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  28.03.2022

  Italien

  Italian court recognises retroactive exemption on dividends to foreign investment funds

  In judgment No. 49/2022, the first instance Court of Pescara recognised that distribution of dividends from a resident company to a non-resident fund must be granted with an exemption regime from the Italian taxation authority. In particular, the decision of the Tax Court is based on recognition that in the years 2014, 2015 and 2016, subject to judgment, the Italian taxation regime for foreign funds was in contrast with the principles of free movement of capital (provided for by articles 63 and 49 of the TFEU), chiefly because exemption was granted only for receiving resident funds. On 1 January...

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  27.02.2022

  International - Russia

  Handling the new EU and UK sanctions against Russia

  Since 2014, the EU and the UK have progressively imposed sanctions on Russia in response to the crisis in Ukraine. Following the latest events, both the EU and the UK, as well as many other countries, have imposed new sanctions. This article provides you with an overview of the most important changes. Read the full publication here >>

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  01.06.2021

  International 

  Some leaks can't be fixed

  “Confidential information is like an ice cube... give it to the party who has no refrigerator or will not agree to keep it in one, and by the time of the trial you have just a pool of water.” This, from the so-called Spycatcher case (1987), applies well to corporate assets: fail to store them correctly and all you might have left is an expensive mess. The consequences of even a minor exposure of a trade secret can be huge. As this report reveals, the protection of trade secrets is rightly recognised by most senior executives as a priority issue. But the research also reveals gaps that...

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  05.03.2021

  Großbritannien

  LIBOR: the end is (formally) nigh

  Today marks an important milestone in LIBOR transition, with a formal announcement from the FCA that publication of most LIBOR settings will cease at the end of 2021. In a smoothly orchestrated move highlighting the importance of today’s news, derivatives trade body ISDA has announced guidance in relation to the announcement and ICE Benchmark Administration (IBA), the LIBOR administrator, has released its feedback statement following its previous consultation on cessation. The announcement constitutes a formal index cessation event for documentation including the ISDA IBOR Fallbacks Supplement...

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  16.02.2021

  Großbritannien

  Synthetic LIBOR and tough legacy contracts - FCA's enhanced powers

  Last June the UK Government announced that it would take legislative steps to assist with a narrow pool of “tough legacy” contracts that cannot transition from LIBOR by the current deadline of end-2021. The purpose of this Law-Now is to discuss these proposed steps and the recent public consultations. On 21 October 2020 the UK Government introduced the Financial Services Bill to Parliament. This Bill includes amendments to the Benchmarks Regulation as it now forms part of UK domestic law (“UK BMR”), which provide the Financial Conduct Authority (“FCA”) with...

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  19.03.2020

  Großbritannien

  FCA and FRC Guidance on COVID-19 Implications for Listed Companies and Company Audits

  On 17 March 2020, the Financial Conduct Authority published a special Covid-19 edition of the Primary Market Bulletin (PMB). PMBs are the means by which the FCA communicates commentary on market obligations to issuers and market participants. Consistent with the rapidity with which the situation is developing, the FCA states its intention to keep under consideration the matters reported on in the PMB and keep the relevant information updated. The FCA reports that its core focus at this time is to ensure consumer protection and orderly functioning capital markets and the PMB certainly makes...

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