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The UK regulator ruled that the transactions were carried out in a way “that was highly suggestive of financial crime” and that the broker had failed to manage risk that it was being used to facilitate fraudulent trading and moneylaundering

The securities lending industry is navigating a “somewhat tricky” and “slightly turbulent” tax environment with increased scrutiny from tax authorities across Europe, according to the Legal & Tax Initiatives 2022/23 panel at the ISLA 30 Conference

This is the fourth penalty applied by the UK regulator and the largest that it has applied to date relating to div arb violations. MCM qualified for a 30% reduction under the Settlement Discount Scheme since it did not dispute the FCA's charges

In a decision announced yesterday in the Bonn courts, Berger has also been required to repay more than €13.5 million that he was deemed to have generated illegally through cum-ex trading and tax improprieties

In a public statement, the Attorney General, Chancellor Essam Issa Al Humaidan, indicated that he has appealed the ruling of the Dubai Court of Appeal refusing Denmark’s extradition request, with the case to be referred to the Court of Cessation

The UK financial regulator has fined The TJM Partnership slightly more than £2 million for control failures linked to cum-ex trading and money laundering

Arrest follows an extradition treaty signed between Denmark and the UAE in March. The Danish government is seeking to recover close to US$1.5 billion in connection with the cum-ex case

The consultation, which extends until 24 June, aims to strengthen controls to prevent cum-ex fraud and to digitalise procedures for WHT reclamation

In the second of two articles, Bob Currie reviews how tax reforms are impacting securities financing markets and how tax authorities are reassessing transaction-based taxes as part of their revenue-generating powers

In a two-part article, tax experts speak to Bob Currie about how tax reforms are impacting securities financing markets and how tax authorities are acting to eliminate the risk of tax abusive schemes

Bob Currie provides a comparative update on the efforts of national authorities to eliminate dividend tax reclamation fraud and to seek recovery of funds lost through cum-ex and cum-cum trading

In the second of two articles, Bob Currie evaluates the SEC’s 10c-1 proposal to promote transparency in US securities lending