Senior Associate Nick Barnard has written for Global Risk Regulator (GRR) on the FCA being likely to pursue parties who were involved in cum-ex trading strategies.
“Cum-ex trading has been the subject of much high-profile activity by investigators and prosecutors in Germany over the past 12 months, where market participants have been using the technique to claim tax rebates.
“In light of what is now known about the financial and geographical scale of cum-ex, it had been expected that equivalent action in other jurisdictions would follow in short order. Like all others, that expectation has had to be revised in response to Covid-19. However, it would be a mistake to conclude that the delay means that further enforcement action will not follow in the UK and elsewhere, or that it will be any less significant.”
Read the full article in GRR.