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Taxation of Investment Funds in the European Union by Tomi Viitala Pdf
The book analyses the taxation of investment funds and their investors from the standpoint of domestic tax laws, tax treaties and EC law. It also provides a comprehensive understanding of the tax issues arising in the cross-border transactions of investment funds and private fund investors in the European Union. The viewpoints of the source state of income, residence state of the investment fund as well as the residence state of the investor are all considered. The book takes a comparative approach by covering five EU Member States (the United Kingdom, Germany, France, Luxembourg and Finland). On the basis of the examination at the Member State level, the present tax rules and practices are tested against the fundamental freedoms of the EC Treaty. The conclusion is that there are still various tax measures that are likely to be in conflict with EC law. The book also discusses possibilities of adopting targeted measures of positive integration at the level of the European Union with a view to enhancing the objective of the single investment fund market.
This book responds to a growing demand for mutual funds. This timely collection of original papers focuses on changes of international investment in Europe, the US and New Zealand. Using a fresh approach, innovative techniques and various models this book assesses performance and provides an understanding of mutual funds on an international level.
Research Handbook on the Regulation of Mutual Funds by William A. Birdthistle,John Morley Pdf
With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds.
Pouring Old Wine Into New Skins? by Alain Leclair,Karel Lannoo,Jean-Pierre Casey Pdf
Asset management has quickly become one of the European Commission's key points on the post- Financial Services Action Plan (FSAP) agenda. The combination of Europe's demographic decline and the poor state of public finances means that asset management will play an increasingly important role in securing retirement income for the masses, as well as in channeling personal savings to productive investments. At the same time, the internal market for asset management is a project still very much under construction. While the commission's work has largely focused on supply-side considerations with a view to improving overall market integration and efficiency, this report tackles some key demand-side issues. The authors take a longer-term approach to the critical challenges that will arise following release of the European Commission's White Paper in the fall of 2006.
Performance Comparison of European Exchange Traded Funds (ETF) and Index Mutual Funds by Oliver Baumgartner Pdf
Seminar paper from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1, University of Innsbruck, course: Risikomanagement, language: English, abstract: Nowadays exchange traded funds (ETFs) are getting more and more popular. Many investors believe that their risk-performance profile is better than ordinary index mutual funds. This seminar paper focuses on the real returns of both asset classes. It is based on a scientific paper written by Sharifzadeh et. al.(2012). The authors compared ETFs and index mutual funds which had quite the same composition. Additionally, they tested the risk-return profile of both, using the sharpe ratio. Interestingly, they found out that ETFs could not outperform index mutual funds and vice versa.
Hedge Fund Regulation in the European Union by Phoebus Athanassiou Pdf
While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.
Exchange-Traded Funds in Europe by Adam Marszk,Ewa Lechman Pdf
Exchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions-as well as graphical and descriptive analyses- to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it. Identifies benefits and threats that ETFs bring to European financial markets Combines empirical data with a full, in-depth analysis of the topic and the special characteristics of Europe Examines the diffusion patterns of innovative financial products, the role of ICT, and the consequent effects of ETFs on the underlying European stock markets
Stockholding in Europe by L. Guiso,M. Haliassos,T. Jappelli Pdf
The past decade has been a time of drastic developments, both in financial markets and in related academic research. Among the most striking developments are the expanded stockholder base, the increased popularity of mutual funds among households, and the growing importance of private pension funds. Developments in Europe mirror to a large extent the spread of equity culture in the United States, but with lower levels of involvement and interesting differences across European countries. This book, intended for a wide audience of students, practitioners, and policy makers, provides the theoretical and methodological background necessary for analysis of stockholding behaviour, and presents empirical studies that use the most comprehensive household-level databases to identify determinants of stockholding in five major European countries.
Regulating Hedge Funds in the EU by Alexandros Seretakis Pdf
Hedge funds remain the most controversial vehicles of the alternative investment funds universe. Their opaque nature, alleged role in major crises around the world and perceived lack of investor protection have repeatedly led to calls for greater regulation. Yet despite its tremendous growth, the hedge fund industry is still shrouded in a veil of mystery largely due to the highly complex and dynamic trading strategies employed by hedge funds and the scarcity of information about them. For the first time in one comprehensive volume, this concise but thorough guide explains how hedge funds work, analyses risk, compares the European Union (EU) and United States (US) systems and proposes reforms to the European framework in order to improve its resilience. Focusing on the contribution of the hedge fund industry to systemic risk, the author elucidates the complex world of hedge funds and the legal issues linked to it. The analysis proceeds as follows: introduction to the world of hedge funds – definition, main characteristics, organizational structure, investment strategies, and benefits; deeply informed exploration of the dangers posed by hedge funds; documentation and examination of the major incidents connecting hedge funds and financial crises; rationales for regulation of hedge funds; comparison of relevant legislative developments in the US and EU; and proposals for strengthening the current EU supervisory and regulatory framework. Guiding legislation, such as the EU Alternative Investment Fund Managers Directive and the US Dodd-Frank Act, is analysed, along with topical issues such as hedge fund activism. Because the direction that hedge fund regulation takes in the future has implications for the Eurozone and systemic risk in the wider financial system, this book will be of immeasurable value to professionals in both the legal and business communities. It will be welcomed by corporate lawyers, regulatory authorities, policymakers and academics in both business-related and finance-related disciplines.
Author : European Investment Bank Publisher : European Investment Bank Page : 81 pages File Size : 44,5 Mb Release : 2021-01-07 Category : Business & Economics ISBN : 9789286148156
The European Fund for Strategic Investments: The Legacy by European Investment Bank Pdf
The inside story of the European Fund for Strategic Investments from 2015 to 2020 told through interviews with the Managing Director, Deputy Managing Director, members of the Investment Committee and final beneficiaries across Europe. The architects of this €500 billion-plus programme, the head of the EU bank and the president of the European Commission, describe the genesis of this financial pillar of the Investment Plan for Europe. Then the people who ran one of the biggest economic stimulus programmes in history detail how they did it—and what the lessons are for policymakers responding to new crises, including the economic shock caused by the COVID-19 pandemic. The European Fund for Strategic Investments has been one of the good news stories to emerge in a decade of economic uncertainty. It has gone well beyond its highly ambitious target of €500 billion in mobilised investments. The Juncker Plan has made a strong contribution to the 14 million jobs created in the EU between 2015 and 2020. It has become a success in co-financing projects that otherwise might not have been carried through. It has also charted the path towards new ways of financing. This is not only the case in relatively conventional areas, such as infrastructure, but also in sectors like research and innovation or the contribution to climate change mitigation. This is exactly what makes EFSI so ground-breaking: responding to the needs of the market through continuous financial innovation. The principle of the European Fund for Strategic Investments is here to stay. It has paved the way for its successor, the InvestEU programme, which is to be deployed under the 2021-2027 multiannual financial framework. This publication details why the programme was such a success.
Open-End Investment Fund by D. C. Corner,D C Corner Pdf
With the entry of the United Kingdom into the European Economic Community on 1 January 1973, the opportunity presented itself for a study of open-end investment funds in the enlarged Community. The resulting book, which in a way is a natural sequel to the study Investment and Unit Trusts in Britain and America. (Elek: London, 1968), in which Dr Corner collaborated with Mr H. Burton, has been a long time in preparation, simply because of the sheer volume of statistical material- in particular, consistent sets of reports and accounts of all the EEC and Swiss investment funds - which has had to be collected. As a result, some of the analysis is based on what will inevitably be somewhat dated material at the time of publication. Unfortunately this is a handicap suffered by all such statistical work, unless one has large financial and manpower resources. We have done our best to update certain key statistics wherever this has been possible.
Covers ETFs - the hottest investment product of the new century. Explains the nature of this new investment class and all advantages of these instruments. Provides a deep insight into the market and the development of that asset class during the past ten years. Some of the information in this book is usually limited to institutional investors with access to research data bases. All of the contributions have been made by professional investment consultants to give a first hand insight into the matter.
