Mon, Jan 23, 2017
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. Investing - This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally, Hedge fund legend David Einhorn is making a big bet on GM, After impressive 85% return in 2016, hedge fund looks to Canadian gold producer, small banks[more]

    This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally From Forbes.com: Can bank stocks continue to rise after a 28% surge in the KBW Bank Index in 2016, fueled by a post-election rally as stock pickers returned to the beaten down sector? Forget the s

  2. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  3. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee

  4. Macro hedge funds and CTAs outperform in December on strong dollar[more]

    Komfie Manalo, Opalesque Asia: The last month of 2016 saw risk assets climbing higher, as part of expectations that the new U.S. administration will remove barriers to growth and investment, Lyxor Asset Management said. December also saw the Fed hik

  5. Opalesque Exclusive: Roxbury credit events UCITS gathers more assets[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The Roxbury Credit Events Fund, launched in September 2015, was up 4.24% in 2016, having returned seven positive months during the year. The managers raised