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USA - November 27 2012
The Foreign Account Tax Compliance Act passed in 2010 (FATCA) requires all financial institutions outside of the United States (Foreign Financial Institutions – FFIs) to enter into a standard public law agreement with the US Internal Revenue Service (IRS) as of 1 January 2013, which among other things obliges the financial institution to provide certain customer information to the IRS in order to avoid a 30% withholding tax on certain income from US sources.
Germany - November 27 2012
In two judgments of 8 May 2012 (case refs. XI ZR 437 / 11 and XI ZR 61 / 11) the Federal Court of Justice (BGH) decided that the expenses clause used by banks and savings banks (no. 12 (6) bank T&Cs and no. 18 savings bank T&Cs) is invalid.
Germany - November 27 2012
In its judgment of 8 February 2012 (Stuttgart HRC, judgment of 08.02.2012 − 14 U 27 / 11) the Stuttgart Higher Regional Court addressed the issue of subordination of a loan originally granted by a shareholder to a GmbH & Co. KG (limited partnership) which was assigned to a non-shareholder within a period of a year as defined in section 135(1) no. 2 of the Insolvency Act (InsO) and then repaid to the non-shareholder.
Germany - November 27 2012
The German government is taking steps to tackle high-frequency trading as part of tougher regulation of the financial sector.
Germany - November 27 2012
In two recent judgments, the Federal Court of Justice (BGH) dealt with the resistance to insolvency of the statutory claim for deletion of a land charge and the resistance to insolvency of the claim for restitution of higher or equal ranking land charges which has been assigned for security purposes.
