Structural shifts

Structured Products


A new regulation in Germany could have major implications for certificates and could lead to a shake-up of the country's structured products industry. The law, aimed at simplifying tax rules for investment products, will bring in a flat tax rate for all capital income from January 2009 and will mean non-capital-guaranteed certificates - the wrapper of choice for the structured products market in Germany - will lose their tax-exempt status.

But in a fresh amendment to the law, expected to be

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