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Legal Update

Fiscal court of Hamburg: Decision on securities lending in connection with cum/ex trades

6 August 2012
Mayer Brown Legal Update
In a recently published decision, dated Nov. 24, 2011 (6K22/10), the fiscal court of Hamburg had decided over a case of dividend stripping. In the trade structure at issue a German GmbH had purchased German stock shortly before the record date and entered into a securities lending agreement with a UK-based trading company.
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