Fri, Sep 4, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

The new EU Financial Transaction Tax: why it seems set to impact financial institutions worldwide, and why legal challenges are likely

Thursday, January 24, 2013

Bailey McCann, Opalesque New York: As Opalesque first reported yesterday, the European Commission, the EU's executive arm has resolved to use the "enhanced cooperation procedure" to implement an EU financial transaction tax (FTT) across France, Germany, and the nine other EU Member States that wish to do so. The resolution will make it easier for the European Commission to tax within the EU and also extra-territorially, in other countries including the UK, US and Asia.

Law firm Clifford Chance has authored a legal brief outlining some of the early conclusions from this resolution. Specifically, that most equity, debt and derivative transactions in these jurisdictions will be subject to the tax – from as early as 2014. The brief also looks at some provisions which may be vulnerable to legal challenge.

The current version of the FTT represents a slight shift away from the original plan which was to implement the tax across the whole of the European Commission. However, the Czech Republic, Luxembourg, Malta and the United Kingdom abstained. As such there is now an "FTT Zone" group of countries which will levy the tax inside the zone and abroad. The Commission is expected to release a formal proposal in the......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner