Oktober 2021

Cum-ex: White paper on the risks of double penalisation and over-compensation of damages

Cum-ex trading has been the subject of public discussion for many years. For a long time it was unclear whether and how the parties involved have exposed themselves to criminal liability and how possible tax recourse scenarios would be handled between the various parties. In what way risks of claims being exerted existed and how such risks could be passed on was also a contentious point. In view of the scope of many cum-ex trades and the interest that has since accrued, the risks involved are often substantial and may even threaten a party’s financial existence. The tension is palpable and many questions remain unresolved.

Read our Cum-ex white paper by Dr Carolin Sabel, which is based on a comprehensive current publication on the same topic by the author in collaboration with Dr Carsten Kusche. It offers interested parties an overview of the resulting claims and considerations on how to handle these risks.