News & Analysis as of

Financial Instruments

Italy passes new rules for carried interest

by Hogan Lovells on

The Italian Government has at last put an end to the controversy around the characterisation of 'carried interest' for tax treatment purposes. By Law Decree no. 50 of 24 April 2017, which is to be brought into law by 23 June...more

Il nuovo regime fiscale dei piani di co investimento di amministratori e dipendenti

L'articolo 60 del d.l. n. 50 del 24 aprile 2017, pubblicato in G.U. 24 aprile 2017 (di seguito "Decreto"), disciplina il regime fiscale applicabile ai redditi derivanti dalla partecipazione ad OICR, società o enti percepiti...more

Funds Talk: May 2017 - On Index Funds and Anti-competitive Activity

Among the plethora of investment products available, index funds have historically been considered among the more respectable, reliable and generally safe options for investors and markets alike....more

China's draft regulations to affect investment in Chinese insurance companies

by Hogan Lovells on

On 29 December 2016, the China Insurance Regulatory Commission (“CIRC“) commenced public consultation on the amended Administrative Measures for Equities of Insurance Companies (Draft for comments) (the “Draft Measures“),...more

European Commission Blocks Merger of London Stock Exchange and Deutsche Börse

On 29 March 2017, the same day that United Kingdom has officially launched the Brexit process, the European Commission (Commission) blocked the proposed 29 billion Euro merger between Deutsche Börse AG (DBAG) and London Stock...more

EU member states reached consensus on anti-hybrid mismatch measures

by DLA Piper on

On February 21, 2017, the Council of the European Union (ECOFIN, in this context) reached political consensus on a directive (known as ATAD 2) amending the EU Anti-Tax Avoidance Directive as adopted on July 17, 2016 (EU...more

The Australian Government significantly expands ATO powers to fight multinational tax avoidance: Legislation introduced for 40 per...

by DLA Piper on

The Australian Government introduced legislation (DPT legislation) into Parliament on 9 February 2017 to implement a further component (second limb) of the United Kingdom–style diverted profits tax (DPT), with effect from 1...more

The Call for a Statutory Insider Trading Law

Judge Jed S. Rakoff (S.D.N.Y.) recently made headlines after urging lawyers to draft and advocate for a more straightforward insider trading statute to replace judicially-created insider trading law. During his keynote speech...more

Belgian FSMA's position on unfair terms in financial instruments

by White & Case LLP on

The Belgian Financial Services and Markets Authority (FSMA) published a communication regarding the application of the unfair terms legislation in the context of the offering of securities to consumers (the...more

Ten things to consider when you do a leveraged finance deal in Germany

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 2 - As forecasted in our 30 January 2017 publication "European leveraged debt fights back," we expect 2017 to be a year where high yield bonds and covenant light "term loan...more

EU member states reached consensus on anti-hybrid mismatch measures

by DLA Piper on

On February 21, 2017, the Council of the European Union (ECOFIN, in this context) reached political consensus on a directive (known as ATAD 2) amending the EU Anti-Tax Avoidance Directive as adopted on July 17, 2016 (EU...more

French Legal and Regulatory Update - January 2017

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for January 2017. 1. Audovisual...more

UK: Consultation on New Regulatory Framework for Insurance Linked Securities Opens

by Hogan Lovells on

The FCA have opened a consultation on proposals to amend the FCA Handbook to incorporate a new regulated activity of “insurance risk transformation”. The consultation documentation can be found on the FCA’s site....more

Emerging Trends Newsletter - Q4

by Stinson Leonard Street on

The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Acquisition of Shares in Public Companies Before the SEJM

by K&L Gates LLP on

A parliamentary bill has been submitted with the Sejm, repealing an obligation to submit a tender offer in connection with the acquisition of shares giving the right to 10% of the total number of votes at the General Meeting...more

EU Market Abuse Regulation - Market Soundings Safe Harbour: Compliance and Record Requirements

by Morrison & Foerster LLP on

The EU Regulation on Market Abuse (“MAR”) prohibits a person from unlawfully disclosing inside information relating to securities within the scope of the legislation. An unlawful disclosure is made when a person possesses...more

EU Market Abuse Regulation - Requirements for U.S. Issuers

by Morrison & Foerster LLP on

The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing...more

Consob recommendation on the distribution of financial instruments through a trading venue

by DLA Piper on

On 18 October 2016 - after a public consultation opened on 9 May 2016 - the Italian regulator (Consob) published a new recommendation on the distribution of financial instruments through a trading venue. In particular,...more

European Securities and Markets Authority Consults on Proposed Guidelines on Trading Halts under MiFID II

by Shearman & Sterling LLP on

The European Securities and Markets Authority published draft Guidelines on trading halts by regulated markets under the revised Markets in Financial Instruments Directive. MiFID II requires regulated markets to temporarily...more

EU Authority Publishes Model Arrangements for Benchmark Colleges

by Shearman & Sterling LLP on

The European Securities and Markets Authority published Model Written Arrangements for Benchmark Colleges (dated September 30, 2016)...more

GPs Operating in Japan: Follow-Up Information Disclosures for Article 63 Filers Is Required

by Morgan Lewis on

GPs that operate limited partnerships based on the exemption under Article 63 of the FIEA and have recently completed a renewal filing around the end of the grace period (August 31, 2016) are required to prepare Form 20-2...more

Banks Speak: LIBOR Plaintiffs Are Not Efficient Enforcers Of Antitrust Laws

As our loyal readers know, on May 23, 2016, the Second Circuit issued a decision in the In re: LIBOR-Based Financial Instruments Antitrust Litigation vacating the District Court’s prior decision dismissing one case in this...more

UK Financial Regulatory Developments - July 2016 #5

by Dentons on

Commission reports on FCD - The Commission has reported on the appropriateness of Article 3(1) of the Financial Collateral Arrangements Directive (FCD). The FCD established a framework for the creation and enforcement of...more

Blog: North Carolina Introduces #Bitlicence For Virtual Currency Exchanges & Wallet Providers

by Cooley LLP on

North Carolina has amended its Money Transmitters Act, to introduce a new #Bitlicence. The new legislation was introduced into the North Carolina General Assembly on 18 March 2015, at the request of the Office of the...more

Update of the Luxembourg transparency rules

by Allen & Overy LLP on

Luxembourg finally implements the Transparency Amending Directive. In line with the Directive, the Transparency Act 2008, amongst others: - reinforces rules on the disclosure of major shareholdings, including a new...more

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