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Blankning- Skatterättsliga konsekvenser

Jogenfors, Andreas LU (2012) JURM02 20121
Department of Law
Abstract
The perspectives of short-selling rules that will be highlighted in the paper are not only national but also European. The European harmonization has not achieved such great results in the tax area, which is due to the strong sovereignty that existed historically in terms of countries own tax system. The focus will mainly be on the fiscal impact of the phenomenon of short selling, but also the civil law will be presented as it is related to the tax law and is necessary to know of it to get an understanding of the whole.

This paper will address the short selling of securities. The historical development and the tax consequences will be considered. Advantages and disadvantages of short selling will be discussed and the recent decision by... (More)
The perspectives of short-selling rules that will be highlighted in the paper are not only national but also European. The European harmonization has not achieved such great results in the tax area, which is due to the strong sovereignty that existed historically in terms of countries own tax system. The focus will mainly be on the fiscal impact of the phenomenon of short selling, but also the civil law will be presented as it is related to the tax law and is necessary to know of it to get an understanding of the whole.

This paper will address the short selling of securities. The historical development and the tax consequences will be considered. Advantages and disadvantages of short selling will be discussed and the recent decision by the EU Parliament to ban so-called naked short selling will also be considered. To get an understanding of why rules on short selling look like they do, the development of the Swedish tax system will be described with emphasis on the big reform 1991st. However, it will only be briefly discussed. Advantages and disadvantages of the phenomenon of short selling will be reviewed and discussed.

During the current financial crisis Germany introduced temporary regulations against naked short selling. It demonstrates flexibility in terms of legislation, where countries adjust for market conditions and what phase of the economy we are in. In my opinion, it may be doubtful whether short selling as an institution is regulated by a common EU law. An evaluation of the ban on naked short selling can probably not be released in a number of years, but I do not think that it in itself should be seen as a deepening cooperation in the regulation of the financial and fiscal sectors.

Political reasons may underlie the laws of the EU, where France as a powerful European country needs to protect its large banks and financial institutions because the financial sector accounting for a larger share of GDP than it does to Sweden. There are therefore many more people in France who works in the financial sector, which together with the disastrous consequences of a bank failure would have on a country affect international decisions taken with regard to domestic affairs rather than international. In my opinion, it is important for the European Union that all decisions are made for the common good and are based on rational grounds, rather than individual countries' best. (Less)
Abstract (Swedish)
De perspektiv av blankningslagstiftningen som kommer att lyftas fram i uppsatsen är inte enbart de nationella utan även de europeiska. Den europeiska harmoniseringen har inte uppnått så stora resultat på det skatterättsliga området, vilket beror på den starka suveräniteten som funnits historiskt när det gäller ländernas egna skattesystem. Fokus kommer i huvudsak att ligga på de skatterättsliga effekterna av fenomenet blankning, men även den civilrättsliga lagstiftningen kommer att presenteras eftersom den hör ihop med den skatterättsliga och är nödvändig att känna till för att få en förståelse för helheten.

Denna uppsats kommer att behandla blankning av värdepapper. Den historiska utvecklingen och de skatterättsliga konsekvenserna... (More)
De perspektiv av blankningslagstiftningen som kommer att lyftas fram i uppsatsen är inte enbart de nationella utan även de europeiska. Den europeiska harmoniseringen har inte uppnått så stora resultat på det skatterättsliga området, vilket beror på den starka suveräniteten som funnits historiskt när det gäller ländernas egna skattesystem. Fokus kommer i huvudsak att ligga på de skatterättsliga effekterna av fenomenet blankning, men även den civilrättsliga lagstiftningen kommer att presenteras eftersom den hör ihop med den skatterättsliga och är nödvändig att känna till för att få en förståelse för helheten.

Denna uppsats kommer att behandla blankning av värdepapper. Den historiska utvecklingen och de skatterättsliga konsekvenserna kommer att beröras. Fördelar och nackdelar med blankning kommer att diskuteras och det senaste beslutet av EU-parlamentet att förbjuda så kallad naken blankning kommer också att beröras. För att få en förståelse för varför reglerna om blankning ser ut som de gör kommer uppbyggnaden av det svenska skattesystemet att beskrivas med lite extra tyngd på den stora reformeringen 1991. Det kommer dock enbart att ske översiktligt. Fördelar och nackdelar med fenomenet blankning kommer att gås igenom och diskuteras.

Under den pågående finanskrisen införde Tyskland tillfälliga regleringar mot nakenblankningen. Det visar på en flexibilitet när det gäller lagstiftning, där länder anpassar förhållandena efter marknadsläget och vilken fas i ekonomin man befinner sig i. Enligt min mening kan det vara tveksamt om blankningen som institution får en gemensam EU-rättslig lagstiftning. En utvärdering om förbudet mot nakenblankningen kan förmodligen tidigast göras om ett antal år, men jag tror inte att det i sig ska ses som ett fördjupande samarbete när det gäller regleringar inom den finansiella och skatterättsliga sektorn.

Politiska skäl kan ligga bakom lagstiftningen i EU där Frankrike som ett mäktigt EU-land behöver skydda sina stora banker och finansiella institut eftersom den finansiella sektorn svarar för en större del av landets BNP än vad det gör för Sverige. Det finns därför många fler människor i Frankrike som jobbar inom den finansiella sektorn vilket tillsammans med de katastrofala följder en bankkonkurs skulle få för en stat påverkar internationella beslut som fattas med hänsyn till nationella snarare än internationella. Enligt min mening är det viktigt för Europeiska Unionen att alla beslut fattas för det gemensammas bästa och på rationella grunder i stället för enskilda länders bästa. (Less)
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author
Jogenfors, Andreas LU
supervisor
organization
alternative title
Short Sales-Tax Legal consequences
course
JURM02 20121
year
type
H3 - Professional qualifications (4 Years - )
subject
language
Swedish
id
3051229
date added to LUP
2012-11-01 11:29:25
date last changed
2012-11-01 11:29:25
@misc{3051229,
  abstract     = {The perspectives of short-selling rules that will be highlighted in the paper are not only national but also European. The European harmonization has not achieved such great results in the tax area, which is due to the strong sovereignty that existed historically in terms of countries own tax system. The focus will mainly be on the fiscal impact of the phenomenon of short selling, but also the civil law will be presented as it is related to the tax law and is necessary to know of it to get an understanding of the whole.

This paper will address the short selling of securities. The historical development and the tax consequences will be considered. Advantages and disadvantages of short selling will be discussed and the recent decision by the EU Parliament to ban so-called naked short selling will also be considered. To get an understanding of why rules on short selling look like they do, the development of the Swedish tax system will be described with emphasis on the big reform 1991st. However, it will only be briefly discussed. Advantages and disadvantages of the phenomenon of short selling will be reviewed and discussed.

During the current financial crisis Germany introduced temporary regulations against naked short selling. It demonstrates flexibility in terms of legislation, where countries adjust for market conditions and what phase of the economy we are in. In my opinion, it may be doubtful whether short selling as an institution is regulated by a common EU law. An evaluation of the ban on naked short selling can probably not be released in a number of years, but I do not think that it in itself should be seen as a deepening cooperation in the regulation of the financial and fiscal sectors.

Political reasons may underlie the laws of the EU, where France as a powerful European country needs to protect its large banks and financial institutions because the financial sector accounting for a larger share of GDP than it does to Sweden. There are therefore many more people in France who works in the financial sector, which together with the disastrous consequences of a bank failure would have on a country affect international decisions taken with regard to domestic affairs rather than international. In my opinion, it is important for the European Union that all decisions are made for the common good and are based on rational grounds, rather than individual countries' best.},
  author       = {Jogenfors, Andreas},
  language     = {swe},
  note         = {Student Paper},
  title        = {Blankning- Skatterättsliga konsekvenser},
  year         = {2012},
}