Long-awaited MiFID II Delegated Acts published
This MiFID II Delegated Directive brings clarity on some contentious investor protection issues, and confirms some key changes that firms need to accomplish in several important areas. The progress of the Markets in Financial Instruments Directive II (MiFID II) has been slow, stuttering and at times unpredictable, and the complexity and scale of the regulation
ESMA publishes final guidelines on sound remuneration policies under UCITS and AIFM Directives
In its newest report, ESMA sheds light on the guidelines relating to the remuneration policies and practices for management companies and their identified staff. On 31 March 2016, the European Securities and Markets Authority (ESMA) published its final guidelines on the remuneration policies for management companies and their identified staff (the Guidelines). These Guidelines refer
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
MiFID II implementation potential delay
In a speech to the EU Parliament, Steven Maijoor, Chairman of the ESMA, flagged that the current MiFID II timetable is “extremely tight” and delaying certain parts of it might be needed. In a separate statement, a spokesman of the European Commission stated “the most legally sound approach would be to delay the whole package
Transversal Royal Decree postponed
On 10 June 2015, the Royal Decree of 2 June 2015 (Royal Decree 2015) amending the Royal Decree of 25 April 2014 imposing certain information requirements for financial products offerings to retail clients (Transversal Royal Decree) was published in the Belgian Official Gazette. The main objective of the Royal Decree 2015 is to postpone the
Net Asset Tax – annulment of retroactive tax increase for credit institutions
The Net Asset Tax (‘NAT’) rate for assessment year 2013 for credit institutions has been increased from 0.0800% to 0.0965% by the Act of 17 June 2013 and from 0.0965% to 0.1200% by the Act of 30 June 2013. The increased NAT rate applied to already filled NAT returns, resulting in taxpayers being forced to
FATCA – Belgian draft Guidance Notes published
The Federal Public Department of Finance has released the Belgian FATCA Guidance Notes in draft format. For more information about the draft, you can read the 138-page text here: http://finances.belgium.be/fr/binaries/2015-04-belgian-guidance-notes-draft_tcm307-266568.pdf Additional information about the implementation of FATCA in Belgium can be found on the Federal Public Department of Finance’s website: http://finances.belgium.be/fr/E-services/fatca/. Belgian contacts: Stéphane Martin
New draft bill on the contribution of financial institutions to State revenue
As part of the Belgian government agreement, it was decided that banks and insurance companies should pay an additional tribute to the State revenue, thanks to an amendment to the notional interest deduction regime (NID), taking into account Basel III and Solvency II agreements. Following a proposal by the Finance Minister Johan van Overtveldt, the
