNOTICE OF JOINT SHAREHOLDERS MEETING
SOCIETE GENERALE A French limited liability company with share capital of EUR 542 691 448,75 Head office: 29, boulevard Haussmann 75009 Paris 552 120 222 R.C.S. Paris NOTICE OF JOINT SHAREHOLDERS MEETING
More informationSingapore: Insolvency Law Review Committee Recommendations.
November 2013 Singapore: Insolvency Law Review Committee Recommendations. Contents 1 Background In December 2010, the Minister of Law of Singapore (the MoL ) appointed the Insolvency Law Review Committee
More informationExempt companies THE NEW UAE COMMERCIAL COMPANIES LAW APRIL 2015
THE NEW UAE COMMERCIAL COMPANIES LAW APRIL 2015 The UAE has introduced a new Commercial Companies Law (UAE Federal Law No. 2 of 2015) (the New CCL), which replaces the previous Commercial Companies Law
More informationUS Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation?
February 29, 2012 Authors: Anubhav Gogna and David W. Powell If you have questions, please contact your regular Groom attorney or any of the attorneys listed below: Anubhav Gogna agogna@groom.com (202)
More informationCAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION)
CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of
More informationUK Government publishes response to the Independent Commission on Banking.
UK Government publishes response to the Independent Commission on Banking. Introduction The UK Independent Commission on Banking (the ICB ) published its final report on 12 September 2011. A summary of
More informationImplementation of the Jackson Reforms. The key changes.
March 2013 Implementation of the Jackson Reforms. The key changes. Introduction On 1 April 2013, a large tranche of the reforms proposed by the 2010 review of civil litigation costs by Lord Justice Jackson
More informationNational Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Table of Contents
National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues Table of Contents PART PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 TITLE DEFINITIONS AND INTERPRETATION
More informationRoche Capital Market Ltd Financial Statements 2009
R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,
More informationInter-company credit: Decree n 2016-501 of 22 April 2016
Inter-company credit: Decree n 2016-501 of 22 April 2016 p.1 The supervisory committee of a simplified joint-stock company (SAS) qualified as de jure director: impact on the personal liability of the supervisory
More informationEngland and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]
England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL
More informationRecent developments in the disclosure regime for economic interest in shares
Recent developments in the disclosure regime for economic interest in shares by Peter Green and Jeremy Jennings-Mares, Morrison & Foerster (UK) LLP Most jurisdictions impose obligations requiring the disclosure
More informationCORPORATE GOVERNANCE COMPANY MANAGEMENT STRUCTURE
CORPORATE GOVERNANCE COMPANY MANAGEMENT STRUCTURE 67 FACT BOOK 2010 COMMITTEES OF THE BOARD OF DIRECTORS 68 FINANCE LUKOIL FINANCIAL POLICY AND SECURITIES Financial policy The main strategic mission of
More informationBasel III and project finance
July 2011 Basel III and project finance In this article, published by Project Finance International (Issue 460), Edward Chan and Matthew Worth go through what Basel III means and the impact on projects
More informationRoche Capital Market Ltd Financial Statements 2012
R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes
More informationCROWDFUNDING: A GUIDE FOR FUNDING PLATFORMS AND PROJECT OWNERS
CROWDFUNDING: A GUIDE FOR FUNDING PLATFORMS AND PROJECT OWNERS Depending on the method chosen, a crowdfunding operator may have to comply with banking and financial regulations and, as such, meet certain
More informationTAXATION OF FINANCIAL INSTRUMENTS
2 Ing. Katarína Vavrová Faculty of Business Management University of Economics in Bratislava Investment in securities is influenced not only by the relation between the intrinsic value and market price
More information1 October 2015. Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet
1 October 2015 Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet Table of Contents 1. Purpose of Policy 2. Objectives of Holding Financial
More informationArticles. SEC Adopts Rules to Allow Crowdfunding Beginning May 16, 2016. Alan Bickerstaff, Jeff C. Dodd and Ted Gilman December 2, 2015
SEC Adopts Rules to Allow Crowdfunding Beginning May 16, 2016 Alan Bickerstaff, Jeff C. Dodd and Ted Gilman December 2, 2015 Over two years after proposing rules, the Securities and Exchange Commission
More informationU.S. Securities Law Briefing United States Adopts Major Changes to Securities Offering Rules under JOBS Act
March 2012 U.S. Securities Law Briefing United States Adopts Major Changes to Securities Offering Rules under JOBS Act The U.S. Congress yesterday approved the Jumpstart Our Business Startups Act (the
More informationThe Destinazione Italia Decree: significant amendments to Italian securitisation transactions
The Destinazione Italia Decree: significant amendments to Italian securitisation transactions Emiliano Conio, Corrado Angelelli, Vittorio Salvadori and Francesco Lombardo, Freshfields Bruckhaus Deringer
More information1 Overview of TOKYO PRO Market
I 1 Overview of TOKYO PRO Market Established by Tokyo Stock Exchange, Inc. (hereinafter "TSE"), TOKYO PRO Market is a specified financial instruments exchange market (namely market for professionals) specializing
More information