On 23 September, the European Securities and Markets Authority published this report, saying that, following alleged large-scale tax fraud schemes known as “Cum/Ex”, the European Parliament requested the ESMA to conduct an inquiry into dividend arbitrage, Cum/Ex and Cum/Cum schemes.  In July 2019, ESMA published a Report on preliminary findings on multiple withholding tax reclaim schemes.  This latest Report presents the results of the findings of a formal inquiry and provides an updated analysis of the subject.

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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