EU FTT – another statement of intent by EU Finance Ministers
Two weeks ago, in our Newsflash dated 22 January 2015, we discussed the latest developments in respect of the EU FTT since the turn of the year. Following the lack of consensus between the 11 participating Member States (“PMS’) at the end of last year, it was therefore noteworthy that President Hollande of France stated
Net Asset Tax – Constitutional Court annuls retroactive increase of rate
On 22 January 2015, the Belgian Constitutional Court rendered a judgement annulling the retroactive increase of the Net Asset Tax (“NAT”) rate introduced by the Act of 17 June 2013 with respect to assessment year 2013. This Act had increased the NAT rate from 0.0800% to 0.0965% as from 1 January 2013, as a result
IRS issues Final Regulations with respect to foreign financial assets (Form 8938)
The Final rules do not significantly alter previous guidance On December 12, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations implementing Section 6038D, which requires individuals to report interests in specified foreign financial assets (SFFAs) using Form 8938, Statement of Foreign Specified Assets when filing their
EU FTT: back from the dead?
EU Financial Transaction Tax (“FTT”) finally implemented? During the last two months of 2014, a number of meetings were held both between the EU-11 and between the EU-11 and other EU Member States, with the aim of reaching consensus on the EU FTT. Despite the commitment of the Italian EU Council Presidency to the EU
FSMA, Febelfin and FEB published a joint Communication on EMIR
On 2 December 2014, the Financial Securities and Markets Authority (FSMA), the Fédération belge du secteur financier (Febelfin) and the Federation of Enterprises (FEB) prepared and issued a joint communication on the application of the European regulation EMIR (as defined below) to non-financial counterparties active in derivatives transactions (the “Communication”). The regulation (EU) No 648/2012
End of the Luxembourg withholding tax system in the frame of the EU Savings Directive
The Luxembourg parliament voted the draft Law n°6668 enacting the automatic exchange of information for interest payments within the EU as from 1 January 2015, in the frame of the EU Savings Directive (“the EUSD”). Such draft Law has become the Law of 25 November 2014, published in the memorial dated 27 November 2014. The
New FSMA guidelines on the approval process for independent financial planners
On 4 November 2014, the Financial Services and Markets Authority (‘FSMA’) published a Memorandum dated 1st November 2014 on its website on the access to the legal status of independent financial planner and related approval process with the FSMA (the ‘Memorandum’). The Belgian Act of 25 April 2014 on the legal status and supervision of
ESMA publishes updated Q&A on Prospectus issues
On 22 October 2014, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A on Prospectus issues related the Prospectus Directive 2003/71/EC (Prospectus Directive) and the accompanying Commission Regulation on Prospectuses EC No 809/2004 (Regulation). The Prospectus Directive and accompanying Regulation establish a harmonised format for prospectuses in Europe and allow
