Law of 6 April 2013 on dematerialized securities (‘titres dematerialisés’) published on Mémorial A of 15 April 2013.
25 April 2013 The ECJ decision in Jyske Bank Gibraltar Limited v Administración del Estado (Case C-212/11) established that EU law does not prevent Spanish legislation from requiring banks that operate in Spain without an establishment there to provide information to the Spanish authorities for the purposes of combating money laundering and terrorist financing. The case concerned the penalties imposed by the Spanish Government on the Gibraltar subsidiary of Jyske bank for failing to report account transfers in excess of EUR 30,000 to or from the ‘uncooperative territory’ of Gibraltar.
British Overseas Territories
2 May 2013: The British Overseas Territories in the Caribbean (Anguilla, Bermuda, BVI, Cayman Islands, Montserrat, Turks and Caicos) have agreed to exchange information with the UK on bank account ownership.
7 May 2013: Senate Bill N. 887 deposited by Senator Rand Paul with a view to repealing the Foreign Accounts Tax Compliance Act (FATCA) due to its ill effects on economic growth and the violation of American citizens’ privacy. The Bill is supported by the banking associations of Texas and Florida that sued the US Government for billions of US dollars because of the foreseeable loss of business as a result of the required report of US account records to foreign authorities.
United Kingdom – Supreme Court
9 May 2013: The decision in the Pitt and Futter appeals  UKSC 26 reduces the scope for the use of the ‘Hastings-Bass rule’ to undo trustees’ decisions with unforeseen bad tax consequences.
7 May 2013: Federal Law preventing Government officials from holding and operating foreign bank accounts.
Disclaimer: The STEP Benelux Technical Committee’s Update mentions and highlights some recent statutory, regulatory and judiciary developments that may be of some relevance or interest for the STEP members and their clients. It does not purport to express STEP’s opinion on any of the facts and events referred in it. Any action based on the news, facts and developments referred to in this Technical Committee’s Update should be taken after an accurate analysis of the relevant information and on the grounds of appropriate professional advice.