News & Analysis as of

Shell Corporations European Union

Akin Gump Strauss Hauer & Feld LLP

The New UK Listing Rules - The Most Significant Change to the UK’s Listing Regime in 40 Years

The new reforms to the UK listing regime (Listing Rules) published by the Financial Conduct Authority (FCA) came into force on Monday 29 July 2024, marking the most significant change to the UK’s listing regime in 40 years as...more

Akin Gump Strauss Hauer & Feld LLP

EU Publishes New Best Practices Guidance, including Updated Ownership Test and Additional Control Guidance

Key Takeaways - On 3 July 2024, the Council of the European Union (the “EU Council”) published its revised Update of the EU Best Practices for the effective implementation of restrictive measures (“Best Practices”).This...more

K2 Integrity

Sanctions Against Russia: U.S. Increases Secondary Sanctions Risks for Foreign Financial Institutions, Expands Sanctions and...

K2 Integrity on

On 12 June 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued new measures to further isolate Russia’s...more

A&O Shearman

The Financing for the Future Act: Reforms for German ECM transactions

A&O Shearman on

The Financing for the Future Act came into force on 15 December 2023. The significant reforms to stock corporation and capital market law increase flexibility in German ECM transactions. Overview of the key changes - ...more

A&O Shearman

Will Unshell be washed away? An uncertain future for ATAD 3 - the EU’s tax proposal on shell entities

A&O Shearman on

The European Commission put forward a proposal in 2021 to tackle shell entities (known as ATAD 3). Despite widespread support for the concept, reaching agreement on the technical details of the Unshell Directive has proved...more

Jones Day

The Unshell Draft Directive: Only a Few Months Left to Comply?

Jones Day on

A draft European Union ("EU") Directive tackling the use of shell entities for tax purposes is currently being negotiated, with potential corrective measures to be considered. ...more

Goodwin

A New Direction for ATAD III Proposal?

Goodwin on

​​​​​​​Further to the request of the European Parliament for concerted EU action, the European Commission issued on 22 December 2021 a proposal for a Council Directive laying down rules to prevent the misuse of shell entities...more

Orrick, Herrington & Sutcliffe LLP

Fari accesi sulle società di comodo nella UE

In data 22 dicembre 2021, la Commissione Europea ha adottato una Proposta di Direttiva finalizzata a contrastare l’uso improprio ai fini fiscali delle società di comodo residenti nei paesi dell’Unione (“Proposal for a Council...more

Dechert LLP

ATAD 3 (Shell Companies) – Potential Implications for Fund Structures

Dechert LLP on

A draft EU Council directive, known as ATAD 3, was issued by the European Commission as a proposal at the end of last year. The directive is aimed at countering the misuse of 'shell' entities and could impose adverse tax and...more

Cadwalader, Wickersham & Taft LLP

EU Directive Targets 'Shell' Companies

On December 22, 2021, the European Commission published proposals for a Directive which targets the perceived misuse of “shell” entities for tax purposes. The draft of the Directive proposes a common minimum substance test...more

Goodwin

Unshell Directive Proposal: How to Navigate New Substance Requirements

Goodwin on

On 22 December 2021, the European Commission presented a proposal for a new directive to fight against the misuses of shell entities for improper tax purposes. This proposal has been issued to ensure that entities in the...more

Goodwin

European Commission’s Proposal to End the Misuse of Shell Entities for Tax Purposes within the EU

Goodwin on

BACKGROUND - On 22 December 2021, the European Commission presented a proposal for a new directive to fight against the misuses of shell entities for improper tax purposes. This proposal has been issued to ensure that...more

Pillsbury Winthrop Shaw Pittman LLP

ECB Sets out Its Expectations for Booking Models and “Empty Shells” after Brexit

Booking model practices used by international banks placed under scrutiny as a result of Brexit. The European Central Bank has been considering the booking model practices used by international banks, and how to prevent...more

Jones Day

FCA Publishes Policy Statement Setting Out Changes to the Listing Rules, European Capital Markets Update

Jones Day on

The United Kingdom's Financial Conduct Authority ("FCA") published a policy statement on 26 October 2017 setting out certain amendments to the Listing Rules ("LRs") and related technical notes ("Policy Statement"). The FCA...more

A&O Shearman

Brexit: European Banking Authority Warns Against Letter-Box Entities

A&O Shearman on

The European Banking Authority has published an Opinion on issues relating to Brexit where a UK firm seeks to establish an entity within the EU27. The Opinion is addressed to the European Commission, national regulators of...more

Thomas Fox - Compliance Evangelist

British PM Leads The Fight Against Shell Corporations

One of the critical areas in due diligence for foreign business partners is determining who are the true owners of an entity....more

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