Fri, May 24, 2013
A A A
Welcome Guest
Free Trial RSS
New! Family Office and Investor Database with 11,750 contacts
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
Article link
Banner
Today's Exclusives Today's Other Voices Banner More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Endurance Series Trust launches first mutual fund, multi-series trust[more]

    Bailey McCann, Opalesque New York: Endurance Series Trust, a multi-series trust, is launching with Gator Capital Management, LLC as the adviser for the Trust’s first mutual fund series. Endurance Fund Services, LLC, an independently owned and operated fund administration company will serve as t

  2. Morgan Creek Capital Management to acquire Signet Capital Management[more]

    Bailey McCann, Opalesque New York: Investment firm Morgan Creek Capital Management has acquired Signet Capital Management a UK-based credit fund of funds with $700M in assets under management. Under the agreement, Signet will contribute its funds and senior investment management team to Morgan Creek

  3. Performance – Chenavari Investment holds off U.S. dominance to crack big league of top hedge fund performers, BlueCrest credit hedge fund makes gains despite European short bias, Sensato Asia-Pacific Fund up 15% YTD, says Japanese stock valuations are no longer attractive, ETF that follows hedge fund gurus is up 52% since inception less than a year ago[more]

    Chenavari Investment holds off U.S. dominance to crack big league of top hedge fund performers From Cityam.com: A boutique London-based hedge fund has smashed into the top three best performing funds in the world this year, breaking the dominance of US hedge fund managers, according to a

  4. Moore Capital founder Louis Bacon to anchor $750m senior loan fund[more]

    From PEhub.com: Billionaire hedge fund manager Louis Bacon is placing a big bet on mid-market lending by backing a new firm that is seeking to raise a $750 million debt fund aiming at the lower end of the middle market, two sources told sister magazine Buyouts. Bacon, the founder of Moore Capi

  5. A fund that trades G10 currencies, futures and index options: Model strategy driven contagion (historically as evidenced in Aug.’07)- manager's believe currency funds are less prone to such contagion, and studies they undertook suggest such events are less likely to happen
Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. Penrich
  2. MS
  3. MGH
  4. NZARA
  5. 36 South
  1. managed account
  2. man group
  3. Ucits
  4. asian hedge fund
  5. King Street