Financial Services

  • Brexit and Private Equity: Business as Usual?

    Global Private Equity (PE) assets under management have been rising in recent years, reaching a new high in June 2015 at $2.4 trillion. A similar trend can be seen in Europe where PE is increasingly considered an important funding channel for businesses in Europe. The outcome of the Brexit referendum appears not to have bucked…

  • How much Vitamin C does the European tax system need to be healthy? The CC(C)TB saga continues

    On 25 October 2016 the European Commission proposed a redrafted version of the proposal aiming to tackle tax avoidance and evasion, by creating a single Common Corporate Tax Base, and introducing, at a later stage, a consolidation element which would allow companies to offset losses in one Member State from the profits earned in another.…

  • Asset management at the centre of the CMU: A blessing or a curse?

    The EU’s Capital Markets Union could offer great opportunities to the asset management industry but must also deal with the impending risks of potential regulation   Diversifying corporate financing and decreasing dependency on bank loans lies at the center of the EU’s Capital Markets Union (CMU) project, supporting the EU’s overarching priority to generate growth…

  • Brexit’s impact on financial services

    Financial services is possibly the policy area where Brexit will have the strongest impact. The City of London is the largest financial centre in Europe; many financial firms offer their services from their London base, making use of “passporting” rights granted through European legislation, which are now clearly at risk. As a result of being…

  • 2016 – A year of big change for asset managers and the financial community in Europe

    2016 will be a busy year for financial services in Brussels thanks to the amount of legislation currently under scrutiny and the number of amendments to regulations affecting the financial services sector that are being considered. With the implementation of MiFID II (Markets in Financial Instruments Directive) including the possible postponement by a year of its application, and with…

  • Completing the Banking Union? Reducing the link between banks and sovereigns

    Yesterday the European Commission adopted a roadmap for a Eurozone-wide (re-)insurance scheme for bank deposits by 2024 and set out further measures to complete the Banking Union. The creation of a Single Supervisory Mechanism (SSM) has already achieved a rather strong separation of banks from national control through pressure exerted by supervisors. In addition, the…

  • Tax transparency: a means to an end?

                      Today’s corporate tax rules are fiendishly complicated and both governments and businesses alike would benefit from a simpler, more transparent system. For decades, governments globally have aggressively courted foreign investment for its benefits in terms of future job creation and economic growth. Tax incentives are one…

  • Our office is growing!

    It’s been an exciting start to the year here in Brussels with the addition of seven new team members to strengthen our Competition, Trade and Financial Services practices. The additions include senior professionals from within the European Commission including Massimo Baldinato, John Clancy, Kyra Obolensky and Roeland Van der Stappen as Senior Directors, Robrecht Vandormael…

  • Shaping the Capital Markets Union

    To date the market for bonds, stocks and derivatives remains highly fragmented along national borders. Barriers to a genuine European capital market range from the high administrative cost to access capital markets and national limitations to what assets pension funds can invest in, to the general lack of trust of retail investors in financial markets…

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