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CumEx dividend scheme may be tax fraud, without breaching EU law, ESMA says

( July 2, 2019, 14:59 GMT | Official Statement) -- MLex Summary: CumEx and CumCum schemes, in which tax refunds are claimed multiple times for the same dividend transaction, are potentially tax fraud, but not necessarily a breach of EU market-instrument, short-selling or market-abuse rules, the European Securities and Markets Authority has said. The advice, produced in response to lawmaker concern following an October 2018 media exposé largely concerning Germany, suggested ways for national authorities to better detect the scam, including using central securities registers.Statement follows. Document attached. ...

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