Progress on EU-Swiss deal remains a distance away

2021 ◽  
Keyword(s):  
Financial Services ◽  
Market Access ◽  
Single Market ◽  
Corporate Tax ◽  
Content Type ◽  
Financial Services Firms ◽  
Export Industries ◽  
Tax Structures ◽  
The Eu

Significance Political divisions in Switzerland have put the deal on hold. By threatening some of Switzerland's existing privileges, the Commission is seeking to increase the pressure for the signature and ratification of a deal agreed in late 2018. Impacts The experience of negotiating Brexit will make the EU less willing to give concessions to third countries over single market access. Switzerland’s export industries and financial services firms would be worst affected if the IFA collapses. The Swiss economy would be one of the worst-affected in Europe from global reforms to corporate tax structures.

2020 will be important for Swiss-EU relations

2020 ◽  
Keyword(s):  
Regional Development ◽  
Financial Services ◽  
Content Type ◽  
Freedom Of Movement ◽  
The Future ◽  
Trade Relationship ◽  
Financial Services Firms ◽  
Export Industries ◽  
The Eu

Significance There are concerns in Switzerland that the IFA would undermine its sovereignty, reduce wages and subject Swiss businesses to greater competition. A referendum on ending Switzerland’s freedom of movement regime with the EU on September 27 will have a crucial bearing on the future of the IFA. Impacts The EU could soften its tough approach to Switzerland once the EU-UK future trade relationship is resolved. The restoration of Swiss contributions to the EU’s regional development funds would help generate goodwill between Brussels and Bern. Switzerland’s export industries and financial services firms would be worst affected if the IFA collapses.

CAI threatens to undermine EU-US cooperation on China

2021 ◽  
Keyword(s):  
Human Rights ◽  
Financial Services ◽  
Market Access ◽  
Content Type ◽  
Chinese Business ◽  
Regulatory Landscape ◽  
Rights Issues ◽  
Over Time ◽  
The Eu ◽  
Economic Agreement

Significance Under the CAI, which is the first economic agreement between the EU and China, Beijing made most of the concessions in order to get a deal agreed before US President Joe Biden’s inauguration. The EU secured greater liberalisation of market access and some commitments on unfair practices and human rights issues. Impacts The CAI will not undermine EU instruments (foreign subsidy control and investment screening) to scrutinise Chinese business in the EU. The CAI will likely highlight the EU’s struggles to use economic deals to shape the regulatory landscape outside the bloc. Over time China could well decide to water down some of its commitments in the CAI. UK firms will be at a disadvantage where the EU has negotiated greater market access, including in financial services and the auto sector.

Brexit: what are the options for the financial services industry?

2016 ◽  
Vol 17 (4) ◽  
pp. 45-53 ◽  
Author(s):  
David Sahr ◽  
Mark Compton ◽  
Alexandria Carr ◽  
Guy Wilkes ◽  
Alexander Behrens
Keyword(s):  
Financial Services ◽  
Political Development ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
The Future ◽  
Financial Services Firms ◽  
The Uk ◽  
The Impact ◽  
The Eu

Purpose To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states. Design/methodology/approach Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU. Findings Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now. Practical implications Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business. Originality/value Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.

Direct lending by funds: a comparison of the key EU jurisdictions

2017 ◽  
Vol 18 (4) ◽  
pp. 59-66
Author(s):  
Thomas Smith ◽  
Patricia Volhard ◽  
Alan Davies ◽  
Pierre Maugüé ◽  
Marco Paruzzolo
Keyword(s):  
Financial Services ◽  
Market Access ◽  
Regulatory Regime ◽  
Key Factors ◽  
Content Type ◽  
European Regulatory ◽  
European Regulations ◽  
Direct Lending ◽  
The Uk ◽  
The Eu

Purpose To compare the key EU regimes regulating direct lending by private funds. Design/methodology/approach Provides a summary of the key factors to be examined when looking at the provision of direct loans by private funds in the key jurisdictions, followed by a summary of existing pan-European regulations, followed by a focus regulations in on the UK, Germany, France and Italy. Findings The liberalisation of the national regimes for loan origination by funds in many European Union jurisdictions is a welcome development for both credit fund sponsors wishing to access investment opportunities in these jurisdictions and the borrowers unable to secure adequate financing from traditional sources such as banks. At the same time, the creation of a pan-European regulatory regime, with a passport for lending activities, would further facilitate market access by loan originating funds, as long as such regime does not impose onerous burdens or unnecessary restrictions on the funds and their managers. Practical implications The article gives an insight on the relative opportunities for direct lending funds in the EU, and how best to structure to take advantage of them. Originality/value Practical guidance from experienced financial services lawyers

The international strength of the euro will grow

2021 ◽  
Keyword(s):  
Euro Area ◽  
Financial Services ◽  
Raw Materials ◽  
Domestic Demand ◽  
Content Type ◽  
The Us ◽  
Us Dollar ◽  
Strategic Autonomy ◽  
Geopolitical Risks ◽  
The Eu

Significance The proposals identified areas where the euro could potentially become more dominant, such as the issuance of green bonds, digital currencies, and international trade in raw materials and energy. Ambitions to enhance the international leverage of the euro are being driven by the aim to strengthen EU strategic autonomy amid rising geopolitical risks. Impacts Developing its digital finance sector would be an opportunity for the EU to enhance its strategic autonomy in financial services. Challenging the US dollar would require the euro-area to rebalance its economy away from foreign to domestic demand. Member state division will prevent the economic reconfiguration the euro-area needed to make the euro a truly global currency.

Accelerating Downhill: How the EU Shapes Corporate Tax Competition in the Single Market

2011 ◽  
Vol 49 (3) ◽  
pp. 585-606 ◽  
Author(s):  
PHILIPP GENSCHEL ◽  
ACHIM KEMMERLING ◽  
ERIC SEILS
Keyword(s):  
Tax Competition ◽  
Single Market ◽  
Corporate Tax ◽  
The Eu

US corporate tax reform depends on issue linkage

2015 ◽  
Keyword(s):  
Common Ground ◽  
Tax Reform ◽  
Tax Rates ◽  
Corporate Tax ◽  
Full Spectrum ◽  
Effective Tax Rates ◽  
Content Type ◽  
White House ◽  
Corporate Tax Reform ◽  
The Eu

Significance Corporate tax may be one area where it could be possible to find some common ground between the otherwise gridlocked Republican Congress and the Democratic White House. President Barack Obama has proposed a one-time repatriation tax on cash held overseas by companies to be followed by a full-spectrum tax code overhaul. Impacts Lobbyists may support a repatriation amnesty, but will obstruct any initiative that raises effective tax rates. European Commission independence from member states may see the EU lead on corporate tax investigations. Australia will move slowly on corporate tax reform if the coalition government remains distracted by leadership disputes.

May will pursue ‘hard’ Brexit

2017 ◽  
Keyword(s):  
United Kingdom ◽  
Single Market ◽  
Customs Union ◽  
Current Form ◽  
Content Type ◽  
The United Kingdom ◽  
The Government ◽  
Article 50 ◽  
Freedom Of Action ◽  
The Eu

Significance This followed a landmark speech on January 17 in which she added more clarity and detail to her previous stance on the United Kingdom’s departure from the EU. May indicated a willingness to leave the single market, strongly implied that the United Kingdom would not be part of the customs union in its current form and asserted that she would rather quit the EU with no permanent or transitional deal agreed than accept an arrangement which limited the United Kingdom’s future freedom of action. Impacts The government is likely to meet its preferred timetable for triggering Article 50 even if it has to obtain approval from parliament. The United Kingdom will probably lose its passporting rights, which allow UK-based banks to sell their products across the EEA. Paris and Frankfurt will probably benefit as banks may seek to move some of their staff out of London.

G20 countries will adopt new corporate tax accord

2015 ◽  
Keyword(s):  
National Level ◽  
Tax Avoidance ◽  
Tax Treaties ◽  
Corporate Tax ◽  
Profit Shifting ◽  
Content Type ◽  
Major Threat ◽  
The Eu

Significance The rulings come as the EU advances legislation to increase transparency on corporate tax rulings and after the G20 on October 9 endorsed the new OECD Base Erosion and Profit Shifting (BEPS) framework for countering corporate tax avoidance. Impacts These EU rulings suggest similar decisions are imminent involving Apple in Ireland and Amazon in Luxembourg. The rulings will inspire further challenges to similar arrangements; they are the major threat to similar policies. Most BEPS measures will require changes to bilateral tax treaties and could face national-level delays or rejections. Monitoring of BEPS implementation will commence, but compliance will be voluntary and thus limited.

Prospects for a close EU-UK trade deal are not good

2019 ◽  
Keyword(s):  
United Kingdom ◽  
Financial Services ◽  
Transition Period ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
The Uk ◽  
The Impact ◽  
Limited Period ◽  
The Eu

Subject UK-EU trade talks. Significance The United Kingdom will leave the EU on January 31, 2020, but will abide by EU rules as part of the transition period, which runs to December 31, 2020. During this limited period of time, London and Brussels will seek to negotiate a permanent trading relationship. While the transition deadline can be extended, the UK government has committed not to seek an extension. Impacts The impact of no trade deal or a 'thin' one may force the UK government to increase taxes in order to meet spending pledges. UK financial services will rely on an equivalence deal with the EU; London hopes to agree this by mid-2020. The EU’s future trade policy will focus on having stronger sanction powers as well as legal ones for those that unfairly undercut EU firms.

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