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Latest Federal Tax Court practice regarding true sale requirements for ABS transactions

Clifford Chance LLP
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Germany
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December 13 2010

In a decision dated 26 August 2010 (I R 1709), published on 1 December 2010, the German Federal Tax Court (BFH) ruled that the economic ownership of receivables does not pass from the seller to the purchaser if the credit risk is economically retained by the seller, which is generally held to be the case if the agreed default discounts significantly exceed the expected bad debt and such default discounts are recoverable by the originator based on actual collections

New information and disclosure requirements for banks in relation to spread ladder swaps - March 2011

Clifford Chance LLP
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Germany
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March 28 2011

Germany's highest court in civil matters, the Bundesgerichtshof ("BGH") decided on information and disclosure requirements for banks when selling a specific type of structured products, spread ladder swaps, to their customers

Update: new information and disclosure requirements for banks in relation to spread ladder swaps - May 2011

Clifford Chance LLP
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Germany
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May 19 2011

Over the last years, German courts had to decide in a number of cases on disclosure and information requirements for a bank entering into structured swap transactions with German municipalities as well as corporate and private customers

Contentious commentary a review for litigators - june 2011

Clifford Chance LLP
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European Union, Germany, United Kingdom
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June 10 2011

The Berlin transport authority is fighting a battle royal with a bank

Court rules on New York Convention's more-favourable right provision

Clifford Chance LLP
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Germany
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September 8 2011

The Federal Supreme Court recently confirmed that foreign arbitration agreements which do not adhere to the formal requirements of Article II(2) of the New York Convention may still be valid under the less strict criteria of Section 1031 of the Code of Civil Procedure

German Federal Constitutional Court enables Germany to ratify ESM Treaty

Clifford Chance LLP
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European Union, Germany
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September 18 2012

On 12 September 2012, the German Federal Constitutional Court rejected temporary injunctions to prevent the ratification of the Treaty on the European Stability Mechanism, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union and amendments to the Treaty on the Functioning of the European Union

Whose interests must be considered by adviser to financially distressed company?

Clifford Chance LLP
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Germany
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December 7 2012

It is common, particularly in finance and M&A transactions, that an adviser to a company also advises the shareholders and the management, as the interests of those parties seem to be generally aligned

Does subordination cause taxable profits?

Clifford Chance LLP
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Germany
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September 28 2012

Subordination agreements between a debtor and its shareholders are a frequently used restructuring tool for German companies

Taxation of portfolio dividends

Clifford Chance LLP
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European Union, Germany
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March 12 2013

By the end of last week, the Upper and Lower House of the German Parliament (the Bundesrat and Bundestag) passed a new law abolishing the tax benefit

ECJ rules that outsourced investment advisory services are exempt from VAT

Clifford Chance LLP
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Belgium, European Union, France, Germany, Italy, Luxembourg, Netherlands, Spain, United Kingdom
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April 8 2013

On 7 March 2013, the European Union Court of Justice (the "ECJ") released its decision in GfBk Gesellschaft für Börsenkommunikation mbH v. Finanzamt

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