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
New draft legislation published on the status and supervision of insurance or reinsurance companies
This draft legislation proposes important new rules for reinsurance companies and fills certain gaps currently existing in the law. 1. Current legislation The legislation on insurance and reinsurance companies is currently split into two parts: the Act of 9 July 1975 on the control of insurance companies (the Insurance Act) and the Act of 16
Belgian Net Asset Tax before the Court of Justice of the EU – AG’s Opinion released
According to the Advocate General’s opinion issued on 21 January 2016, the Belgian Net Asset Tax applied to foreign investment funds is compatible with European law. The Court of Justice of the European Union (CJEU) was requested, by the Court of Appeal of Brussels, to grant a preliminary ruling on the compatibility, with European
Securities Financing Transactions Regulation enters into force
The new Regulation on transparency of Securities Financing Transactions (also known as SFTR) was published in the Official Journal of the EU on 23 December 2015 and entered into force on 12 January 2016. The SFTR is part of the Commission’s action plan on shadow banking and aims to improve the transparency of certain transactions
Belgium to introduce a new capital gains tax
In the framework of the ‘Tax Shift’ agreement, the Belgian government announced a new speculative tax (or capital gains tax, below ‘CGT’). The bill of law on measures for strengthening job creation and purchasing power dated 10 December 2015 provides further details in this respect. Speculative tax/capital gains tax In a nutshell, here are the
