The countdown for the extension of the automatic exchange of information at EU level, and globally at OECD level, has started. The financial market is envisaging new challenges, both in Europe and globally.

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) published its criteria checklist for the prevention of blind poolingof closed-ended retail funds. Compared to the most recent draft dated 23 September 2013, the checklist is less restrictive.

The ECJ ruled that the German lump-sum taxation of non-transparent foreign investment funds according to Sec. 6 GITA violates the free movement of capital (ECJ, decision dated 9 October 2014, “Van Caster” – C-326/12)