Our lead story focuses on the plans by the EU Commission to investigate tax discrimination against EU pension funds. The Commission has expressed concern that nine Member States tax dividend and/or interest payments to foreign pension funds more heavily than those to domestic funds. Letters of formal notice have been sent to the Czech Republic, Denmark, Spain, Lithuania, the Netherlands, Poland, Portugal, Slovenia and Sweden.
Other topics covered in this edition include unappreciated implications for investment managers of Basel II, French distribution practices to change under MiFID, Switzerland introducing new rules for private placements, transparency and governance issues for private equity, countering the weaknesses of UCITS III, new developments within IFRS for investment funds and investment property, the OECD examining funds double taxation treaty access and a first year assessment of the EU Savings Directive.
