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Permanent establishment risk for virtual asset service and e-wallet providers in Italy One of the consequences of the entry-into-force of the Italian requirement for virtual asset service providers (VASPs) and e-wallet providers to register with the Italian authority overseeing financial agents and credit mediators (OAM, Organismo Agenti e ... Virtual asset service and e-wallet providers must register in Italy The Italian requirement for virtual asset service providers (VASPs) and e-wallet providers to register with the Italian authority overseeing financial agents and credit mediators (OAM, Organismo Agenti e Mediatori) for anti-money laundering purposes enter... DEBRA: A deleveraging allowance to reduce the debt-equity bias If one were to regard the European Commission’s Directive proposal to tackle the debt-equity bias in the tax system as the fruit of a discussion that started around a decade ago, it appears overly complex and unambitious at the same time. A Commission-pub... The Strong and Simple Framework: A step towards a simpler prudential regime for non-systemic UK banks On 29 April 2022, the UK Prudential Regulation Authority (PRA) published its first consultation (CP5/22) on a proposed simpler prudential regime for non-systemic UK banks and building societies, termed by the PRA as the “Strong and Simple Framework” (see ... Climate experts alarmed by boom in digitising carbon offsets Environmental experts have sounded the alarm over a new boom in digitising carbon offsets. Carbon offsets are generated from reductions in greenhouse gas emissions, which may then be utilised by companies to compensate for greenhouse gas-emitting activiti... Regulated financial services exclusion from Amount A of Pillar One I have put off writing about Amount A of the first international tax reform Pillar for two reasons. The main reason is the concern that it might not actually ever happen. Since international agreement in principle was reached in October 2021, the OECD/Inc... UK Government's plans for digital regulation feature in Queen's speech The UK Government's plans to regulate digital markets featured in today's Queen's speech, despite recent press reports that the plans might be shelved from the Government's legislative agenda for the coming year. Referring to the "Draft Digital Markets, C... UK Government taking forward plans to regulate digital markets The Government has today confirmed that it is taking forward plans to establish a new pro-competition regime for digital markets. Amongst the key points to note in respect of the new regime: It will be implemented and enforced by the Digital Markets Unit ... No longer “too big to care”: EU’s Digital Services Act takes aim at Musk and online platforms Elon Musk’s free speech driven Twitter bid coincides with the EU reaching political agreement on its Digital Services Act.  Elon Musk’s $44 billion takeover of Twitter has been one of the most controversial technology transactions in recent years resultin... The future of the UK bank capital regime: is one buffer truly enough? In a well-publicised speech on 26 April 2022, Sam Woods, the CEO of the UK Prudential Regulation Authority, argued for a radical and far simpler alternative to the UK’s current bank capital rules. Mr Woods was keen to stress that this alternative was a fo...