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Alternative Investment Management Association Representing the global hedge fund industry

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EU Savings Directive

The EU Savings Directive was introduced in June 2003 and took effect on 1 July 2005.

The principal purpose of the Directive is to allow a taxpayer’s local tax authority to identify that the taxpayer is in receipt of savings income which may otherwise not be declared. The Directive ensures that ‘paying agents’ in one EU Member State either report interest income received by taxpayers resident in another Member State or (in certain jurisdictions) levy a withholding tax on that income.

In November 2008, the European Commission proposed a revised Directive, with amendments for ‘closing existing loopholes and eliminating tax evasion’. Changes proposed would affect many AIMA members - hedge fund managers, administrators and other paying agents and individual investors resident in the EU.

AIMA participates in the Commission’s Expert Group that is reviewing operation of the EUSD; its mandate has now been extended until 30 June 2014 and now includes expertise on FATCA and with respect to implementing the Directive on administrative cooperation in direct taxation.

it may be some time before any amended Directive comes into effect. The Commission remains concerned over the 2011 Swiss-UK information-sharing agreement (considered to undermine the Directive). At the Group’s meeting on 26 September 2012, it was apparent that (a) there is pressure to progress an Amending Proposal and mandates on negotiating with third countries and (b) on FATCA, intergovernmental agreements (IGAs) will be negotiated unilaterally; the Commission noted issues raised by AIMA and others (eg, no industry consultation on developing Model IGA(s), multiple IGAs and regulations).


Key legislative documents

European Commission proposal for amending Directive - COM/2008/727 (November 2008)

Council Directive - 2003/48/EC (June 2003)


AIMA documents

Submission to Swedish Presidency in respect of the proposed revised EU Savings Directive (July 2009) 

Submission to European Commission in respect of the EU Savings Directive (June 2009)


Other documents

European Commission Impact Assessment SEC/2008/2767 (November 2008)

European Commission Summary of Impact Assessment SEC/2008/2768 (November 2008)

European Commission's FAQs MEMO/08/704 (November 2008)

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  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
    9. Volcker Rule
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  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
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      2. MiFID / MiFIR
      3. MAD / MAR
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    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
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      1. Europe
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  4. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
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    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. FATCA
      2. Other Hot Asset Management Topics
      3. Other Hot Markets Topics
      4. UK Partnership Tax Review
      5. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
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