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Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions
Dissertation (MCom)--University of Pretoria, 2016.
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2016
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| _version_ | 1867613691106557952 |
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| access_status_str | Open Access |
| author2 | Venter, Elmar Retief |
| author_browse | Venter, Elmar Retief |
| author_facet | Venter, Elmar Retief |
| collection | Thesis |
| dc_rights_str_mv | © 2016 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Dissertation (MCom)--University of Pretoria, 2016. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/57164 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:40:10.037Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2016 |
| publishDateRange | 2016 |
| publishDateSort | 2016 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/57164 Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions Venter, Elmar Retief jeanne.stegmann@standardbank.co.za Stegmann, Jeanne Bernadine UCTD Dissertation (MCom)--University of Pretoria, 2016. Beneficial ownership can be distinguished from legal ownership and is the cornerstone for the granting of treaty benefits under the income articles of the Organisation of Economic Cooperation and Development (OECD) Model Tax Convention (MTC). Until recently, beneficial ownership was determined with reference to the domestic laws of states contracting bilateral tax treaties. Foreign case law provided further information on the meaning of the term. In updating the Commentary to the 2014 MTC, the OECD defined beneficial ownership as having the right to use and enjoy the income unconstrained by any contractual or legal obligation to distribute that income further to another party. In the financial industry, where banks and brokers routinely trade or hedge risk, financial instruments written over equities typically shift economic risks and rewards to contracting parties. As a consequence, the holder of the equity shares is divested from all or selected rights, obligations, risks and rewards that are ordinarily associated with ownership. The question then arises whether the holder of the equity share is the beneficial owner of that share or of the dividend that it produces. This study aims to determine beneficial ownership of equities and dividends where risk offsets have been concluded. It comprises a doctrinal research study that formulates the rule of law in respect of beneficial ownership and then applies it to a selection of transactions involving equity derivatives and financial instruments. tm2016 Taxation MCom Unrestricted 2016-10-14T07:31:13Z 2016-10-14T07:31:13Z 2016/09/02 2016 Dissertation Stegmann, JB 2016, Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions, MCom Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/57164> S2016 http://hdl.handle.net/2263/57164 en © 2016 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions |
| title | Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions |
| title_full | Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions |
| title_fullStr | Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions |
| title_full_unstemmed | Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions |
| title_short | Determining the impact of the 2014 OECD update to beneficial ownership in equity derivatives and financial instruments transactions |
| title_sort | determining the impact of the 2014 oecd update to beneficial ownership in equity derivatives and financial instruments transactions |
| topic | UCTD |
| url | http://hdl.handle.net/2263/57164 |