Mon, Aug 29, 2016
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. Strategies - The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I, Hedge funds get more pushback on terms as enthusiasm for strategy wanes[more]

    The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I From IBTImes.co.uk: To illustrate a strategic gap common to today's portfolio managers, George Sokoloff, PhD, founder and CIO at Carmot Capital, proposes an interesting thought experiment – a breakdown of

  2. Institutional investors - Investors set to increase allocation to private debt, With investment income key, Richmond retirement system faces funding challenges[more]

    Investors set to increase allocation to private debt Investors are set to increase their allocation to private debt, with 60% revealing they believe the private debt market will grow over the next 12 months, according to a new study by Elian, a leading funds services provider. 41%

  3. Investing - Hedge funds snap up banks, unload Apple, Some of hedge funds' favorite stocks are finally starting to beat the market, Einhorn's Greenlight shifts positions, Treasury yield climbs to two-month high as Fischer joins hawks, 9 stocks smart investors put their money in last quarter[more]

    Hedge funds snap up banks, unload Apple From Barrons.com: Prominent hedge funds have a newfound love of big banks, and some have a distaste for shares of Apple, regulatory filings released last week show. The filings suggest that the funds have been pivoting their portfolios in recent mon

  4. Chesapeake energy seeks $1 billion loan to refinance debt[more]

    From Bloomberg.com: Chesapeake Energy Corp. is seeking a $1 billion loan as the company battered by cratering fuel prices and credit downgrades takes a step to address its $9 billion debt load. The natural gas producer hired Goldman Sachs Group Inc., Citigroup Inc. and Mitsubishi UFJ Financial Group

  5. Institutions - Nordic pension funds magnify focus on unlisted and direct investing, building up teams[more]

    From IPE.com: As bond yields remain at low or negative levels, pension funds and other institutional investors in the Nordic region are stepping up efforts to find higher returns by adding more unlisted investments to portfolios and are expanding in-house teams in order to do this, according to new