Sullivan & Cromwell LLP

Financial Transaction Tax: Draft Legislation to Introduce a Financial Transaction Tax in France
Gauthier Blanluet,Nicolas de Boynes, February 10, 2012
Following the outline released by France’s and Germany’s Ministers of Finance on 9 September 2011 (see our client memorandum of 12 September 2011) and the publication of a draft directive by the EU Commission on 28 September 2011 (see our client memorandum of 4 October 2011), draft...

Financial Transaction Tax: European Commission Draft Directive on Financial Transaction Tax
Gauthier Blanluet,Emma Hardwick,Michael T. McGowan,Andrew Thomson,Nicolas de Boynes, October 11, 2011
Sales and purchases of shares and bonds would be taxed at 0.1%, derivative contracts at 0.01%. The tax would be introduced from the start of 2014. Part of the revenue would belong to the EU; the rest would be retained by member states.

The Independent Commission on Banking: The Vickers Report and Proposals for the Future of UK Banking
Vanessa K. Blackmore,H. Rodgin Cohen,Wolfgang Feuring,William D. Torchiana,George H. White,Michael M. Wiseman, October 11, 2011
On 12 September, the UK’s Independent Commission on Banking (‘ICB’) published its Final Report and Recommendations (the “ICB Report”) on proposed reforms to improve stability and competition in the UK banking sector. The ICB sets out a number of potentially...

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