Financial Transaction Tax

News & Analysis as of

Update on the EU's Proposed Financial Transactions Tax

The Court of Justice of the European Union (CJEU) recently issued a decision rejecting the UK government’s initial legal challenge against the proposed introduction of a financial transactions tax (FTT) in Europe. The...more

UK’s financial transaction tax challenge – mission accomplished

The UK was challenging the legality of the decision taken by the Council of the European Union to authorise the enhanced cooperation procedure (ECP) to establish an FTT for a subgroup of willing Member States. The UK, and a...more

"European Court Rejects UK’s Financial Transaction Tax Challenge"

U.K.’s challenge to the proposed financial transaction tax (FTT), while recognizing that the U.K.’s challenge was precautionary — and possibly premature. The U.K. was challenging the European Council’s Decision...more

Key issues for asset managers in 2014

In this newsletter - U.S.: - Dodd-Frank Act – Designation of asset managers as systemically important financial institutions - Volcker Rule finalised with a more limited application to covered fund activities...more

UK House of Lords EU Committee Report on European Commission’s Financial Transaction Tax Proposals

On December 10, the UK House of Lords EU Sub-Committee on Economic and Financial Affairs published a follow-up report to its March 2012 report on the European Commission’s proposals for a financial transaction tax (FTT)....more

Update on UK and European Regulatory Developments - October 2013

The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments. In This Issue: - Part A – Regulation of Financial...more

Under Construction - September 2013: Arizona Contractors and Design Professionals Receive Additional Protections Under Arizona’s...

For good reason, much of the focus for Arizona contractors during the recently-concluded legislative session was on transaction privilege tax (TPT) reform. That bill, HB 2111, was ultimately signed by the Governor, but only...more

EU Institutions in Public Disagreement over the Legality of the Financial Transaction Tax

Lawyers for the European Commission and EU member states are in public disagreement over the legality of the FTT. A leaked legal opinion produced by the EU Council’s legal service alleged that the FTT was both incompatible...more

Chicago DOR Expands Lease Transaction Tax

The Chicago personal property lease transaction tax (CTT) is the city's version of a lease or rental tax on personal property. It is an 8 percent tax that applies to any lease or rental of personal property in the city of...more

"European Council’s Lawyers Opine That Proposed EU Financial Transaction Tax Is Unlawful"

The European Council Legal Service has issued an opinion that seriously questions the legal validity of the European Commission’s proposals for a financial transaction tax (FTT). The opinion finds that the extraterritorial...more

Orrick's Derivatives in Review - August 2013

Featured in this month's edition: - "U.S. Person" Definitions Under the Final Exemptive Order and the Final Guidance, Application to Certain Foreign Branches, and Determination for Collective Investment Vehicles -...more

Financial Regulatory Update - June 2013

This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital...more

Orrick's Derivatives in Review - June 11,2013

The Derivatives in Review highlights important legal, regulatory and other newsworthy developments in the area of derivatives....more

Tax Talk -- Volume 6, No. 1 -- April 2013

In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more

Raj Mahajan, Allston Trading CEO, Talks HFT and the Business of Prop Trading [Video]

Raj Mahajan took the reins at Allston Trading as CEO in September 2012 and has spent a good deal of his time looking at the issue of high frequency trading (HFT). Allston has been one of the proprietary trading firms who has...more

2013 Mutual Funds and Investment Management Conference

In this presentation: - General Counsel’s Address - Keynote Address - General Session — It’s a Small World After All: How Non-U.S. Regulators Affect Your Business - General Session — Closer to...more

Financial Services Quarterly Report - First Quarter 2013: The European Financial Transactions Tax

The European Commission on 14 February 2013 adopted a proposal for a Directive1 authorising eleven countries – Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the “FTT Zone”)...more

A European Financial Transaction Tax

In September 2011, the European Commission initially proposed that a financial transaction tax (“FTT”) be implemented by all 27 EU Member States, although it soon became clear that a significant proportion of the Member...more

European Financial Transaction Tax Proposal

On February 14, the European Commission released draft text for a proposed financial transaction tax directive. If the text is implemented into law a financial transaction tax (FTT) will be payable to the tax authorities in...more

Corporate and Financial Weekly Digest - February 15, 2013

In this issue: - FINRA Proposes Rule Change that Would Require Reporting OTC Equity Transactions Within 10 Seconds - FINRA Offers Changes to Proposed Rules Governing Markups, Commissions and Fees - CFTC Permits...more

The European Financial Transaction Tax Proposal Returns

On 14 February 2013, the European Commission (the “Commission”) released draft text for a proposed financial transaction tax Directive (the “Draft Proposal”). If the text is implemented into law a financial transaction tax...more

Financial Services Tax - UK Update from Dechert's Tax Group - February 2013: Adoption of the European FTT

On 22 January 2013, the Council of the European Union adopted a decision authorising eleven countries - Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia — to proceed with the...more

Financial Services Legislative And Regulatory Update -- February 11‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt Leading the Past Week - With January officially in the record books, it...more

Financial Transaction Tax: European Implementation and American Imitation?

Momentum is building to reform the U.S. tax system and address the nation’s fiscal challenges. However, options to raise revenue to reduce the deficit and offset a potential decrease in corporate and individual tax rates are...more

Post-Election Changes and Their Impact on the Financial Services Industry: The Seven Deadly Sins

During his first term, President Obama began an ambitious path of reforming the U.S. financial system with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Over two years...more

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