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EU Savings Directive - Be prepared for phase II | Brochure


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Review of the current directive – important changes
coming up

EU Savings Directive | Be prepared for phase IIThe EU Savings Directive (EUSD) entered into force on 1 July 2005. However, a review process of this directive has been running for several years with an aim to ‘close the loopholes’ of the current EUSD. This process resulted in European Commission proposals for a reviewed EUSD. The main proposed changes are:

  • Reinforced look-through rules for payments to certain non-EU entities and trusts
  • Broadened concept of EU ‘residual entities’ for which the EUSD is applicable
  • Substantial extension of the scope of the EUSD to all regulated investment funds (including, eg. non-UCITS SICAV, SIF-SICAV and SICAR)
  • Extension of the EUSD to certain types of life insurance products

EU Savings Directive | Be prepared for phase II

 

When will this apply?

If the amended EUSD is approved in 2011, the new rules will apply as from 1 January 2014. Time to reflect on the changes and their impact on your products and systems.

Who is impacted?

Compared to the EUSD currently in force, an enlarged panel of actors will be impacted by the amended EUSD update: banks, insurance companies, transfer agents, fund administrators, but also insurance companies, a series of legal structures, etc.

Our approach

Deloitte has developed a structured approach to assess the impact of the amended EUSD on your business and, where appropriate, to implement the necessary changes to all relevant functions.

We can help you

Multidisciplinary teams are ready to serve you Deloitte has extensive experience in all areas impacted by the directive, with highly skilled teams composed of auditors, tax specialists and consultants. We have a proven ability to facilitate the cooperation between various project participants.

Areas where Deloitte can help you

Deloitte is able to adjust the nature and scope of its assistance to your specific needs. Areas where Deloitte
can bring value to you include:

EU Savings Directive | Be prepared for phase II

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