The withholding tax repayment was denied as, under the Danish legislation, to be exempt from withholding tax, a UCITS must be resident in Denmark and have Article 16 C fund status.
By the Regulator's own admission, it is now clearer on what it expects from pension trustees, is quicker to act, and is tougher on those who fail to act in the interests of members.
AMLD5 brings new challenges for ‘obliged entities’ including financial institutions, tax professionals, providers of virtual currencies and those trading in luxury goods – such as art dealers.
The report reviews G-SIBs' progress in implementing the Principles in 2017. A previous progress report, published in March 2017, assessed implementation during 2016.