As a consequence of rulings of the CJEU concerning the application by Member States of withholding tax to the income of non-resident funds, the French tax authority adopted domestic regulations in 2014 for both EU resident UCITS funds and importantly for UCITS-like entities to obtain an exemption from withholding tax available to French resident funds. Generally UCITS funds in other Member States are understood to have received refunds. Claims by non-UCITs funds were not being met, but it seems that recent claims have been successful. This strengthens the prospect for reclaims to be made by non-UCITS funds, but particularly for AIFs whose investment manager is subject to a level of regulation.  Because of the nature of the comparability arguments that have been made in these cases, it appears that the tax authority will accept such regulation as being adequate for an entity to be regarded as “UCITS-like” for the purposes of comparability with a French resident entity that does not suffer French WHT. For further information, please contact Paul Hale or Enrique Clemente.