PENTA CLO 2 B.V. (the "Issuer")

Size: px
Start display at page:

Download "PENTA CLO 2 B.V. (the "Issuer")"

Transcription

1 THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER. If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser and such other professional advice from your own professional advisors as you deem necessary. This Notice is addressed only to holders of the Notes (as defined below) and persons to whom it may otherwise be lawful to distribute it ( relevant persons ). It is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Notice relates is available only to relevant persons and will be engaged in only with relevant persons. If you have recently sold or otherwise transferred your entire holding(s) of any of the Notes referred to below, you should immediately forward this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION OF, OR A SOLICITATION OF ANY OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR, ANY SECURITIES OF THE ISSUER OR ANY OTHER ENTITY IN ANY JURISDICTION.

2 We refer to: PENTA CLO 2 B.V. (the "Issuer") 234,000,000 Class A Senior Secured Floating Rate Notes due 2028 (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) 49,000,000 Class B Senior Secured Floating Rate Notes due 2028 (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) 25,250,000 Class C Senior Secured Deferrable Floating Rate Notes due 2028 (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) 20,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2028 (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) (Reg S: XS ; Class 144A: XS ) 26,750,000 Class E Senior Secured Deferrable Floating Rate Notes due 2028 (Reg S: XS ; Class 144A: XS ) 13,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2028 (Reg S: XS ; Class 144A: XS ) 46,100,000 Subordinated Notes due 2028 (Reg S: XS ; Class 144A: XS ) (the "Notes") 26 June a trust deed dated 16 June 2015, as supplemented by a supplemental trust deed dated 4 August 2017 and as further supplemented from time to time entered into between, among others, the Issuer and Deutsche Trustee Company Limited (the "Trust Deed"); and 2. a collateral management and administration agreement between (amongst others) the Issuer, the Collateral Manager and the Trustee on 16 June 2015, as amended by a supplemental trust deed dated 4 August 2017 and as further amended from time to time (the "Collateral Management and Administration Agreement "). Capitalised terms used in this notice have the meanings given to them in the Trust Deed. Pursuant to Condition 14(c) (Modification and Waiver) and clause 27.2(p) (Modification) of the Trust Deed, we hereby inform you that, by a deed of amendment dated 25 June 2018, it was agreed that, pursuant to Condition 14(c)(xix) (Modification and Waiver), certain definitions in the Collateral Management and Administration Agreement were amended as set out in the annex hereto. Fitch has provided confirmation that such modification will not result in a withdrawal or downgrade on any of the ratings assigned to the Notes by Fitch. PENTA CLO 2 B.V.

3 ANNEX 1.1 Limb (g) of the definition of "Fitch Rating" in Schedule 20 (Fitch Ratings) of the Collateral Management and Administration Agreement shall be deleted in its entirety and replaced with the following: (g) if a Fitch Rating cannot otherwise be assigned, the Collateral Manager, on behalf of the Issuer, shall apply to Fitch for a credit opinion which shall then be the Fitch Rating or shall agree a rating with Fitch which shall then be the Fitch Rating, provided that pending receipt from Fitch of any credit opinion, the applicable Collateral Obligation shall either be deemed to have a Fitch Rating of B-, subject to the Collateral Manager believing (in its reasonable judgement) that such credit assessment will be at least B- or the rating specified as applicable thereto by Fitch pending receipt of such credit assessment; provided further that if no credit opinion from Fitch is expected (in the opinion of the Collateral Manager) to become available for the relevant Collateral Obligation and (i) the relevant Collateral Obligation is not a Defaulted Obligation or a Collateral Obligation with a Moody s CFR or Moody s Long Term Issuer Rating (in each case without regard to whether any such ratings are publicly available) of Caa1 or lower and, if the relevant Collateral Obligation has only a Moody s Issue Rating, the Fitch IDR Equivalent rating, determined by applying the Fitch Rating Mapping Table to such Moody s Issue Rating, is greater than Caa1 ; (ii) the relevant Collateral Obligation has a private rating by Moody s; and (iii) the relevant Collateral Obligation does not form part of the Fitch Deemed Rating Excess (as defined below), then the Fitch Rating of the relevant Collateral Obligation shall be deemed to be B- (provided that the Collateral Manager may elect in its sole discretion to assign any such Collateral Obligation a Fitch Rating of CCC ), and if any of the clauses (i) to (iii) in the foregoing proviso are not met, then the relevant Collateral Obligation will be deemed to have a Fitch Rating of CCC (except where a Fitch IDR Equivalent rating has been determined in accordance with clause (i) above and such rating is lower than CCC, in which case the relevant Collateral Obligation shall be deemed to be a Defaulted Obligation for the purposes of this definition of Fitch Rating ) ; or 1.2 The following definition of "Fitch Deemed Rating Excess" shall be inserted after the definition of "Fitch Rating" in Schedule 20 (Fitch Ratings) of the Collateral Management and Administration Agreement: Fitch Deemed Rating Excess means each Collateral Obligation to which a Fitch Rating of B- would have been applied in accordance with the second proviso in paragraph (g) above, but for the Principal Balance of which, when added to the Principal Balance of each other such Collateral Obligation (and for the avoidance of doubt excluding for the purposes of this definition all such Collateral Obligations to which the Collateral Manager has assigned a Fitch Rating of CCC pursuant to paragraph (g) above), exceeding 10 per cent of the Aggregate Collateral Balance (where the latest Collateral Obligations to have been purchased shall be deemed to constitute such excess). 1.3 The following definition of "Moody's Issue Rating" shall be inserted after the definition of "Moody's CFR" in Schedule 20 (Fitch Ratings) of the Collateral Management and Administration Agreement: Moody s Issue Rating shall mean the rating or the unpublished loan rating or the credit estimate expressly assigned to a debt obligation (or facility) by Moody s. 1.4 The definition of "Fitch Rate" in Schedule 15 (Fitch Minimum Weighted Average Rate Test) of the Collateral Management and Administration Agreement shall be deleted in its entirety and replaced with the following:

4 Fitch Rate means, with respect to a Collateral Obligation, the recovery rate determined in accordance with paragraphs (a) and (b) below or (in any case) such other recovery rate as Fitch may notify the Collateral Manager from time to time: (a) if such Collateral Obligation has a public Fitch recovery rating, or a recovery rating is assigned by Fitch in the context of provision by Fitch of a credit opinion to the Collateral Manager, the recovery rate corresponding to such recovery rating in the table below (unless an obligation s specific recovery rate (expressed as a percentage) is provided by Fitch in which case such recovery rate is used): Fitch recovery rating Fitch recovery rate (%) RR1 95 RR2 80 RR3 60 RR4 40 RR 20 RR6 5 (b) if such Collateral Obligation (A) has no public Fitch recovery rating and (B) neither a recovery rating nor an obligation s specific recovery rate is assigned by Fitch in the context of provision by Fitch of a credit opinion to the Collateral Manager, the recovery rate determined in accordance with the table below, where the Collateral Obligation shall be categorised as Strong if it is a Senior Secured Loan or a Senior Secured Bond, Moderate if it is an Senior Unsecured Obligation and otherwise Weak, and shall fall into the country group corresponding to the country in which the Obligor thereof is Domiciled: Group 1 Group 2 Group 3 Strong Moderate Weak The country group of a Collateral Obligation shall be determined, by reference to the country where it is Domiciled, in accordance with the below: Group 1: Australia, Bermuda, Canada, Cayman Islands, New Zealand, Puerto Rico, United States (or such other countries as may become publicly available under published criteria, press releases or other public announcements from Fitch or such other countries the Collateral Manager is otherwise notified of by Fitch from time to time). Group 2: Austria, Barbados, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Hong Kong, Iceland, Ireland, Israel, Italy, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom (or such other countries as may become publicly available under published criteria, press releases or other public announcements from Fitch or such other countries the Collateral Manager is otherwise notified of by Fitch from time to time).

5 Group 3: Albania, Argentina, Asia Others, Bahamas, Bosnia and Herzegovina, Brazil, Bulgaria, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Dominican Republic, Eastern Europe Others, Ecuador, Egypt, El Salvador, Greece, Guatemala, Hungary, India, Indonesia, Iran, Jamaica, Kazakhstan, Liberia, Macedonia, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Middle East and North Africa Others, Moldova, Morocco, Other Central America, Other South America, Other Sub Saharan Africa, Pakistan, Panama, Peru, Philippines, Qatar, Romania, Russia, Saudi Arabia, Serbia and Montenegro, South Africa, Thailand, Tunisia, Turkey, Ukraine, Uruguay, Venezuela, Vietnam (or such other countries as may become publicly available under published criteria, press releases or other public announcements from Fitch or such other countries the Collateral Manager is otherwise notified of by Fitch from time to time).

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)

More information

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%) Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475

More information

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183

More information

Guide to Treatment of Withholding Tax Rates. January 2018

Guide to Treatment of Withholding Tax Rates. January 2018 Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029

More information

EQUITY REPORTING & WITHHOLDING. Updated May 2016

EQUITY REPORTING & WITHHOLDING. Updated May 2016 EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the

More information

FOREIGN ACTIVITY REPORT

FOREIGN ACTIVITY REPORT FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in

More information

FY2016 RESULTS. 1 February 2016 to 31 January Inditex continues to roll out its global, fully integrated store and online model.

FY2016 RESULTS. 1 February 2016 to 31 January Inditex continues to roll out its global, fully integrated store and online model. FY2016 RESULTS 1 February 2016 to 31 January 2017 Inditex continues to roll out its global, fully integrated store and online model. Strong operating performance: Net sales for FY2016 reached 23.3 billion,

More information

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono Summary Country Fee Aid Angola No No No Argentina No, with No No No Armenia, with No No No No, however the foreign Attorneys need to be registered at the Chamber of Advocates to be able to practice attorney

More information

TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017

TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017 Taxation (Implementation) (Convention on Mutual Regulations No. 3) (Jersey) Order 2017 Article 1 TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF

More information

Scale of Assessment of Members' Contributions for 2008

Scale of Assessment of Members' Contributions for 2008 General Conference GC(51)/21 Date: 28 August 2007 General Distribution Original: English Fifty-first regular session Item 13 of the provisional agenda (GC(51)/1) Scale of Assessment of s' Contributions

More information

Request to accept inclusive insurance P6L or EASY Pauschal

Request to accept inclusive insurance P6L or EASY Pauschal 5002001020 page 1 of 7 Request to accept inclusive insurance P6L or EASY Pauschal APPLICANT (INSURANCE POLICY HOLDER) Full company name and address WE ARE APPLYING FOR COVER PRIOR TO DELIVERY (PRE-SHIPMENT

More information

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009

More information

SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY

SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY Regulatory Affairs Worldwide An ISO 9001:2015 Certified Company Welcome to Sangam Global Pharmaceutical & Regulatory Consultancy (SGPRC) established

More information

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime A F R I C A WA T C H TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia

More information

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations Rev. Proc. 2012-24 Implementation of Nonresident Alien Deposit Interest Regulations SECTION 1. PURPOSE Sections 1.6049-4(b)(5) and 1.6049-8 of the Income Tax Regulations, as revised by TD 9584, require

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE1 7SR Telephone: +44 (0)20 7735 711 Fax: +44 (0)20 7587 3210 1 January 2019 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS

More information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, July 14,

More information

Dutch tax treaty overview Q3, 2012

Dutch tax treaty overview Q3, 2012 Dutch tax treaty overview Q3, 2012 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

ORD ISIN: DE / CINS CUSIP: D (ADR: / US )

ORD ISIN: DE / CINS CUSIP: D (ADR: / US ) The German Tax Agency (the BZSt) offers an electronic tax relief program (the DTV) designed to facilitate and accelerate German tax reclaims on equities by financial institutions. Acupay provides custodian

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING

More information

GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA

GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA Leandro M. Passarella Passarella Abogados TTN Conferences Latin America 2014 Buenos Aires November 17, 2014 Background Past structures Case Law

More information

FY2017 RESULTS. 1 February 2017 to 31 January Inditex continues to roll out its global, fully integrated store and online platform.

FY2017 RESULTS. 1 February 2017 to 31 January Inditex continues to roll out its global, fully integrated store and online platform. FY2017 RESULTS 1 February 2017 to 31 January 2018 Inditex continues to roll out its global, fully integrated store and online platform. Strong operating performance: Net sales for FY2017 reached 25.3 billion,

More information

YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017

YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017 YUM! Brands, Inc. Historical Financial Summary Second Quarter, 2017 YUM! Brands, Inc. Consolidated Statements of Income (in millions, except per share amounts) 2017 2016 2015 YTD Q3 Q4 FY FY Revenues Company

More information

Clinical Trials Insurance

Clinical Trials Insurance Allianz Global Corporate & Specialty Clinical Trials Insurance Global solutions for clinical trials liability Specialist cover for clinical research The challenges of international clinical research are

More information

Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received

Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received Agenda Item 7-B Long Association List of Jurisdictions Surveed for Which a Has Been Received Jurisdictions Region IFAC Largest 29 G10 G20 EU/EEA IOSCO IFIAR Surve Abu Dhabi Member (UAE) Albania Member

More information

15 Popular Q&A regarding Transfer Pricing Documentation (TPD) In brief. WTS strong presence in about 100 countries

15 Popular Q&A regarding Transfer Pricing Documentation (TPD) In brief. WTS strong presence in about 100 countries 15 Popular Q&A regarding Transfer Pricing Documentation (TPD) Contacts China Martin Ng Managing Partner Martin.ng@worldtaxservice.cn + 86 21 5047 8665 ext.202 Xiaojie Tang Manager Xiaojie.tang@worldtaxservice.cn

More information

IRS Reporting Rules. Reference Guide. serving the people who serve the world

IRS Reporting Rules. Reference Guide. serving the people who serve the world IRS Reporting Rules Reference Guide serving the people who serve the world The United States has and continues to maintain a policy of not taxing the deposit interest earned by United States (US) nonresidents

More information

CB CROSS BORDER YOUR GOAL. OUR MISSION.

CB CROSS BORDER YOUR GOAL. OUR MISSION. CB CROSS BORDER YOUR GOAL. OUR MISSION. Your Chosen Counsel Because We care We are an international private wealth advisory We specialize in providing offshore solutions crossborderworldwide.com What we

More information

SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER

SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER DEBBI.MARCUS@UNILEVER.COM RUTGERS SCHOOL OF MANAGEMENT AND LABOR RELATIONS NJ/NY CENTER FOR EMPLOYEE OWNERSHIP AGENDA

More information

Gerry Weber International AG

Gerry Weber International AG The German Tax Agency (the BZSt) offers an electronic tax relief program (the DTV) designed to facilitate and accelerate German tax reclaims on equities by financial institutions. Acupay provides custodian

More information

(of 19 March 2013) Valid from 1 January A. Taxpayers

(of 19 March 2013) Valid from 1 January A. Taxpayers Leaflet. 29/460 of the Cantonal Tax Office on withholding taxes applicable to pension benefits under private law for persons without domicile or residence in Switzerland (of 19 March 2013) Valid from 1

More information

Spain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia

Spain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia Germany Belgium Portugal Spain France Switzerland Italy England Netherlands Iceland Poland Croatia Slovakia Russia Austria Wales Ukraine Sweden Bosnia-Herzegovina Republic of Ireland Czech Republic Turkey

More information

(ISC)2 Career Impact Survey

(ISC)2 Career Impact Survey (ISC)2 Career Impact Survey 1. In what country are you located? Albania 0.0% 0 Andorra 0.0% 1 Angola 0.0% 0 Antigua and Barbuda 0.0% 0 Argentina 0.3% 9 Australia 2.0% 61 Austria 0.2% 6 Azerbaijan 0.0%

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, December

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, February

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, July

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, January

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, April

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, October

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, November

More information

Information Leaflet No. 5

Information Leaflet No. 5 Information Leaflet No. 5 REGISTRATION OF EXTERNAL COMPANIES INFORMATION LEAFLET NO. 5 / May 2017 1. INTRODUCTION An external (foreign) limited company registered abroad may establish a branch in the State.

More information

Save up to 74% on U.S. postage.

Save up to 74% on U.S. postage. BRITISH COLUMBIA RATE CARD 2019 Effective January 27 2019 Save up to 74% on U.S. postage. Postage from $2.66 USD Delivery within 4 business days Tracking included Chit Chats Insurance from $0.35 Canada

More information

Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol

Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol European Treaty Series - No. 127 Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol Strasbourg, 1.VI.2011 Annex B Competent authorities (*) States From A to F

More information

Does One Law Fit All? Cross-Country Evidence on Okun s Law

Does One Law Fit All? Cross-Country Evidence on Okun s Law Does One Law Fit All? Cross-Country Evidence on Okun s Law Laurence Ball Johns Hopkins University Global Labor Markets Workshop Paris, September 1-2, 2016 1 What the paper does and why Provides estimates

More information

APA & MAP COUNTRY GUIDE 2017 DENMARK

APA & MAP COUNTRY GUIDE 2017 DENMARK APA & MAP COUNTRY GUIDE 2017 DENMARK Managing uncertainty in the new tax environment DENMARK KEY FEATURES Competent authority Danish Tax Office ( SKAT ) APA provisions/ guidance Types of APAs available

More information

Withholding Tax Rates 2014*

Withholding Tax Rates 2014* Withholding Tax Rates 2014* (Rates are current as of 1 March 2014) Jurisdiction Dividends Interest Royalties Notes Afghanistan 20% 20% 20% International Tax Albania 10% 10% 10% Algeria 15% 10% 24% Andorra

More information

Notice of proposed Ordinary Resolution to the Class A Noteholders (the Notice ) CAIRN CLO IV B.V.

Notice of proposed Ordinary Resolution to the Class A Noteholders (the Notice ) CAIRN CLO IV B.V. THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE CLASS A NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES

More information

Corporate Presentation

Corporate Presentation Corporate Presentation 2018 Mission Statement Our mission is to provide our clients with security so that they can concentrate on growing their business. We strive to create value and long term mutually

More information

Information Leaflet No. 5

Information Leaflet No. 5 Information Leaflet No. 5 REGISTRATION OF EXTERNAL COMPANIES INFORMATION LEAFLET NO. 5 / FEBRUARY 2018 ii 1. INTRODUCTION An external (foreign) limited company registered abroad may establish a branch

More information

When will CbC reports need to be filled?

When will CbC reports need to be filled? Who will be subject to CbCR? Country by Country Reporting (CbCR) applies to multinational companies (MNCs) with a combined revenue of euros 750 million or more When will CbC reports need to be filled?

More information

HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES

HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES AT A GLANCE GEOGRAPHY 77 COUNTRIES COVERED 5 REGIONS Americas Asia Pacific Central & Eastern

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, October

More information

Real Estate & Private Equity workshop

Real Estate & Private Equity workshop Real Estate & Private Equity workshop Moderator: Panelists: Joseph Hendry, Managing Director, Brown Brothers Harriman Gautier Despret, Senior Manager, Ernst & Young Patrick Goebel, Counsel, Allen & Overy

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, August

More information

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA)

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA) BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA) In the period January - April 2017 Bulgarian exports to the EU increased by 8.6% 2016 and amounted to 10 418.6 Million BGN

More information

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA)

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA) BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA) In the period January - May 2017 Bulgarian exports to the EU increased by 10.8% 2016 and added up to 13 283.0 Million BGN (Annex,

More information

WHY UHY? The network for doing business

WHY UHY? The network for doing business The network for doing business the network for doing business UHY has over 6,800 professionals to choose from trusted advisors and consultants operating in more than 250 business centres, based in 81 countries

More information

Dutch tax treaty overview Q4, 2013

Dutch tax treaty overview Q4, 2013 Dutch tax treaty overview Q4, 2013 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

a closer look GLOBAL TAX WEEKLY ISSUE 255 SEPTEMBER 28, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 255 SEPTEMBER 28, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 255 SEPTEMBER 28, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES

More information

The Structure, Scope, and Independence of Banking Supervision Issues and International Evidence

The Structure, Scope, and Independence of Banking Supervision Issues and International Evidence The Structure, Scope, and Independence of Banking Supervision Issues and International Evidence Daniel Nolle Senior Financial Economist Office of the daniel.nolle@occ.treas.gov Presentation July 10, 2003

More information

Malta s Double Tax Treaties

Malta s Double Tax Treaties Malta s Double Tax Treaties November 216 In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax

More information

Table of Contents. 1 created by

Table of Contents. 1 created by Table of Contents Overview... 2 Exemption Application Instructions for U.S. Tax Residents Living in the U.S.... 3 Exemption Application Instructions for Tax Residents of European Union Member States (other

More information

JPMorgan Funds statistics report: Emerging Markets Debt Fund

JPMorgan Funds statistics report: Emerging Markets Debt Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Debt Fund Data as of November 30, 2016 Must be preceded or accompanied by a prospectus. jpmorganfunds.com

More information

Financial wealth of private households worldwide

Financial wealth of private households worldwide Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate

More information

Section 872. Gross Income. Rev. Rul

Section 872. Gross Income. Rev. Rul Section 872. Gross Income (Also sections 883, 894.) 26 CFR 1.872 2: Exclusions from gross income of nonresident alien individuals. (Also 26 CFR 1.883 1.) This revenue ruling updates the list of countries

More information

Withholding Tax Handbook BELGIUM. Version 1.2 Last Updated: June 20, New York Hong Kong London Madrid Milan Sydney

Withholding Tax Handbook BELGIUM. Version 1.2 Last Updated: June 20, New York Hong Kong London Madrid Milan Sydney Withholding Tax Handbook BELGIUM Version 1.2 Last Updated: June 20, 2014 Globe Tax Services Incorporated 90 Broad Street, New York, NY, USA 10004 Tel +1 212 747 9100 Fax +1 212 747 0029 Info@GlobeTax.com

More information

Double tax considerations on certain personal retirement scheme benefits

Double tax considerations on certain personal retirement scheme benefits www.pwc.com/mt The elimination of double taxation on benefits paid out of certain Maltese personal retirement schemes February 2016 Double tax considerations on certain personal retirement scheme benefits

More information

INTESA SANPAOLO S.p.A. INTESA SANPAOLO BANK IRELAND p.l.c. 70,000,000,000 Euro Medium Term Note Programme

INTESA SANPAOLO S.p.A. INTESA SANPAOLO BANK IRELAND p.l.c. 70,000,000,000 Euro Medium Term Note Programme PROSPECTUS SUPPLEMENT INTESA SANPAOLO S.p.A. (incorporated as a società per azioni in the Republic of Italy) as Issuer and, in respect of Notes issued by Intesa Sanpaolo Bank Ireland p.l.c., as Guarantor

More information

Instruction Deadline. *Settlement Cycle

Instruction Deadline. *Settlement Cycle Argentina Equity & Fixed Income T+0-T+2 SD+1 2:30 SD+1 2:30 Fixed Income (MAECLEAR) T+0-T+2 SD 23:00 SD 23:00 Physical T+0-T+2 SD 23:00 SD 23:00 Australia Equity T+2 SD 5:30 SD 10:30 Fixed Income T+2 SD

More information

55/2005 and 78/2005 Convention on automatic exchange of information

55/2005 and 78/2005 Convention on automatic exchange of information INCOME TAX TREATIES AND AGREEMENTS ON THE TAXATION OF INCOME FROM SAV- INGS (IN FORCE, SIGNED, INITIALLED OR IN NEGOTIATING PROCESS, SITUATION ON 25th April 2018) Country Year of conclusion Number in the

More information

Setting up in Denmark

Setting up in Denmark Setting up in Denmark 6. Taxation The Danish tax system for individuals rests on the global taxation principle. The principle holds that the income of individuals and companies with full tax liability

More information

Austria Country Profile

Austria Country Profile Austria Country Profile EU Tax Centre March 2014 Key tax factors for efficient cross-border business and investment involving Austria EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia

More information

Spain Country Profile

Spain Country Profile Spain Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Spain EU Member State Double Tax Treaties With: Albania Algeria Andorra Argentina

More information

Overview of FSC-certified forests January January Maps of extend of FSC-certified forest globally and country specific

Overview of FSC-certified forests January January Maps of extend of FSC-certified forest globally and country specific Overview of FSCcertified forests January 2009 Maps of extend of FSCcertified forest globally and country specific Global certified forest area: 120.052.350 ha ( = 4,3%) + 11% Hectare FSCcertified forest

More information

a closer look GLOBAL TAX WEEKLY ISSUE 271 JANUARY 18, 2018

a closer look GLOBAL TAX WEEKLY ISSUE 271 JANUARY 18, 2018 GLOBAL TAX WEEKLY a closer look ISSUE 271 JANUARY 18, 2018 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

Malta s Double Tax Treaties

Malta s Double Tax Treaties Malta s Double Treaties February 216 In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties

More information

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement

More information

Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database

Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database Atif Mian Princeton University and NBER Amir Sufi University of Chicago Booth School of Business

More information

Switzerland Country Profile

Switzerland Country Profile Switzerland Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Switzerland EU Member State No. Please note that, in addition to Switzerland

More information

DOMESTIC CUSTODY & TRADING SERVICES

DOMESTIC CUSTODY & TRADING SERVICES Pricing Structure DOMESTIC CUSTODY & TRADING SERVICES A flat custody fee of 20bps per account type per year is applicable to all holdings and cash, the custody fee is collected each month but will be capped

More information

Employer Social Charges 13/10/2017 EURO/USD USD 1.20 JPY/USD 0.01 AUD/USD USD 0.73 GBP/USD Charges patronales obligatoires %

Employer Social Charges 13/10/2017 EURO/USD USD 1.20 JPY/USD 0.01 AUD/USD USD 0.73 GBP/USD Charges patronales obligatoires % Charges 13/10/2017 Salaire Brut Mensuel Charges patronales obligatoires % Charges patronales totales Pays Albania $4,500.00 16.70% $218 Algeria $4,500.00 28.00% $1,260 Angola $4,500.00 20.7500% $933.75

More information

2017 EU-wide Transparency Exercise

2017 EU-wide Transparency Exercise ound_3 5 TRA Bank Name LEI Code Country Code 529900V3O1M5IHMOSF46 DE St 201612 201706 Capital (mln EUR, %) COREP CODE REGULATION A OWN FUNDS 2,043 2,011 C 01.00 (r010,c010) Articles 4(118) and 72 of CRR

More information

2017 EU-wide Transparency Exercise

2017 EU-wide Transparency Exercise ound_3 5 TRA Bank Name LEI Code Country Code EV2XZWMLLXF2QRX0CD47 SE Ko 201612 201706 Capital (mln EUR, %) As of 31/12/2016 As of 30/06/2017 COREP CODE REGULATION A OWN FUNDS 668 715 C 01.00 (r010,c010)

More information

Global Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes

Global Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes Global Forum on Transparency and Exchange of Information for Tax Purposes Statement of Outcomes 1. On 25-26 October 2011, over 250 delegates from 84 jurisdictions and 9 international organisations and

More information

Enterprise Europe Network SME growth outlook

Enterprise Europe Network SME growth outlook Enterprise Europe Network SME growth outlook 2018-19 een.ec.europa.eu 2 Enterprise Europe Network SME growth outlook 2018-19 Foreword The European Commission wants to ensure that small and medium-sized

More information