Publication
GCR Guide to Data & Antitrust – Competition law and data
Miranda Cole and Francesco Salis from our Brussels office are the authors of a chapter on the evolving view of data in the application of competition law.
Author:
Global | Publication | June 2017
Fund managers will want to consider whether they should update their fund subscription agreements in light of the pending implementation of the Common Reporting Standard (CRS) and new anti-money laundering (AML) client identification rules.
CRS is a new international standard for the automatic exchange of financial account information between tax administrations to use in fighting tax evasion and to promote voluntary compliance with tax laws.
The Department of Finance has proposed that CRS take effect in Canada starting on July 1, 2017. As of that date, funds will be required to have procedures in place to identify accounts held by non-residents and to report the required information to the Canada Revenue Agency.
Most managers have in recent years added self-certification forms to their fund subscription agreements in order to determine whether a subscriber is a tax resident of the US for purposes of the Foreign Account Tax Compliance Act (FATCA). With the adoption of CRS, those self-certification forms will need to be expanded in order to capture whether a subscriber is a tax resident of any jurisdiction other than Canada.
In June 2016 the Government of Canada updated the approved methods to ascertain the identity of clients for AML purposes. There was, however, a transition period of one year (from June 30, 2016, to June 30, 2017) during which time managers could use either the previous or the updated methods. As of June 30, 2017, only the new methods will be permitted to be used.
Where a manager is acting as the exempt market dealer with respect to the subscription by an investor of units of a fund, the client identification provisions in the fund’s subscription agreement will need to be updated as of June 30, 2017, to reflect the new client identification methods.
We would be pleased to help should you require assistance updating your subscription agreements in light of the above requirements.
Publication
Miranda Cole and Francesco Salis from our Brussels office are the authors of a chapter on the evolving view of data in the application of competition law.
Publication
Miranda Cole, Lara White and Christoph Ritzer from our Brussels, London and Frankfurt offices are the authors of a chapter on how the interplay between competition and privacy law is affecting online advertising.
Publication
Unannounced inspections by competition authorities, usually called “dawn raids”, are undoubtably one of the most efficient tools for collecting evidence and enforcing competition rules. They are also an area where investigators test (and sometimes exceed) the boundaries of companies’ procedural rights.
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