Impact of EU Financial Transaction Tax on the asset management industry
On 14 February 2013, the European Commission issued a new draft Council Directive to implement an EU financial transaction tax (FTT) in 11 countries. We previously highlighted that the Directive has a very broad scope and will impact both EU and non-EU Financial Institutions. The costs of the tax (coupled with the major operational changes
Tax issues around interest from fixed-income securities: new circular letter
On 25 January 2013, the Belgian tax administration published a circular letter on the Belgian tax regime of structured products characterised by an uncertain return on investment given the variation of the coupons or the modalities of reimbursement at term. Are in scope of this circular the securities whose return is linked to the evolution
AIFMD: the finer details take shape
The European Commission (EC) finally published its delegated acts (the Level 2 Regulation) under the Alternative Investment Fund Managers Directive (AIFMD) on 19 December 2012. The EU Parliament and the Council have three months to scrutinise the Regulation but the likelihood of rejection by them seems quite low. The Level 2 Regulation has had a
