Benchmark your Global Fund Distribution 2015

Size: px
Start display at page:

Download "Benchmark your Global Fund Distribution 2015"

Transcription

1 Benchmark your Global Fund Distribution 215 Asset Management

2 Evolution of cross-border distribution Number of cross-border funds and registrations 1, 9, 9,436 11% 9,869 5% 1,43 6% 11, 1, Number of cross-border registrations 8, 7, 6, 5, 4, 3, 4,529 4,875 8% 5,17 6% 5,97 14% 6,525 1% 7,366 13% 7,441 1% 7,97 6% 8,511 8% 9, 8, 7, 6, 5, 4, Number of cross-border funds Funds Domicile: United Kingdom Other Number of true cross-border funds 2, 3, 1, 2, , Average registrations per true cross-border fund Sources: Lipper LIM and PwC analysis, 31 December 214. Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile. Domicile share of authorisations for cross-border distribution 67% Sources: Lipper LIM and PwC analysis, 31 December 214. Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile. Number of cross-border funds 1,43 Compound annual growth rate over 1 years 7.9% 2% 4% 2% 2% 5% Funds Domicile: United Kingdom Other Number of true cross-border funds Number of cross-border registrations 83,55 Compound annual growth rate over 1 years 11.4% Top 5 destinations of leading fund domiciles: Registrations in: Germany 4,74 Switzerland 4,98 Austria 4,67 3,47 United Kingdom 3,258 Registrations in: United Kingdom 1,88 Germany 1,78 Switzerland 1,371 1,343 Netherlands 1,275 Benchmark your Global Fund Distribution Asset Management - March 215

3 Distribution footprint* 34% (3 to 4 markets) 29% (5 to 9 markets) 7% (2+ markets) 1% (15 to 19 markets) * Of true cross-border funds. Source: Lipper LIM and PwC analysis, 31 December % (1 to 14 markets) Origin of top 5 Man Co Country of origin of cross-border Management Groups United States United Kingdom Other Europe Switzerland Germany South Africa Japan Source: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215

4 Evolution of UCITS net sales and AuM Mutual funds* net sales UCITS Assets - Top European domiciles EUR bn World Europe ** EUR bn 3, 2,5 2,198 AuM growth (29-214) 2, , 1,592 1,881 1,76 2, ,5 1,274 1,253 1,21 1,116 1,68 1,111 1,146 1, 968 1, World Europe United Kingdom Source: ICI. Source: EFAMA, ICI * Home domiciled mutual funds. ** Q3 214 year to date. Note: In Europe, to measure the equivalent of the American mutual funds, ICI collects UCITS fund data from EFAMA. Benchmarking cross-border distribution Asset classes Breakdown of the number of registrations by investment strategy (top 15 strategies) Change in number of cross-border funds vs number of funds last year (top 15 strategies) Number of registrations 12, 1, 8, 6, 4, 2, Total number of funds as of 31 December Change in number of funds from 213 to 214 calendar year Equity Europe Bond Europe Sources: Lipper LIM and PwC analysis, 31 December 214. Equity Global Equity Specific Sector Equity Emerging Markets Equity Asia Pacific Equity US Bond Global Bond Emerging Markets Mixed Asset Europe Bond US Alternative Equity Japan Absolute Return Equity China Equity Global Equity Europe Mixed Asset Europe Bond Global Bond Europe Equity Emerging Markets Sources: Lipper LIM and PwC analysis, 31 December 214. Equity US Bond Emerging Markets Equity Asia Pacific Alternative Commodity Bond US Mixed Asset US Equity Japan Bond Convertibles Global Benchmark your Global Fund Distribution Asset Management - March 215

5 Target markets for distribution Key fund domiciles and their distribution markets Distribution Markets Fund Domiciles United Kingdom Belgium Other Total number of registrations as at Dec. 214 Number of new registrations during 214 % growth Trend over 5 years EUROPE Andorra % Austria 4,67 1, , % Belgium 2, , % Bulgaria % Cyprus % Czech Republic % Denmark 1, , % Estonia % Faroe Islands % Finland 2, , % 3,47 1, , % Germany 4,74 1, , % Gibraltar % Greece % Greenland % Guernsey % Hungary % Iceland % 1, , % Isle of Man % Italy 3, , % % Latvia % Liechtenstein % Lithuania % - 1, , % Malta % Monaco % Netherlands 3,252 1, , % Norway 1, , % Poland % Portugal 1, , % Romania % Slovakia % Slovenia % Spain 3, , % Sweden 2,87 1, , % Top Market Switzerland 4,98 1, , % United Kingdom 3,258 1, , % Total number of registrations - EUROPE 48,923 15,537 3,31 1,876 1, ,38 73,71 6, % Benchmark your Global Fund Distribution Asset Management - March 215

6 Distribution Markets Fund Domiciles United Kingdom Belgium Other Total number of registrations as at Dec. 214 Number of new registrations during 214 % growth Trend over 5 years ASIA PACIFIC Australia % Brunei Darussalam New Hong Kong , % Japan % Korea % Macau % New Zealand % Top Market Singapore 1, , % Taiwan % Total number of registrations - ASIA PACIFIC 4,396 1, , % MIDDLE EAST Bahrain % Jordan % Kuwait % Lebanon % Oman % Top Market Qatar % Saudi Arabia New Turkey % United Arab Emirates % Total number of registrations - MIDDLE EAST % AMERICAS Bahamas % Canada % Cayman Islands % Chile , % Colombia % Dominican Republic New El Salvador New Mexico % Top Market Panama % Peru % Saint Martin % Trinidad & Tobago % United States % Total number of registrations - AMERICAS 1, , % AFRICA Botswana % Top Market Mauritius % South Africa % Total number of registrations - AFRICA % TOTAL 55,787 16,94 3,218 1,952 1, ,157 83,55 7, % Benchmark your Global Fund Distribution Asset Management - March 215

7 Top 5 cross-border management groups Explanation Ranking according to the total number of countries of distribution. Ranking Management company Total # of countries of distribution at group level (including domicile) MAIN FUND DOMICILES AND NUMBER OF COUNTRIES OF DISTRIBUTION First domicile and # of countries of distribution Second domicile and # of countries of distribution Third domicile and # of countries of distribution AMERICAS ASIA PACIFIC MIDDLE EAST AFRICA Bermuda British Virgin Islands Canada Cayman Islands Chile Colombia Curacao Mexico Panama Peru Saint Martin Trinidad and Tobago United States Australia Brunei Darussalam Cook Islands Hong Kong India Japan Korea Macau Singapore Taiwan Bahrain Jordan Kuwait Lebanon Oman Qatar Saudi Arabia Turkey United Arab Emirates Botswana Egypt Mauritius South Africa 1 FRANKLIN TEMPLETON 49 LU HSBC 45 LU 4 IE 18 GG 5 3 BLACKROCK 44 LU 36 IE 25 DE 13 4 FIDELITY WORLDWIDE INVESTMENTS 39 LU 38 UK 11 IE 11 5 BNP PARIBAS 35 LU 34 FR ALLIANZ GROUP 33 LU 32 IE 12 DE 7 7 GAM (INCLUDING SWISS AND GLOBAL) 32 LU 26 IE 23 UK 4 8 JP MORGAN 31 LU 31 HK PIONEER INVESTMENTS 31 LU 3 AT SCHRODERS 3 LU 29 UK 13 HK 4 1 UBS 3 LU 29 IE 15 FR 4 12 INVESCO 29 LU 27 IE 25 KY 2 12 AMUNDI GROUP 29 LU 28 FR 13 IE 5 14 ABERDEEN ASSET MANAGEMENT 28 LU 27 UK 6 IE 3 15 ROYAL BANK OF SCOTLAND 27 LU DEUTSCHE BANK 26 LU 22 IE 16 DE HENDERSON GROUP 26 LU 25 UK BNY MELLON 26 IE 24 LU 14 UK LEGG MASON 26 IE 22 LU PIMCO 26 IE CAPITAL GROUP 26 LU ALLIANCEBERNSTEIN MANAGEMENT 25 LU ING INVESTMENT MANAGEMENT 25 LU PINEBRIDGE 25 IE CREDIT SUISSE GROUP 24 LU 22 IE 1 LI 3 25 INVESTEC 24 LU 22 GG 7 UK 4 25 PICTET & CIE 24 LU 23 CH BARCLAYS 23 LU 18 IE 17 JE 8 28 LYXOR 23 LU 17 FR 14 IE MAN GROUP 23 IE 16 BM 4 LU 2 28 T-ROWE PRICE 23 LU THREADNEEDLE 22 UK 19 LU GOLDMAN SACHS 22 LU 2 IE KBC 22 LU 21 BE 8 IE 3 32 MORGAN STANLEY 22 LU 21 IE PRUDENTIAL 22 UK 15 LU STATE STREET 22 IE 16 FR 14 LU AXA 22 LU 18 IE 18 FR 6 32 BLUEBAY 22 LU OLD MUTUAL 22 IE 21 UK NORDEA 21 LU 2 FI 4 42 MFS 2 LU MUZINICH & CO 2 IE MASSACHUSETTS MUT LIFE 2 IE 19 UK 13 LU 8 42 ROBECO 2 LU 19 NL JANUS GROUP 2 IE EAST CAPITAL 2 LU 16 SE UBP 2 LU 17 FR GROUPE BPCE 19 LU 17 FR 12 IE 1 49 NOMURA 19 IE TOTAL Sources: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215

8 Top 5 cross-border management groups Explanation Ranking according to the total number of countries of distribution. Ranking Management company Total # of countries of distribution at group level (including domicile) MAIN FUND DOMICILES AND NUMBER OF COUNTRIES OF DISTRIBUTION First domicile and # of countries of distribution Second domicile and # of countries of distribution Third domicile and # of countries of distribution EUROPE Andorra Austria Belgium Bulgaria Cyprus CzechRepublic Denmark Estonia Finland Germany Gibraltar Greece Guernsey Hungary Iceland Isle of Man Italy Latvia Liechtenstein Lithuania Malta Monaco Netherlands Norway Poland Portugal Romania Slovakia Slovenia Spain Sweden Switzerland United Kingdom 1 FRANKLIN TEMPLETON 49 LU HSBC 45 LU 4 IE 18 GG 5 3 BLACKROCK 44 LU 36 IE 25 DE 13 4 FIDELITY WORLDWIDE INVESTMENTS 39 LU 38 UK 11 IE 11 5 BNP PARIBAS 35 LU 34 FR ALLIANZ GROUP 33 LU 32 IE 12 DE 7 7 GAM (INCLUDING SWISS AND GLOBAL) 32 LU 26 IE 23 UK 4 8 JP MORGAN 31 LU 31 HK PIONEER INVESTMENTS 31 LU 3 AT SCHRODERS 3 LU 29 UK 13 HK 4 1 UBS 3 LU 29 IE 15 FR 4 12 INVESCO 29 LU 27 IE 25 KY 2 12 AMUNDI GROUP 29 LU 28 FR 13 IE 5 14 ABERDEEN ASSET MANAGEMENT 28 LU 27 UK 6 IE 3 15 ROYAL BANK OF SCOTLAND 27 LU DEUTSCHE BANK 26 LU 22 IE 16 DE HENDERSON GROUP 26 LU 25 UK BNY MELLON 26 IE 24 LU 14 UK LEGG MASON 26 IE 22 LU PIMCO 26 IE CAPITAL GROUP 26 LU ALLIANCEBERNSTEIN MANAGEMENT 25 LU ING INVESTMENT MANAGEMENT 25 LU PINEBRIDGE 25 IE CREDIT SUISSE GROUP 24 LU 22 IE 1 LI 3 25 INVESTEC 24 LU 22 GG 7 UK 4 25 PICTET & CIE 24 LU 23 CH BARCLAYS 23 LU 18 IE 17 JE 8 28 LYXOR 23 LU 17 FR 14 IE MAN GROUP 23 IE 16 BM 4 LU 2 28 T-ROWE PRICE 23 LU THREADNEEDLE 22 UK 19 LU GOLDMAN SACHS 22 LU 2 IE KBC 22 LU 21 BE 8 IE 3 32 MORGAN STANLEY 22 LU 21 IE PRUDENTIAL 22 UK 15 LU STATE STREET 22 IE 16 FR 14 LU AXA 22 LU 18 IE 18 FR 6 32 BLUEBAY 22 LU OLD MUTUAL 22 IE 21 UK NORDEA 21 LU 2 FI 4 42 MFS 2 LU MUZINICH & CO 2 IE MASSACHUSETTS MUT LIFE 2 IE 19 UK 13 LU 8 42 ROBECO 2 LU 19 NL JANUS GROUP 2 IE EAST CAPITAL 2 LU 16 SE UBP 2 LU 17 FR GROUPE BPCE 19 LU 17 FR 12 IE 1 49 NOMURA 19 IE TOTAL Sources: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215

9 For more detailed and regular updates on cross-border distribution, please visit Assisting in Global Fund Distribution We can assist you in international fund distribution. If you need help to create a distribution strategy, obtain quick and efficient market entry or to ensure your funds remain in compliance with all regulations - our dedicated cross-border fund distribution team is experienced in delivering effective solutions in more than 4 jurisdictions across the globe. The GFD client solutions include: Development of an effective distribution strategy, including detailed market, product and investor analysis Product structuring and development Market entry for UCITS and AIFs Local private placement rules Advice on local and EU rules to ensure compliance with cross-border requirements Compliance with reporting related to distribution Distributor due diligence and benchmarking Advice on distribution set-up Market Intelligence Publication requirements Your contacts José-Benjamin Longrée Partner, Global Fund Distribution Leader jose-benjamin.longree@lu.pwc.com Steven Libby Partner, Asset Management Leader steven.libby@lu.pwc.com Christophe Saint-Mard Partner, Global Fund Distribution christophe.saint-mard@lu.pwc.com John Parkhouse Partner, European Asset Management Leader john.m.parkhouse@lu.pwc.com Dariush Yazdani Partner, Market Research Centre Leader dariush.yazdani@lu.pwc.com Follow us on social media PwC Plug 215 PricewaterhouseCoopers, Société coopérative. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers, Société coopérative () which is a member firm of PricewaterhouseCoopers International Limited ( PwC IL ), each member firm of which is a separate and independent legal entity. PwC IL cannot be held liable in any way for the acts or omissions of its member firms.

Distribution snapshots

Distribution snapshots GLOBAL FUND DISTRIBUTION 2018 Distribution snapshots Target markets for distribution Total number of new registrations Germany 1,302 Cross-border distribution Luxembourg Domicile share of authorisations

More information

European ETF Listing and Distribution Poster September 2017

European ETF Listing and Distribution Poster September 2017 www.pwc.lu European ETF Listing and Distribution Poster September 217 Global Fund Distribution Market overview Evolution of EU-domiciled ETFs AuM by country of domicile and total number of ETFs 6 1,497

More information

May, 19th UCITS IV to UCITS V

May, 19th UCITS IV to UCITS V London, 19 May 2011 May, 19th 2011 UCITS IV to UCITS V London roadshow 2011 Panel discussion moderated by: UCITS IV to UCITS V Thomas Seale, CEO, European Fund Administration, and Vice Chairman, ALFI Panelists:

More information

AUTOMATIC EXCHANGE OF INFORMATION (AEOI)

AUTOMATIC EXCHANGE OF INFORMATION (AEOI) AUTOMATIC EXCHANGE OF INFORMATION (AEOI) As the world becomes increasingly globalised, money can be transferred from one jurisdiction to another with ease. While this may help to facilitate trade and boost

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

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

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

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

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

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

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) 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

UPDATE. COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS. What is CRS? Participating Jurisdictions

UPDATE.   COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS. What is CRS? Participating Jurisdictions www.kensington-trust.com UPDATE COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015

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

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

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

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

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

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) 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) 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) 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) 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

STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION. Philip Kerfs, OECD

STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION. Philip Kerfs, OECD STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION Philip Kerfs, OECD Overview Background, context and timeline The Standard: basic approach and key features Next steps: implementing the

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

TAXATION (IMPLEMENTATION) (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) (JERSEY) REGULATIONS 2015

TAXATION (IMPLEMENTATION) (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) (JERSEY) REGULATIONS 2015 Arrangement TAXATION (IMPLEMENTATION) (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) (JERSEY) REGULATIONS 2015 Arrangement Regulation 1 Interpretation... 3 2 Meaning of relevant date and relevant

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

Argentina Tax amnesty: the day after

Argentina Tax amnesty: the day after Argentina Tax amnesty: the day after Walter C. Keiniger December 2016 YES to amnesty: exchange of Information DTTs (Art. 26 OECD Model) Provisions or agreements signed by Argentina Bilateral Agreements

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

THE COMMON REPORTING STANDARD ("CRS") UPDATE FOR OCORIAN CLIENTS

THE COMMON REPORTING STANDARD (CRS) UPDATE FOR OCORIAN CLIENTS JERSEY BRIEFING November 2015 THE COMMON REPORTING STANDARD ("CRS") UPDATE FOR OCORIAN CLIENTS At present 93 countries will implement CRS over a two year period commencing 1 January 2016. The CRS initiative

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

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

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

(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

OECD Common Reporting Standard Getting into the Detail STEP / GAT

OECD Common Reporting Standard Getting into the Detail STEP / GAT OECD Common Reporting Standard Getting into the Detail STEP / GAT Jo Huxtable Martin Popplewell 11 February 2016 Agenda Introduction CRS and the wider regulatory environment CRS latest developments and

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

SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS. No. 32 of 2016

SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS. No. 32 of 2016 1 SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS No. 32 of 2016 Common Reporting Standard (Automatic Exchange of Financial Account Information) Regulations The Minister, in exercise of the powers

More information

Country Classification System

Country Classification System Country Classification System December 2017 2016 S-Network Global Indexes, 267 Fifth Avenue, New York, NY 10016. S-Network Country Classification System 1. Criteria for Developed Market Status Per Capita

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

FATCA Update May 2014

FATCA Update May 2014 www.pwc.com The Basics Foreign Account Tax Compliance Act Purpose of Prevent and detect offshore tax evasion by US citizens Increased information reporting Enforced by withholding tax Effective begins

More information

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

PENTA CLO 2 B.V. (the Issuer) 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

More information

FACT SHEET. Automatic exchange of information (AEOI)

FACT SHEET. Automatic exchange of information (AEOI) FACT SHEET Automatic exchange of information (AEOI) In a joint statement, a number of countries, including all major financial centres and Liechtenstein, have announced that they will introduce the new

More information

MEXICO - INTERNATIONAL TAX UPDATE -

MEXICO - INTERNATIONAL TAX UPDATE - TTN Conference May 2017 MEXICO - INTERNATIONAL TAX UPDATE - Arturo G. Brook Main Taxes Income Tax Value Added Tax Others Agenda DTTs and TIEAs FATCA (IGA) and CRS Choice of Vehicles Income Tax - General

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

- Act Nr. XXXVII of 2013 on certain regulation connected with the international administrative cooperation on tax and other public burdens.

- Act Nr. XXXVII of 2013 on certain regulation connected with the international administrative cooperation on tax and other public burdens. Dear Customer, The Hungarian Parliament introduced the Common Reporting Standards, CRS on the automatic financial data exchange with the effect of 01.01.2016. The aim of the regulation is to hinder 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

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends

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

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Registration of Foreign Limited Partnerships in the Cayman Islands

Registration of Foreign Limited Partnerships in the Cayman Islands Registration of Foreign Limited Partnerships in the Cayman Islands Preface This publication has been prepared for the assistance of those who are considering registration of a foreign limited partnership

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

Summary of key findings

Summary of key findings 1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is

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

The Capital Requirements (Country-by-Country Reporting) Regulations December 2017

The Capital Requirements (Country-by-Country Reporting) Regulations December 2017 HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to

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

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

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

Webinar: Common Reporting Standard. Game Plan for Compliance December 10, 2015

Webinar: Common Reporting Standard. Game Plan for Compliance December 10, 2015 Webinar: Common Reporting Standard Game Plan for Compliance December 10, 2015 Presenters Moderator: Sara Pereda Director DMS Offshore Investment Services Roman Ipfling Director DMS International Tax Compliance

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

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

WIRE TRANSFER GUIDE RECEIVING WIRE TRANSFERS

WIRE TRANSFER GUIDE RECEIVING WIRE TRANSFERS RECEIVING WIRE TRANSFERS Incoming Domestic Wire Instructions: Receiving Bank Name: Genesee Regional Bank Receiving Bank Address: 3380 Monroe Ave. Rochester, NY 14618 Receiving Bank Routing, Transit, ABA

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

Tax certification for Entities FATCA and CRS

Tax certification for Entities FATCA and CRS Schroder Investment Management Australia Limited Level 20, Angel Place 123 Pitt Street Sydney, NSW 2000 www.schroders.com.au AFSL 226473 ABN 22 000 443 274 Tax certification for Entities FATCA and CRS

More information

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and

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

Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development

Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development Unclassified English/French Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 25-Sep-2009 English/French COUNCIL Council DECISION

More information

CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective"

CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective" Eric Chow HSBC Securities Services June 2011 2 Agenda About HSBC Securities Services (HSS) Introducing

More information

SCHEDULE OF REVIEWS (DECEMBER 2017)

SCHEDULE OF REVIEWS (DECEMBER 2017) 2016-2020 SCHEDULE OF REVIEWS (DECEMBER 2017) 2016-2021 SCHEDULE OF EOIR REVIEWS 1. At its meeting in Jakarta on 21-22 November 2013, the Global Forum agreed that a new round of peer reviews for the Exchange

More information

Source of wealth guidelines

Source of wealth guidelines For use in Singapore only Source of wealth guidelines Our application forms contain a section called source of wealth which needs to be completed to give us information on where the income your client

More information

Global Business Barometer April 2008

Global Business Barometer April 2008 Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of

More information

Pension Payments Made To Foreign Bank Accounts

Pension Payments Made To Foreign Bank Accounts West Midlands Pension Fund West Midlands Pension Fund Pension Payments Made To Foreign Bank Accounts A Guide to Worldlink Payment Services August 2012 What does WorldLink Payment Services offer? WorldLink

More information

Understanding Financial Interconnectedness

Understanding Financial Interconnectedness Understanding Financial Interconnectedness Key Messages Utility Bilateral surveillance Multilateral surveillance Macro-prudential policies Swap Lines England ECB Switzerland United States JAPAN Swap Lines

More information

Observatory for Management Companies 2018 Barometer

Observatory for Management Companies 2018 Barometer www.pwc.lu/management-companies Observatory for Management Companies 2018 Barometer Asset & Wealth Management Community 2 Table of contents Luxembourg Management Companies snapshots...3 PwC ManCo Index...4

More information

COSTAS TSIELEPIS & CO LTD

COSTAS TSIELEPIS & CO LTD COSTAS TSIELEPIS & CO LTD TAX UPDATE Authored By: ALEXIS TSIELEPIS, Director, Head of Taxation VOLUME 5, ISSUE 2 knowledge Facts, information and skills acquired through experience or education; the theoretical

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

FACT SHEET. Automatic exchange of information (AEOI)

FACT SHEET. Automatic exchange of information (AEOI) FACT SHEET Automatic exchange of information (AEOI) In a joint statement, a number of countries, including all major financial centres and Liechtenstein, have announced that they will introduce the new

More information

CRS Form for Tax Residency Self Certification For Individuals, Joint Accounts (CRS I)

CRS Form for Tax Residency Self Certification For Individuals, Joint Accounts (CRS I) For Individuals, Joint Accounts (CRS I) Please read these instructions carefully before completing the form Chapter XIIA of Income Tax Rules, 2002 and Regulations based on the OECD Common Reporting Standard

More information

Luxembourg Country Profile

Luxembourg Country Profile Luxembourg Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Luxembourg EU Member State Yes Double Tax Treaties With: Albania (a) Andorra

More information

Malta Country Profile

Malta Country Profile Malta Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Malta EU Member State Yes. Double Tax Treaties With: Albania Australia Austria

More information

TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD

TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD 2 TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD A COMMON REPORTING STANDARD ACROSS THE WORLD The goalposts in international tax reporting are moving

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

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

The Development of Tax Transparency in

The Development of Tax Transparency in The Development of Tax Transparency in OECD Countries Hoang Ha Nguyen Thi and Till Nikolka 1 Over the course of globalisation, governments have been confronted with the growing international dimension

More information

Malta Country Profile

Malta Country Profile Malta Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Malta EU Member State Yes. Double Tax Treaties With: Albania Andorra Australia

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

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

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

Save up to 74% on U.S. postage. ONTARIO RATE CARD 2018 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 Post vs Chit Chats Bracelet 3 oz (85g)

More information

Cayman Islands - FATCA and CRS Top tips & pitfalls to avoid in 2018

Cayman Islands - FATCA and CRS Top tips & pitfalls to avoid in 2018 Cayman Islands - FATCA and CRS Top tips & pitfalls to avoid in 018 In this article we share our tips for reporting success for a Cayman Investment Entity Financial Institution (FI) and common pitfalls

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

ORBITAX INTERNATIONAL TAX RESEARCH AND COMPLIANCE EXPERT

ORBITAX INTERNATIONAL TAX RESEARCH AND COMPLIANCE EXPERT ORBITAX INTERNATIONAL TAX RESEARCH AND COMPLIANCE EXPERT Comprehensive Analysis of Tax Regimes with Embedded Tools to Put Your Research into Action Orbitax International Tax Research and Compliance Expert

More information

2009 Half Year Results. August 25, 2009

2009 Half Year Results. August 25, 2009 1 2009 Half Year Results August 25, 2009 2 Caution statement This presentation may contain forward looking statements, which are subject to risk and uncertainty. A variety of factors could cause our actual

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). wide Regulated Open-ended Fund Assets and Flows Trends

More information

RSM AND HFMWEEK CRS/FATCA SURVEY HOW DO FUNDS INTEND TO ADDRESS CRS AND FATCA COMPLIANCE CHALLENGES?

RSM AND HFMWEEK CRS/FATCA SURVEY HOW DO FUNDS INTEND TO ADDRESS CRS AND FATCA COMPLIANCE CHALLENGES? RSM AND HFMWEEK CRS/FATCA SURVEY HOW DO FUNDS INTEND TO ADDRESS CRS AND FATCA COMPLIANCE CHALLENGES? During the third quarter of 2016, RSM and Hedge Fund Management Week (HFMWeek) surveyed chief operating

More information

The current state of ICOs

The current state of ICOs The current state of ICOs A concise overview of ICO overall developments, regions, raised capital and the biggest projects Contents Preface... 2 1. Current ICO developments in Q1 2018... 3 1.1 Raised ICO

More information

Foreign Investment Statistics

Foreign Investment Statistics 2012-2013 Released Date: May 2015 Table of Contents Introduction....4 Key Points......5 Total Stock of Foreign Investment (FI) by Economic Activity....6 Foreign Direct Investment (FDI) by Economic Activity.......8

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

Approach to Employment Injury (EI) compensation benefits in the EU and OECD

Approach to Employment Injury (EI) compensation benefits in the EU and OECD Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-

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