Financial law reform: purpose and key questions
|
|
- Wesley Stafford
- 6 years ago
- Views:
Transcription
1 Conference on Cross-Jurisdictional Netting and Global Solutions Update on Netting in Asia May 12, 2011 London School of Economics and Political Science Peter M Werner Senior Director ISDA pwerner@isda.org 2011 International Swaps and Derivatives Association, Inc. ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc. Financial law reform: purpose and key questions Creating a more stable and predictable legal environment for derivatives trading, close-out netting and related financial collateral arrangements Knowing where you stand : the practical value of increasing legal certainty An abstract goal, but with concrete results: increased market confidence, more liquidity, greater financial stability Key questions: Will my agreement be respected and enforced by a court or arbitration tribunal? Will foreign law governed contracts and foreign based counterparties be treated equally? Will it be enforced as written, both before and after my counterparty s insolvency? How can I protect against the risk of my counterparty s insolvency? Early termination and close-out netting under a master agreement Set-off rights Financial collateral arrangements and other forms of security Guarantees, letters of credit, insurance, credit derivatives 2 1
2 Selected int l legal instruments UNCITRAL Legislative Guide on Secured Transactions UNCITRAL Legislative Guide on Insolvency UN Convention on the Assignment of Receivables in International Trade UN Convention on Contracts for the International Sale of Goods Geneva Securities Convention Hague Securities Convention Hague Choice of Court Convention EU Directive on Financial Collateral Arrangements plus Amending Directive EU Directives on Winding-up of Banks and Insurance Undertakings EU Insolvency Regulation EU Regulation (Rome I) on the Law Applicable to Contractual Obligations EU Regulation (Brussels I) on the Recognition and Enforcement of Judgments in Civil and Commercial Matters Other law reform initiatives affecting international finance (e.g. proposals for EU and UNIDROIT instruments on netting) New York Convention (arbitration in derivatives disputes) 3 Importance and nature of close-out netting The single most important credit risk mitigation technique in the derivatives market Collateral is enforced against net balance and is calculated and taken on assumption netting works A three step process (requires a master agreement): 1. early termination 2. valuation of positions 3. determination of net balance Third step may be effected by contractual set-off, but not necessarily In other words, netting and set-off are related but distinct concepts Close-out netting under ISDA Master Agreement works on basis of conditionality, not set-off Other forms of netting: payment netting and netting by novation 4 2
3 Risk reduction through close-out netting Bank for International Settlements, November 2010 As of June 30, 2010, total notional amount of all outstanding OTC derivatives was $582.7 trillion Total gross market value of outstanding OTC derivatives was $24.7 trillion (4.2% of notional amount) After applying close-out netting, total credit exposure was $3.6 trillion (0.6% of notional amount), a reduction of 85.5% from gross market value All banks, Reduction of mark-to-market exposure Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 US banks, U.S. Office of the Comptroller of the Currency, 3 rd Quarter 2010 As of September 30, 2010, close-out netting reduced counterparty credit exposure at U.S. banks by 92.1% 69% of the netted credit exposure was covered by collateral Reduction of mark-to-market exposure Mar-96 Mar-98 Mar-00 Mar-02 Mar-04 Mar-06 Mar-08 Mar
4 7 8 4
5 Netting legislation - status Country Netting Legislation Lithuania Under Consideration Andorra Adopted Luxembourg Adopted Anguilla Adopted Malta Adopted Argentina Under Consideration Adopted Mauritius Australia Adopted Mexico Adopted Austria Adopted Adopted New Zealand Belgium Adopted Norway Adopted Brazil Adopted Pakistan Under Consideration British Virgin Islands Adopted Peru Adopted Canada Adopted Poland Adopted Chile Under Consideration Portugal Adopted Colombia Adopted Romania Adopted Czech Republic Adopted Russia Adopted Denmark Adopted Seychelles Under Consideration Finland Adopted Slovakia Adopted France Adopted Slovenia Adopted Germany Adopted South Africa Adopted Greece Adopted South Korea Adopted Hungary Adopted Spain Adopted Ireland Adopted Sweden Adopted Israel Adopted Switzerland Adopted *United Kingdom: ISDA provides legal opinions for the laws of England & Wales as well as Scotland. As of February 21, 2009, the UK Banking Act introduced a new insolvency law for all UK jurisdictions providing for a special resolution regime for banks and building societies. This includes specific netting legislation for transactions with such counterparties. With regard to most other counterparties the previous regime remains in place. In England, the enforceability of netting is widely accepted without the need for specific statutory recognition. Please refer to the ISDA netting opinions on English and Scots law respectively. For other jurisdictions without specific netting statutes, eg, Turkey, Netherlands, Hong Kong, please refer to the relevant ISDA netting opinions. Italy Adopted United Kingdom * Adopted (see note) Japan Adopted United States Adopted 9 ISDA netting legislation initiatives Across jurisdictions globally the scope and contents of netting legislation vary significantly, especially regarding: Scope of counterparties eligible Scope of transactions covered Hence current and recent initiatives in: Russia, Kazakhstan, Ukraine, Poland, Czech Republic, Slovakia, Slovenia, Hungary, Lithuania, Bulgaria, Romania, Croatia, Serbia, UK, Pakistan, UAE, Bahrain, Qatar, Colombia, Peru, Mauritius, Nigeria, South Africa, Seychelles, South Korea, China, India, Indonesia, Malaysia, USA, Canada, Australia, New Zealand Relation between collateral transactions and netting legislation 10 5
6 Certain issues (1) South Korea: Netting legislation in place ( 2005 Debtor Rehabilitation and Bankruptcy Law ), but inconsistencies remain (e.g. re. any type of physical or financial commodity transaction plus corporates, central bank, public law entity, pension funds). India: No netting legislation, but gradual liberalisation via RBI circulars, policy statements etc. Certain products not allowed (e.g., equity, credit). Transactions limited to hedging. Additional problems remain due to inconsistencies with existing primary legislation, esp. re. legislation beyond the remit of RBI, e.g. central bank, certain state and nationalised banks, other government companies and insurance companies. 11 Certain issues (2) China: Close-out netting is not recognised under Chinese law. The 2006 Enterprise Bankruptcy Act recognises insolvency set-off, but subject to several major restrictions. Also, cherrypicking still possible. This far, no further clarifications made by legislator, financial regulators or Supreme Court (e.g. by way of special opinion on interpretation of the 2006 act). Hong Kong: No netting legislation, but netting is recognised under general principles of law. Netting analysis generally regarded positive with regard to financial and corporate counterparties. Problems remain re. insurance companies, funds, central bank, public law entities. Taiwan: No specific legislation. Netting enforceable under general principles of law. Wide scope of transactions and counterparties covered. 12 6
7 Certain issues (3) Malaysia: No netting legislation. Mandatory set-off on insolvency. However, in certain circumstances close-out netting may not be enforceable, esp. during moratoria pursuant to 1998 Danaharta Act and 2005 Deposit Insurance Corporation Act. Otherwise, scope of counterparties (excl. insurance companies) and transactions fairly wide. Indonesia: No netting legislation. Enforceability based on general principles of law, but relatively large degree of uncertainty regarding the material content of legal rules. Otherwise, scope of counterparties and transactions fairly wide. Philippines: No netting legislation. General principles of law apply. However, application of general insolvency law rules is limited to certain counterparties only. 13 Certain issues (4) Japan: Enforceability based on both legislation and general principles. Problems remain re. some types of corporations, funds, public law entities as well as all types of commodity transactions and new products. Australia: Both legislation and general (1998 Payment Systems and Netting Act) principles. Fairly wide scope of counterparties and transactions covered, but proposals for moratorium pending. Middle East:..nothing (almost). Some rudimentary provisions here and there in Bahrain, UAE, Qatar, but not sufficient by any measure. Very good draft bill pending in Pakistan (on netting and collateral). Central Asia:.not much better (esp. Kazakhstan). 14 7
8 Conclusion: We need a global instrument on close-out netting now! 15 Conference on Cross-Jurisdictional Netting and Global Solutions Update on Netting in Asia May 12, 2011 London School of Economics and Political Science Dr Peter M Werner Senior Director ISDA pwerner@isda.org 2011 International Swaps and Derivatives Association, Inc. ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc. 8
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 informationFinancial 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 informationSTOXX 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 informationReporting 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 informationSummary 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 informationEQUITY 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 informationFOREIGN 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 informationTAXATION (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 informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More informationAPA & 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 informationSummary 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 informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationTotal 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 informationTotal 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 informationTotal 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 informationa 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 informationTotal 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 informationTotal 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 informationTotal 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 informationTotal 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 informationTotal 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 informationTotal 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 informationApproach 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 informationTotal 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 informationInternational 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 informationArgentina 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 informationInternational 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 informationDouble 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 informationTotal 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 informationInternational 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 informationGlobal 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 informationTotal 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 informationPENTA 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 informationSpain 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 informationTotal 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 informationDOMESTIC 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 informationTAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov
TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationInternational 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 informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationOpen Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017
Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems 5 October 2017 Deutsche Börse Group 1 Settlement services: single point of access to cost-effective, low risk and
More informationFTSE Global Equity Index Series
Methodology overview FTSE Global Equity Index Series Built for the demands of global investors Indexes for a global market The FTSE Global Equity Index Series (FTSE GEIS) includes objective, rules-based
More informationReal 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 informationThe Global Tax Reset 2017 Audit Committee Symposium
The Global Tax Reset Copyright 2017 Deloitte Development LLC. All rights reserved. 2017 Audit Committee Symposium Anticipate. Navigate. Focus. 1 The Global Tax Reset General context Multinational companies
More informationActuarial 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 informationFocus on Barrier 16 : Netting Edward Murray, Partner, Allen & Overy LLP
5th Meeting of the CESAME2 Group European Commission, DG Internal Market and Services Tuesday, 2 March 2010, Centre Borschette, Brussels Focus on Barrier 16 : Netting Edward Murray, Partner, Allen & Overy
More informationWhen 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 informationPublic Pension Spending Trends and Outlook in Emerging Europe. Benedict Clements Fiscal Affairs Department International Monetary Fund March 2013
Public Pension Spending Trends and Outlook in Emerging Europe Benedict Clements Fiscal Affairs Department International Monetary Fund March 13 Plan of Presentation I. Trends and drivers of public pension
More informationBULGARIAN 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 informationBULGARIAN 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 informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationGlobal Tax Reset Transfer Pricing Documentation Summary. February 2018
Global Tax Reset Transfer Pricing Summary February 2018 Global Tax Reset Transfer Pricing Summary Overview The Global Tax Reset Transfer Pricing Summary ( Guide ) compiles essential country-by-country
More informationAPA & MAP COUNTRY GUIDE 2017 CANADA
APA & MAP COUNTRY GUIDE 2017 CANADA Managing uncertainty in the new tax environment CANADA KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key
More informationISSUE OF ENDORSEMENTS ATTESTING TO THE RECOGNITION OF A CERTIFICATE OF COMPETENCY
SHIPPING NOTICE 05/2011 (Rev 7) ISSUE OF ENDORSEMENTS ATTESTING TO THE RECOGNITION OF A CERTIFICATE OF COMPETENCY To: OWNERS, MANAGERS, CHARTERERS, CREWING AGENCIES AND MASTERS OF CAYMAN ISLANDS SHIPS
More informationWithholding 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 informationKPMG 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 informationWorld Consumer Income and Expenditure Patterns
World Consumer Income and Expenditure Patterns 2011 www.euromonitor.com iii Summary of Contents Contents Summary of Contents Section 1 Introduction 1 Section 2 Socio-economic parameters 21 Section 3 Annual
More informationn O v e m b e R Securities Industry And Financial Markets Global Addendum 2007 Volume I I No. New York n Washington n London n Hong Kong
ReseaRch RePORT n O v e m b e R 2 7 Securities Industry And Financial Markets Global Addendum 27 Volume I I No. 1 New York n Washington n London n Hong Kong SIFMA RESEARCH AND POLICY DEPARTMENT Michael
More informationCNH 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 informationRev. 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% 38, % 40, % 2,611 2,
3 DECEMBER 6 OPEN ENDED Number of Net Value of Number of Total Value Total Value Net New Date Authorised/Registered Schemes Registered of Sales of Repurchases Investment Schemes ( mn) Holders ( mn) ( mn)
More informationInformation 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 informationFrontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner
Frontier Markets and a teaser of what is to come Peter Elam Håkansson, Chairman and Partner The Frontier Markets Have the good old Emerging Markets lost their appeal? We remain convinced that Emerging
More informationWHY 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 informationThe 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 information2009 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 informationInstruction 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 informationMadeira: Global Solutions for Wise Investments
Madeira: Global Solutions for Wise Investments Double Taxation Treaties Document downloaded from www.ibc-madeira.com DOUBLE TAXATION TREATIES RATIFIED BY PORTUGAL Europe RATIFICATION/ENTRY INTO FORCE AUSTRIA
More informationEnterprise 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 informationSwitzerland 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 informationFTSE Annual Country Classification Review Published: 26 September 2018
FTSE Classification of Markets FTSE Annual Country Classification Review Published: 26 September 2018 Headlines China A to be assigned Secondary Emerging market status commencing June 2019 Iceland to be
More informationTax Newsflash January 31, 2014
Tax Newsflash January 31, 2014 Luxembourg s New Double Tax Treaties As of 1 January 2014, Luxembourg further enlarged its double tax treaty network with the entry into force of the new double tax treaties
More informationDIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
More informationConvention 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 informationIMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
More informationInformation 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 informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationGovernment of Bermuda Bermuda Shipping and Maritime Authority BERMUDA SHIPPING NOTICE
Government of Bermuda Bermuda Shipping and Maritime Authority 2016-015 BERMUDA SHIPPING NOTICE OFFICER CERTIFICATION AND ISSUE OF ENDORSEMENTS. Summary This notice sets out the general requirements for
More informationSwitzerland Country Profile
Switzerland Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Switzerland EU Member State No. Please note that, in addition to Switzerland
More information15 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 informationCB 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 informationDouble 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 informationGlobal 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 informationIslamic Finance News Forum London, October 17 th, Christine Chardonnens MSCI Barra
Islamic Finance News Forum London, October 17 th, 2008 Christine Chardonnens MSCI Barra Islamic Indices 1. Construction and methodology highlights, including dividend purification 2. Performance and risk
More informationBelgium Country Profile
Belgium Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Belgium EU Member State Double Tax Treaties Yes With: Albania Algeria Argentina
More informationAustria 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 informationINTERNATIONAL 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 informationIRS 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 informationClinical 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 information1.1. STOXX TOTAL MARKET INDICES
STOXX INDEX LIST A-Z 1. TOTAL MARKET INDICES 1/14 1.1. STOXX TOTAL MARKET INDICES Regional indices STOXX BRIC TMI STOXX Developed and Emerging Markets TMI STOXX Developed Markets TMI STOXX Emerging Markets
More informationInternational 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 informationFY2016 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(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 informationSetting 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 informationAUTOMATIC 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 informationDoes 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 informationDeveloping Housing Finance Systems
Developing Housing Finance Systems Veronica Cacdac Warnock IIMB-IMF Conference on Housing Markets, Financial Stability and Growth December 11, 2014 Based on Warnock V and Warnock F (2012). Developing Housing
More informationSweden Country Profile
Sweden Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Sweden EU Member State Double Tax Treaties With: Albania Armenia Argentina Azerbaijan
More informationPREDICTING VEHICLE SALES FROM GDP
UMTRI--6 FEBRUARY PREDICTING VEHICLE SALES FROM GDP IN 8 COUNTRIES: - MICHAEL SIVAK PREDICTING VEHICLE SALES FROM GDP IN 8 COUNTRIES: - Michael Sivak The University of Michigan Transportation Research
More informationMEXICO - 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