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La Cour suprême du Canada tranche : les cadres ne pourront se syndiquer au Québec
Le 19 avril dernier, la Cour suprême du Canada a rendu une décision fort attendue en matière de syndicalisation des cadres.
Mondial | Publication | mars 2021
Previously, fund sponsors, industry groups and advisers have all highlighted the important role of a fund-friendly tax and legal regime in Germany, particularly to maintain and enhance Germany´s venture capital finance industry. On 20 January 2021, the German government published the Ministerial draft bill of the act implementing the Cross-border Distribution of Funds Directive and a number of changes to the German Capital Investment Code (KAGB) which make targeted improvements to the conditions that must be in place to establish an investment fund in Germany. The act is referred to as the Act to Promote Germany as a Fund Jurisdiction – Fondsstandortgesetz (FoG).
The draft legislation consists of numerous regulatory provisions and affects various important areas of law, including VAT-exempt management fees for venture capital funds, electronic communication proceedings with the German regulator (BaFin), tax reliefs for employee participations, closed-end and open-end funds as well as statutory provisions on pre-marketing.
The draft legislation contains a number of provisions that will be of interest to asset managers. Some of the more important provisions are set out below:
Another key area covered by the draft act is pre-marketing. Significantly, when finalised the draft act will bring this activity within the regulatory perimeter requiring approval from the BaFin. The proposed provisions are based on those found in the Alternative Investment Fund Managers Directive, which was amended in 2019 with the intention of standardising the different Member State regulations on approaching investors in the run-up to sales.
The draft act provides that pre-marketing will be permitted for AIFs that are only available to professional and semi-professional investors in the EEA, subject to certain limitations on the duration and information which may be provided.
Critically, a subscription to an AIF which was mentioned in information provided through pre-marketing or was established and registered as a result of pre-marketing within 18 months from the commencement of pre-marketing, is deemed to constitute the result of marketing and will therefore be subject to standard marketing rules. The intention behind this is to prevent fund units being acquired by investors through pre-marketing without proper notification for distribution.
As reported by the legislator, the introduction of regulatory measures on pre-marketing shall not affect the recognition of reverse solicitation (where the alternative investment fund manager is approached by the investor).
Additionally, the proposed change of § 240 KAGB-E should provide relief to shareholder financing of subsidiaries of real estate funds. If the real estate investment fund holds a 100% interest in the real estate company to be financed, there is no cap for the loan. The rationale is that there is no difference in terms of risk between holding shares in the subsidiary and extending a shareholder loan to the subsidiary.
Once the draft act is finalised it will come into force on the day after its promulgation.
Currently, the draft act provides that the VAT exemption will apply from 1 July 2021. Electronic communications will apply later on 1 April 2023 given the need for extensive preparations.
Publication
Le 19 avril dernier, la Cour suprême du Canada a rendu une décision fort attendue en matière de syndicalisation des cadres.
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Le budget 2024 propose d’élargir la portée de certains pouvoirs permettant à l’ARC de demander des renseignements aux contribuables tout en prévoyant de nouvelles conséquences pour les contribuables contrevenants.
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L'impôt minimum de remplacement (IMR) est un impôt sur le revenu additionnel prévu dans la Loi de l’impôt sur le revenu (Canada) (la « Loi ») auquel sont assujettis les particuliers et certaines fiducies qui pourraient autrement avoir recours à certaines déductions et exemptions et à certains crédits pour réduire leur impôt sur le revenu fédéral canadien régulier.
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