On 12 April, solicitors Rahman Ravelli produced a briefing document looking at all aspects of Cum-Ex case(s).  Its brief details the background to Cum-Ex, the current situation and the issues that may arise.  The 16-page publication was devised and designed to be a concise and informative point of reference for companies and individuals that may have had either direct or indirect involvement with Cum-Ex trading.  Cum-Ex is the name given to a huge volume of dividend trading strategies (also known as arbitrage) that came into use around the turn of the century.  Its use was only discovered by the authorities in 2012, in Germany.  Other European countries have also been heavily affected, with losses of approximately €55.2 billion.  Certain European states, such as Denmark and Austria, have demonstrated an aggressive approach regarding Cum-Ex transactions, and have engaged in criminal and civil proceedings and regulatory settlements.

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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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