The European Securities and Markets Authority (ESMA) published on Tuesday 2 July its preliminary findings on multiple withholding tax reclaim schemes revealed by the 'CumEx Files' scandal, as requested by the European Parliament in a 2018 Resolution (see EUROPE B12149A3). It has decided to launch a formal inquiry to gather more information from the competent national authorities on how they monitor these schemes.
'CumEx' dividend arbitrage strategies allow, through rapid share transfers,...