ESMA Q&A – FSMA position papers – latest developments
The European Securities and Markets Authority (below ‘ESMA’) promotes common supervisory approaches and practices in respect of the application of the European Directive on Alternative Investment Fund Managers (below the ‘AIFMD’) and its implementing measures. In this context, ESMA has publishedQuestions & Answers (below ‘Q&A’) on the application of the AIFMD. These Q&A have been
Italian substitute tax on credit facility: automatic application replaced by election mechanism
The substitute tax on credit facility agreements under Articles 15 and following of Presidential Decree No. 601 issued on September 29, 1973 An amendment enacted in December 2013 now allows parties to certain credit facility agreements to opt to have a substitute apply to such transactions, as opposed to it applying by default. Such option
FSMA provides technical details for AIFM reporting
The Belgian Financial Services and Markets Authority (FSMA) has issued a circular that aims to clarify technical details of how managers registered and approved in Belgium of alternative investment funds (AIFs) of the European Union (EU) or of AIFs marketed in a EU member state, should comply with the reporting obligations set out in the
The UCITS V Directive is now adopted
On 23 July 2014, the Council of the European Union formally approved the proposal for a “Directive of the European Parliament and of the council of amending Directive 2009/65/EC (the UCITS IV Directive) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions,
New practice note: Withholding taxes for Belgian-sourced dividends received by Belgian-regulated investment companies
On 24 June 2014, the tax administration published a Practice Note on its website related to the 2013 modification of the withholding tax regime for Belgian-sourced dividends received by Belgian-regulated investment companies. The note provides comments on the tax regime both before and after the change in law introduced by the Act of 30 July
Good faith transitional relief under FATCA provided by US Treasury and IRS
On May 2, 2014, the US Treasury Department (Treasury) and Internal Revenue Service (IRS) announced in Notice 2014-33 (the Notice) that calendar years 2014 and 2015 will be regarded as a transition period for IRS enforcement and administration purposes with respect to the implementation of the Foreign Account Tax Compliance Act (FATCA or Chapter 4).
EU FTT
EU FTT: UK’s challenge blocked for now but UK Treasury indicates they will not let it be. In april 2013, the UK launched a legal challenge against the introduction of an EU Financial Transaction Tax (‘EU FTT’) under the Enhanced Cooperation Procedure (‘ECP’). Two days before, the Court of Justice of the European Union (‘CJEU’) released
Belgium and the US sign FATCA Intergovernmental Agreement
On 23 April 2014, Minister of Finance, Koen Geens and US Ambassador, Mark Storella signed the long awaited bilateral Intergovernmental Agreement (IGA) intended to implement the Foreign Account Tax Compliance Act (FATCA). The IGA will provide needed clarity around the implementation of FATCA for the Financial Institutions (FIs) resident in Belgium and those with branches
