EACT report on regulatory issues – July- August 2016
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Many corporate treasurers are likely to have become more aware of the OECD’s Base Erosion and Profit Shifting (BEPS) project, given the worldwide publicity it has received and the focus it has placed on limiting tax benefits of intragroup financing arrangements as a source of aggressive tax planning.
Following on from the BEPS project, the European Commission released its own draft anti-avoidance tax package on 28 January 2016 which contains measures to prevent aggressive tax planning, boost tax transparency and create ...Continue Reading »
We have received the following statement EACT Statement on EBA Report on CVA of explanation and correspondence from the European Association of Corporate Treasurers (EACT) relating to a proposal by the European Banking Authority (EBA) to remove an exemption for corporates (NFCs) relating to hedging activity with banking counterparties.
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In summary the upshot of this proposal by the EBA, if enacted, would be to increase the cost for NFCs of using OTC instruments for hedging purposes. The ...Continue Reading »
The EC published its proposed securitization regulation on 30 September 2015. The proposed regulation imposes enhanced disclosure requirements on all originators, as well as creates a pan-European framework for ‘safe, transparent and standardised’ (“STS”) securitisations.Continue Reading »
Public consultation by EU Commission on implementation of EMIR
On 22nd May 2015, The EU Commission launched its public consultation on the implementation of EMIR. The Commission shall, in particular, assess a number of specific aspects of EMIR. These include: the access of CCPs to central bank liquidity facilities; the functioning of supervisory colleges for CCPs; and the margin practices of CCPs. The review will also assess the systemic importance of non-financial firms and potentially unintended consequences to NFC- (See question 1.2 ...Continue Reading »
On 18 December 2014, the OECD, as part of its work on the Action Plan to address Base Erosion and Profit Shifting (BEPS), released a Public Discussion Draft on Action 4 in relation to the deductibility of interest expense and economically equivalent financing payments. The Discussion Draft outlines three main alternatives to address non-taxation through the use of interest deductions: