Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
United Kingdom | Publication | January 2024
On December 14, 2023, in a written statement, the Financial Secretary to the Treasury published HMRC's summary of responses to its technical consultation on the VAT treatment of fund management services. This is mainly of interest for DC schemes.
Currently, fund management services can be VAT exempt either by falling within the fund types that enjoy statutory exemptions, or because they are regarded as “special investment funds” under EU VAT law. SIFs were largely left to individual member states to define. The consultation set out proposals for SIF codification to remove the uncertainty that had arisen following years of EU case law.
Having considered the consultation responses, the Government has decided not to proceed with the SIF codification, and to retain the current rules. This means that the above two ways in which fund management services can be VAT exempt will continue.
HMRC will update its relevant guidance in due course.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
Publication
The conventional wisdom is that ‘securitisation caused the great financial crisis’ (GFC). A further piece of conventional wisdom is that this was due to the misalignment of incentives between securitisation originators and securitisation investors . This conventional wisdom in turn drove much of the regulation of securitisation we now have.
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