International

July 3, 2020

On 2 July 2020, the FCA published Policy Statement 20/7: FCA regulated fees and levies 2020/21: including feedback on CP20/06 and made rules (PS20/7). In PS20/7 the FCA sets out its feedback to its earlier consultation on regulated fees and levies for 2020/21 and confirms its final fees and levies. All FCA fee payers are affected by PS20/7. Table 1.1 at the end of chapter 1of PS20/7 will assist fee payers in identifying which chapters…

Financial services: Regulation tomorrow

Basel Committee finalises AML/CFT guidelines on supervisory cooperation

By Simon Lovegrove (UK)

July 3, 2020

On 2 July 2020, the Basel Committee on Banking Supervision issued an updated version of its guidelines on ‘Sound management of risks related to money laundering and financing of terrorism’. The updated version of the guidelines contains a new paragraph 96 in Part IV (role of supervisors) and Annex 5 (interaction and cooperation between prudential and AML/CFT supervisors). Annex 5 sets out specific principles, recommendations and descriptive examples, to facilitate effective and efficient…

Financial services: Regulation tomorrow

Commission decides to refer Austria, Belgium and the Netherlands to the Court of Justice of the EU for failing to fully implement EU anti-money laundering rules

By Lisa Lee Lewis (UK)

July 3, 2020

On 2 July 2020, the European Commission announced that it had referred Austria, Belgium and the Netherlands to the Court of Justice of the European Union, with a request for financial sanctions, for failing to fully implement the Fourth Anti-Money Laundering Directive into their national law. The Commission states that incomplete transposition concerns fundamental aspects of the anti-money laundering framework, such as betting and gambling legislation (Austria), mechanisms under which the Financial Intelligence Units exchange…

Keeping It Real Estate

A black hole in the telecoms code: operators occupying under old agreements left without any protection

By Shanna Davison

July 3, 2020

The Upper Tribunal has, reluctantly it is fair to say, found that telecoms operators in situ under agreements granted under the old Code but which expired before the new Code came into force have no Code protection and are unable to apply for fresh Code rights. This leaves a landowner free to serve a removal notice on the operator and gives the operator no option other than to leave. There is no requirement on the…

Financial services: Regulation tomorrow

European Commission’s High-Level Forum on Capital Markets Union issues final report

By Patrick Dolan (US) & Kathleen Scott (US)

July 3, 2020

On June 10, 2020, the European Commission’s High-Level Forum (HLF) issued its final report on the Capital Markets Union (CMU), which proposes detailed recommendations for improving and enhancing the capital markets of the European Union (EU). The report’s 17 recommendations are grouped under four larger themes: (i) creating a vibrant and competitive business environment; (ii) building stronger and more efficient market infrastructure; (iii) fostering retail investments in capital markets; and (iv) going beyond boundaries across…

Charities & Not-For-Profits Law in Australia

Expansion of our C&NFP Leadership Team

By Joanne Grant

July 3, 2020

We are pleased to announce that the Leadership Team of the Makinson d’Apice Charities & Not-For-Profits Practice Group has expanded following the promotion of two experienced lawyers within the team on 1 July 2020. Belinda Marsh has been promoted to the position of Partner which is recognition of her experience, depth of talent, significant contribution to our practice group and unwavering commitment to our clients over the last 9 years with our firm. Jennifer Paterson…

India Tax Law

Trust is Trustworthy, not a Device to Evade Tax: ITAT Delhi

By Daksha Baxi, Kunal Savani & Meenakshi Ramkumar

July 3, 2020

In its recent ruling[1], the Income Tax Appellate Tribunal Bench at Delhi (ITAT) has reiterated the well-established principles, including (i) validity of Trusts; (iii) use of Trusts to hold treasury shares[2]; and (iii) the taxation of its income as a representative of the beneficiary/beneficiaries under the provisions of sections 160-166 of the Income-Tax Act, 1961 (IT Act). The ITAT further upheld the principle that trustees are to be assessed as ‘representative…

ARBlog

The USMCA enters into force: a glimpse into its investment chapter

By Daniel E. Gonzalez, Jonathan Stoel, Richard Lorenzo, Orlando Cabrera, Carlos Alvarado & Luis Enrique Graham

July 3, 2020

On July 1, 2020, the United States-Mexico-Canada Agreement (USMCA) entered into force, and replaced the North America Free Trade Agreement (NAFTA). USMCA contains an investment chapter: Chapter 14. Like NAFTA, USMCA encompasses substantive protections as well as mechanisms to settle disputes arising out of violations of such investment protections. Chapter 14 does not apply to measures covered by Chapter 17 – Financial Services. Some of Chapter 14’s highlights include the following: Chapter 14 applies only…

International Tax Blog

Tax Avoidance or Tax Evasion, What’s the Difference?

By International Tax Lawyers

July 3, 2020

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Tax Avoidance vs Tax Evasion Tax Avoidance vs Tax Evasion Tax Evasion vs Tax Avoidance: When it comes to taxes and the IRS, sometimes there is a fine-line between planning to minimize taxes — and committing tax fraud, especially in the realm of international and offshore tax. How a U.S. person determines whether the tax planning activities they are performing is a form of tax planning (which is creative and perfectly legal) or a…

GT Amsterdam Law Blog

EU Opens Consultation on Rules for Transboundary Plastic Waste Shipments

By Marijn Bodelier, Jacomijn Christ & Aonghus Heatley

July 3, 2020

The European Commission has opened a consultation on the adoption of amendments (currently available in draft form) to the European Union’s law on the transboundary shipment of waste. These amendments are intended to allow the EU to give effect to recent changes to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (the Convention) which significantly extend the Convention’s scope in relation to plastic waste. The consultation opened…

International

FCA Policy Statement on regulated fees and levies 2020/21

Basel Committee finalises AML/CFT guidelines on supervisory cooperation

Commission decides to refer Austria, Belgium and the Netherlands to the Court of Justice of the EU for failing to fully implement EU anti-money laundering rules

A black hole in the telecoms code: operators occupying under old agreements left without any protection

European Commission’s High-Level Forum on Capital Markets Union issues final report

Expansion of our C&NFP Leadership Team

Trust is Trustworthy, not a Device to Evade Tax: ITAT Delhi

The USMCA enters into force: a glimpse into its investment chapter

Tax Avoidance or Tax Evasion, What’s the Difference?

EU Opens Consultation on Rules for Transboundary Plastic Waste Shipments

International Blogs

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