Investissements en capitaux, gestion d'actifs et fonds

eAlerts Récentes

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  24/09/2024

  United Kingdom

  The taxing question of carried interest

  This article previously appeared in Thomson Reuters Regulatory IntelligenceWhilst it is a political decision as to how carried interest is taxed, there is some confusion in the Treasury’s suggestion in the Call for Evidence “that the current tax regime does not appropriately reflect the economic characteristics of carried interest and the level of risk assumed by fund managers in receipt of it.”In our experience, most carried interest is structured in accordance with paragraph 8 of the Memorandum of Understanding (MOU) between the British Private Equity & Venture Capital Association...

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  09/09/2024

  United Kingdom

  UK Tax Disputes Digest (Summer 2024)

  Welcome to the Summer 2024 edition of our UK Tax Disputes Digest: a high-level summary of key developments in contentious tax over the last few months for heads of tax, finance directors, general counsel and other in-house professionals.As with previous editions, we have seen a continued increase in HMRC activity across various areas. Both individual and corporate taxpayers would be well-advised to check their tax position as soon as possible to prepare for any potential HMRC investigation into their tax affairs.In this edition, we look at just a few of these developments, including the latest...

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  09/07/2024

  United Kingdom

  Analyse, Assess and Address – Regulatory focus on Private Equity

  The Second Quarter of 2024 saw a series of publications by the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on potential risks the private equity (PE) sector poses to the regulated sector.  This article draws out the key themes in these recent developments before examining what it means for those impacted, including PE firms, PE owned financial services businesses, and lenders.Regulatory engagement with industry sectors tends to follow an analyse, assess and address model – regulators gather information about the sector, assess...

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  27/06/2024

  United Kingdom

  Taxation of carried interest: where are we now?

  Reform of the taxation of carried interest has long been Labour policy. It was one of first tax policies announced by Rachel Reeves after becoming the Shadow Chancellor in Spring 2021, shortly prior to the Labour party conference in Autumn of the same year.In the period between that announcement and the delivery of Labour’s manifesto on 13 June, there was some uncertainty over whether those proposals remained part of Labour policy. Those affected may have been buoyed by the absence of the policy from the Labour party’s conference in 2023 – and its omission from the three key tax...

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  10/06/2024

  Europe

  ESMA issues first formal guidance on use of AI in retail financial services

  The European Securities and Markets Authority (ESMA) recently released a public statement on the use of artificial intelligence (AI) in the provision of retail investment services. The statement provides initial guidance to investment firms and credit institutions using, or planning to use, AI so they can ensure compliance with their obligations under MiFID II. It also outlines live use cases and ESMA’s understanding of the “known challenges” currently facing firms in adopting AI.Emerging ESMA approach?While this is by no means ESMA’s first publication or statement on AI,...

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  05/06/2024

  United Kingdom

  2024 UK EMIR Refit: finalisation of Q&A-style guidance

  On 30 September 2024, significant changes to the UK’s derivatives reporting framework will come into effect known as the “2024 UK EMIR refit”. Counterparties are in the process of finalising implementation projects to reflect the revised Article 9 reporting requirements under the UK version of the European Market Infrastructure Regulation (“UK EMIR”), having negotiated similar changes in relation to EU EMIR, which took effect on 29 April 2024. The UK Financial Conduct Authority (“FCA”) and Bank of England (“BoE”) (together the “Supervisory...

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