Topic
Dividends
88 published works
Restructuring Matters
When can a payment of a dividend be a transaction defrauding creditors?
In the recent case of BTI 2014 LLC v Sequana SA & others, the Court of Appeal considered (1) whether section 423 of the Insolvency Act 1986 could apply to the…
FinTalk
When can a payment of a dividend be a transaction defrauding creditors?
In the recent case of BTI 2014 LLC v Sequana SA & others, the Court of Appeal considered (1) whether section 423 of the Insolvency Act 1986 could apply to the…
The CLS Blue Sky Blog
The Social Costs of Dividends and Share Repurchases
By J.B. Heaton
On December 9, 2002, UAL Corporation, which operated as United Airlines, filed for bankruptcy protection, leading to huge losses by UAL’s creditors. Those creditors included UAL’s pensioners when UAL’s pension…
European Union and Italian International Tax Law Blog
No Outbound Dividend Withholding Tax Exemption, Under the EU P/S Directive, With No Taxation of Dividend in Parent’s Home Jurisdiction, Italy’s Supreme Court Rules
By Marco Rossi
With its ruling n. 32255 issued on December 13, 2018 ("Ruling 32255"), the Italian Supreme Court, Fifth Department (Tax) held that a dividend paid by an Italian subsidiary to a…
International Financial Law Prof Blog
TCJA International Tax Reform Impact: How are the International Transactions Accounts affected by an increase in direct investment dividend receipts?
In the international transactions accounts, income on equity, or earnings, of foreign affiliates of U.S. multinational enterprises in a period consists of a portion that is repatriated to the parent…
China Law Insight
Nondistribution of Dividends & Shareholders’ Right of Separation
By King & Wood
By Roberto Pomares and Germán Cabrera King & Wood Mallesons' 2017年8月30日，银监会发布了《关于印发信托登记管理办法的通知》（银监发[2017]47号）以及银监会有关部门负责人就《信托登记管理办法》答记者问。《信托登记管理办法》自2017年9月1日起施行，配套的信托登记系统也将同日正式上线运行。本文拟从不同纬度梳理《信托登记管理办法》中提出的登记相关操作程序及具体要求，并探讨了值得关注和后续待监管进一步明确的相关问题。 适用范围 《信托登记管理办法》约束信托公司和银监会认可的其他机构开展信托业务（法律、行政法规或者银监会另有规定的除外）。登记的主要内容包括信托机构的信托产品及其受益权信息、银监会规定的其他信息及其变动情况。 登记性质 信托登记性质为公示性登记，不构成对信托产品持续合规情况、投资价值及投资风险的判断或者保证。 登记活动相关方 登记机构：中国信托登记有限责任公司（“中信登”） 登记申请人：信托机构（法律、行政法规或者银监会另有规定的除外） 登记监管机构：银监会（对信托登记以及相关活动实施监督管理） 登记申请和办理流程 受理和登记流程： 过渡期管理 关注事项 1.信托受益权转让的相关登记 根据《信托登记管理办法》第12条，信托存续期间，信托登记信息（即第9条提及的信托产品名称、信托类别、信托目的、信托期限、信托当事人、信托财产、信托利益分配等信托产品及其受益权信息和变动情况）发生重大变动的，信托机构应当在相关事项发生变动之日起十个工作日内就变动事项申请办理信托产品及其受益权变更登记。因此，受益人转让信托受益权，应作为重大变动之一由信托机构办理受益权变更的登记。 根据《信托登记管理办法》第22条，信托受益权账户是信托登记公司为受益人开立的记载其信托受益权及其变动情况的簿记账户。委托人或者受益人根据自愿原则申请开立信托受益权账户。因此，如委托人或受益人自愿开立了信托受益权账户，受益人转让信托受益权的，其信托受益权账户应体现信托受益权的变动情况。 请注意，除一般信托计划产品外，目前市场上发行的以信托为载体的场内资产证券化项目（在银行间债券市场发行的信贷资产证券化项目、资产支持票据项目以及在银行业信贷资产登记流转中心有限公司（简称“银登中心”）流转的项目）同样涉及投资人持有的信托受益权的流转（包括投资人转让在银行间债券市场发行并流通的本质为信托受益权的信贷资产支持证券或资产支持票据以及在银登中心挂牌流转的信托受益权）。但《信托登记管理办法》中并未提及在上述情况下信托受益权的转让是否仍需遵守《信托登记管理办法》的要求进行登记及变更，鉴于上述以信托为载体的场内资产证券化项目均需适用专门的法律法规，关于该法律规则适用的问题，我们有待监管机构在后续操作中进行进一步的明确。在法律法规或监管机构尚未提出明确的操作指导意见前，从审慎合规的角度出发，上述信托受益权的转让也应当遵守《信托登记管理办法》的要求进行登记及变更。 除上述以信托为载体的场内资产证券化项目外，对于其他场外以信托为载体的资产证券化项目（即在非交易流通场所发行的私募类资产证券化产品），其信托收益权的转让也应当遵守《信托登记管理办法》的要求进行登记及变更。 2. 信托登记信息的查询与披露 根据《信托登记管理办法》第34条，信托登记信息将进行保密，不同的参与机构（包括委托人、受益人、信托机构以及其他有权机关）根据不同的参与度申请审阅不同的登记信息。申请登记信息查询时，申请人应当提交有效证明文件等，并说明查询的目的。…
China Law Insight
The right of separation of the shareholders due to the lack of distribution of dividends: practical issues
By King & Wood
By Andrew Clements King & Wood Mallesons' Melbourne office. The Assistant Treasurer has released on 25th August for public comment exposure drafts of key legislation for corporate collective investment vehicles. This continues Australia’s…
Corporate & Financial Weekly Digest
SEC Approves NYSE Amendments Regarding Notice Related to Dividends and Stock Distributions
By Mark D. Wood, Mark J. Reyes, Marc S. Reiser
On August 14, the Securities and Exchange Commission approved a rule change which will now require New York Stock Exchange (NYSE)-listed companies to provide notice to the NYSE at least…
Family Business Perspectives
Do You Have a Reasonable Expectation of Receiving Dividends if You Acquired Your Shares in a Family-Owned Corporation Through Gift or Inheritance?
Corporate shareholders often expect to receive dividends in connection with their ownership of corporate shares. This is particularly true when owners invest capital in or provide other services to the…
Latham.London
Will New Spanish Dividend Rules Cause Pain for Private Equity in Spain?
By Ignacio Dominguez Recently effected reforms to Spanish dividend protections for minority shareholders should cause European dealmakers to review deal terms more closely in 2017. Outright acquisition of businesses is…