{"title":"The Closure of Cum-Ex and the Aftermath","authors":"R. Collier","doi":"10.1093/oso/9780198859673.003.0005","DOIUrl":null,"url":null,"abstract":"This chapter deals with the closing of the cum-ex trade in Germany from 2012 and its aftermath. It explains how the trade came to be challenged and ultimately (after various failed attempts) successfully defeated by the authorities by means of a fundamental—yet simple—modification of the rules governing the obligation to apply dividend withholding tax. It then outlines the ongoing response to the cum-ex trade by the German tax authorities and its impact. The chapter also deals with the other aspects of the fallout from the cum-ex trade, including the German parliamentary enquiry into the trade and the impact on so-called ‘cum-cum’ trades. Besides the actions within Germany, there have also been developments in other countries, and the chapter considers these with reference to Austria and Denmark. The chapter ends by considering possible future developments, predicting that it will be years before the full effects of the cum-ex affair are finally clear.","PeriodicalId":105742,"journal":{"name":"Banking on Failure","volume":"78 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Banking on Failure","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/oso/9780198859673.003.0005","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
This chapter deals with the closing of the cum-ex trade in Germany from 2012 and its aftermath. It explains how the trade came to be challenged and ultimately (after various failed attempts) successfully defeated by the authorities by means of a fundamental—yet simple—modification of the rules governing the obligation to apply dividend withholding tax. It then outlines the ongoing response to the cum-ex trade by the German tax authorities and its impact. The chapter also deals with the other aspects of the fallout from the cum-ex trade, including the German parliamentary enquiry into the trade and the impact on so-called ‘cum-cum’ trades. Besides the actions within Germany, there have also been developments in other countries, and the chapter considers these with reference to Austria and Denmark. The chapter ends by considering possible future developments, predicting that it will be years before the full effects of the cum-ex affair are finally clear.
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