EFAMA fully supports the Commission’s initiatives to fight tax avoidance and aggressive tax planning. The work of the technical teams that acknowledged our industry’s special requirements and the proposal of carve-out rules to protect investment structures and end-investors are, to a certain extent, to be welcomed.

As a principle, this proposal should not have an impact on any of the “regulated financial undertakings” exempted under Article 6 (2)(b) of this draft Directive. Notwithstanding, after a first review of the legal text, as well as of the Commission’s working documents, EFAMA is concerned with the unintended consequences that will be imposed on some entities, commonly used by investment funds (both UCITSs, AIFs and others), for commercial and regulatory purposes, that may not be covered by these carved out rules, as they stand.