MiFID II entry into force delayed for one year!
On 10 February 2016, the Commission has proposed a one-year extension for the entry into force of the revised Markets in Financial Instruments Directive, i.e. MiFID II. Given the previous statements by ESMA Chairman, Steven Maijoor and MiFID II Rapporteur, Markus Ferber, the proposed extension does not come as a surprise. The reason for the
European Commission proposes Anti-Tax Avoidance Package
On 28 January 2016, the EU Commission presented its Anti-Tax Avoidance Package. The continuing political will to address tax avoidance may result in the 100% consensus required by EU Member States to effect the proposed tax changes. The EU-28 governments will have to decide if they are willing to go further than the G20/OECD BEPS
Insurance Distribution Directive published in Official Journal of the EU
Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution was published in the Official Journal on 2 February 2016. 1. In general The Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (IDD) (previously named ‘Insurance Mediation
IFRS 16 – Leases Standard
The International Accounting Standards Board (‘IASB’) announced a new leasing standard that will come into effect on 1 January 2019 (earlier application permitted for accounting periods ending on or after 1 January 2017). This new standard requires lessees to recognise nearly all leases– with an exemption for short-term and low-value asset leases – on the
Meal vouchers and non-recurring collective bonuses – adjustment to maximum amounts
The Act of 6 December 2015 contained the following adjustments with respect to ‘meal vouchers’ and ‘non-recurrent collective bonuses’, applicable as from 1 January 2016.
