November/December 2018  
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Derivatives & Financial Instruments
This free e-mail service informs you about the contents of the forthcoming edition of Derivatives & Financial Instruments.

Issue No. 6 - 2018 of the Derivatives & Financial Instruments is now available online.

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Number 6 - 2018 contains the following:
European Union
The (Draft) Laws Implementing ATAD I – An Overview of Implementation for Financial Undertakings in Different Member States, Especially as Regards the EBITDA Rule
Hein Vermeulen and Vassilis Dafnomilis
In this article, the authors discuss the application of the ATAD’s EBITDA rule to financial undertakings and provide a high-level country overview on the domestic transposition of the EBITDA rule to financial undertakings.
Italian Financial Transaction Tax Implications of the Evolving Regulatory Landscape: The Post-MiFID II Financial Market Ecosystem
Vittorio Salvadori di Wiesenhoff
This article outlines the Italian financial transaction tax implications of some of the new MiFID II and MiFIR rules for the EU financial markets. In particular, it focuses on the main changes to the market structure framework (distinction between bilateral and multilateral trading, MiFID II trading venues, trading obligation for shares and MiFID II trading capacities) and analyses the availability of the reduced Italian financial transaction tax rate/charges for trades executed on regulated markets and multilateral trading facilities.
Tax Aspects of Private Equity Funds in Italy
Federico Di Cesare and Alessandro Vannini
This article provides a brief overview of selected tax considerations applicable to Italian private equity (and venture capital) funds, focusing in particular on taxation applicable to the income realized by such funds and their investors, including non-resident investors. Specific comments with regard to the entitlement of Italian private equity funds to tax treaties are also provided. Further, no Italian VAT issues are dealt with in this article.
United States
Wayfair: The United States Steps toward Virtual Nexus
Paul Carman
This article discusses the US Wayfair decision which case focuses on a state’s ability to force an out-of-state seller to collect and remit sales tax and analyses its impact on non-US taxpayer transacting business with the United States.
Understanding Riba, Usury and Interest: Conservatives’ versus Modernists’ Approach in Islamic Finance
Zahid Mahmood
This article analyses the different views on the acceptance of riba in the current age. Muslim scholars are divided whether the present-day practice of interest by lending institutions is riba, which has been proscribed by the Koran and Prophet Muhammad. Charging extra money over the principal amount by lenders is also disliked in Christianity. Interest is considered vital for the survival of capitalism. Money is taken as an independent factor of production. Therefore, it can yield interest or profit. The Islamic economics treat money unlike the capitalists do. This system of economy considers money merely a medium of exchange. Money cannot be exchanged with money. Modern Muslim economists opine that the Prophet Muhammad traditions and the Quranic commandments regarding prohibition of riba are not relevant in the present age when dynamics of the economy are multifaceted.
Hong Kong
Government Support for Foreign Venture Capital Funds Investing in Hong Kong Tech Start-Ups
Kenneth Yim
This article analyses the effectiveness of the new Hong Kong R&D tax incentive for foreign venture capital funds investing in innovative industries.
Stapled Structures and Infrastructure Projects
Anton Joseph
The author considers the role played by stapled structures in infrastructure projects in Australia and the latest state of the law.
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