FREE ELECTRONIC LIBRARY - Abstract, dissertation, book

Pages:     | 1 || 3 | 4 |   ...   | 13 |

«Disposizioni della Borsa Strumenti finanziari: Discount Certificates linked to 2 indices Emittente: BAYERISCHE HYPO- UND VEREINSBANK Rating ...»

-- [ Page 2 ] --

Numero di Certificates per i quali rinuncia, per conto della propria clientela, all’esercizio dei Certificates a scadenza:


Il sottoscritto è consapevole che la presente dichiarazione di rinuncia all’esercizio non è valida qualora non siano rispettati i requisiti indicati nei Terms & Conditions dei Certificates. Questo vale anche qualora la dichiarazione non dovesse essere consegnata in tempo utile a Bayerische Hypo- und Vereinsbank AG.


Luogo Data __________________________________________

Firma (firme) del legale rappresentante dell’intermediario

–  –  –

A: Intermediario _____________

Responsabile ufficio titoli _____________________

Fax _____________________

Tel ______________________

Copia a: Bayerische Hypo- und Vereinsbank AG Fax 0049 89 378 15262 - 02/88623311 Tel.02/8862.2746-02/8862.2736 email: indextrading@hvb.de

La presente dichiarazione, che deve essere compilata a cura del Portatore dei Certificates, ha ad oggetto:

Certificates su ………….. emessi da Bayerische Hypo- und Vereinsbank AG (i “Certificates”) Con la presente comunica la volontà di rinuncia all’esercizio dei diritti garantiti dal Certificates come da indicazione contenuta nei Terms & Conditions dei Certificates.

Codice ISIN dei Certificates per i quali rinuncia all’esercizio dei Certificates a scadenza:


Numero di Certificates per i quali rinuncia all’esercizio dei Certificates a scadenza:


Il Portatore di Certificates ___________________________________________________

Cognome e nome o ragione/denominazione sociale __________________________________________

Luogo e Data __________________________________________

Firma (firme) del Portatore

–  –  –

The following is a summary of current Italian law and practise relating to the taxation of the Certificates. Prospective purchasers of the Certificates are advised to consult their own tax advisers concerning the overall tax consequences of their ownership of the Certificates.

The statements herein regarding taxation are based on the laws in force in Italy as at the date of these Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Certificates and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules.

The following description does not address the applicable taxation in case of exercise by the relevant Issuer of its right of substitution as set out in Condition 9. Legislative Decree No. 344 of 12 December 2003 published in the Italian Official Gazette of 16 December 2003, No. 261 (Ordinary Supplement No. 190), effective as of 1January 2004 introduced the reform of taxation of corporations and of certain financial income amending the Italian Income Taxes Consolidated Code.

In the near future, with the approval of the law proposal No. 1762 of 4 October 2006, currently under discussion in the Parliament, the Italian Government could be authorised to introduce a fixed withholding tax on any capital gains and financial incomes not exceeding 20 per cent, which may impact upon the tax regime of the Certificates.

Italian taxation of the Certificates

The information set out hereafter summarises tax treatment of the purchase, holding, sale and exercise of the Certificates by investors who are individuals resident in Italy, and do not run a commercial enterprise, in accordance with Italian tax legislation. Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, capital gains and other revenues not produced in the course of running commercial enterprises and received by individuals resident in Italy and by certain other subjects (entities, associations and simple non-commercial companies, including no profit

entities) following the sale or the exercise of the Certificates are subject to a 12.5% substitute tax (imposta sostitutiva). The recipient may opt for three different taxation criteria:

the tax declaration regime (regime della dichiarazione): each capital gain or revenue earned (1) during the year, net of any liabilities and capital losses of the same kind, is specified in the investor’s tax return. The 12.5% substitute tax will therefore be chargeable on net capital gains realised during any given tax period and paid within the deadline established for paying income taxes. Any surplus of capital losses over capital gains may be offset against capital gains realised in any of the four succeeding tax periods. The tax declaration regime is compulsory in cases where the subject fails to choose one of the two systems referred to hereafter in points (2) and (3);

the non-discretionary investment portfolio regime (regime del risparmio amministrato): if the (2) investor opts for this regime, the substitute tax is determined and paid at the time of each sale or exercise of the Certificates by the authorised intermediary resident in Italy, with whom the Certificates have been deposited for safekeeping or for administration, on behalf of the Security holder for each capital gain effectively produced. Where a capital loss results from a sale or an exercise of the Certificates, such loss may be deducted from capital gains of the same kind, realised in the same tax period or in the following tax periods up to the fourth. If the safekeeping or administration relationship comes to an end, any capital losses may be deducted - but not beyond the fourth tax period after that in which they occurred - from capital gains produced with respect to the relationship with another intermediary for managing of portfolio. Under nondiscretionary investment portfolio regime, the Security holder is not required to declare the capital gains in the annual tax return.

(3) the discretionary investment portfolio regime (regime del risparmio gestito): the prerequisite to adopting this system is that an assets management assignment has been conferred on an authorised intermediary resident in Italy. Under this regime the tax is applied by the authorised intermediary, on behalf of the Security holder, at the end of any given tax period on the increase in value of the managed assets, even if it has not been realised, net of certain financial incomes. Any depreciation of the managed assets accrued at year end may be carried forward against increase in value of the managed assets accrued in any of the four succeeding tax periods. Under the discretionary investment portfolio regime, the Security holder is not required to declare the capital gains in the annual tax return.

Where an Italian resident Security holder is a company or similar commercial entity, or a permanent establishment in the Republic of Italy of foreign commercial entities to which the Certificates are effectively connected, capital gains and other revenues arising from the Certificates will not be subject to imposta sostitutiva, but must be included in the relevant Security holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realized by non-Italian resident Security holders are not subject to Italian taxation, provided that the Certificates are held outside of Italy.

Atypical securities In accordance with a different interpretation of current tax law there is a remote possibility that the Certificates would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Certificates may be subject to an Italian withholding tax, levied at the rate of 27 per cent.

The 27 per cent. withholding tax mentioned above does not apply to payments made to a non-Italian resident Security holder and to an Italian resident Security holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

EU Savings Directive

Under EC Council Directive 2003/48/EC on the taxation of savings income, Member States are required, from 1st July, 2005, to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State. However, or a transitional period, Belgium, Luxembourg and Austria are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have agreed to adopt similar measures (a withholding system in the case of Switzerland) with effect from the same date.

Implementation in Italy of the EU Savings Directive

Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April 2005 (Decree No. 84). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid starting from 1 July 2005 to individuals which qualify as beneficial owners of the interest payment and are resident for tax purposes in another Member State, Italian paying agents (i.e. banks, società di intermediazione Mobiliare (SIM), fiduciary companies, società di gestione del risparmio (SGR) resident for tax purposes in Italy, Italian permanent establishments of non-Italian resident persons and any other Italian entity paying interest for professional or business reasons) shall not apply the withholding tax and shall report to the Italian Tax Authorities details of the relevant payments and personal information on the individual beneficial owner. Such information is transmitted by the Italian Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner.

[●] Structure of the English Version of the Terms and Conditions (Certificates)

–  –  –

[If necessary, amend columns of [the] Table [1] specifying further details] [Table 2 [•] [Insert table with information on the respective Basket Components and their weighting. Define individual Basket Components as "Basket Component [•]" or "B [•]".

The presentation of information may correspond to the presentation of the Reference Asset in Table 1 (stating e.g.

Issuer/Sponsor and WKN/ISIN/ReutersPage/Bloomberg-Code/Screen Page and Time/Code for other information system.]] §1 (Series, Form of Certificates, Issuance of Additional Certificates) (1) [In case of quotation in units insert:

This series (the "Series") of [insert corresponding name and pay-out description of Certificates, e.g.

Discount, Bonus (including whether option to extend or early call right is applicable)] [as further specified above in [the] Table [1]] (the "Certificates") of Bayerische Hypo- und Vereinsbank AG [(acting through its [•] Branch)] (the "Issuer") will be issued on [•] (the "Issue Date") pursuant to these terms and conditions (the "Terms and Conditions"), [in the Specified Currency shown in [the] Table [1] above] [in [insert Specified Currency]] (the "Specified Currency") [or [if applicable, insert alternative currency]] as [up to] [insert number of Certificates] non-par value Certificates [in the aggregate number specified as the Number of Certificates in [the] above Table [1]].] [In case of quotation in percentage insert:

This series (the "Series") of [insert corresponding name and pay-out description of Certificates, e.g. Discount, Bonus (including whether option to extend or early call right is applicable)] [as further specified in [the] above Table [1]] (the "Certificates") of Bayerische Hypo- und Vereinsbank AG [, acting through its [•] Branch] (the "Issuer") will be issued on [•] (the "Issue Date") pursuant to these terms and conditions (the "Terms and Conditions"), [in the Specified Currency shown in the Table [1] above] [in [insert Specified Currency]] (the "Specified Currency") [or [if applicable, insert alternative currency]] in the aggregate principal amount [of [up to][insert aggregate principal amount]] [specified above as the Aggregate Principal Amount in [the] Table [1]] (the "Aggregate Principal Amount") and divided into [insert number of Certificates] Certificates, each with a principal amount [of [insert Principal Amount per Certificate]] [specified in [the] Table [1] above as the Principal Amount per Certificate] (the "Principal Amount").] In accordance with the Terms and Conditions, the Issuer shall pay for each Certificate to the holder of such Certificate (each a "Certificate Holder"; all holders of Certificates are collectively referred to as "Certificate Holders") the Redemption Amount (§ 4) [or, as the case may be, deliver the quantity of Reference Assets determined in accordance with these Terms and Conditions] [and shall pay [interest] [Additional Amounts] calculated in accordance with the provisions of these Terms and Conditions].

(2) [If Monte Titoli is the relevant clearing system: No physical document of title will be issued to represent the Certificates. On issue, the Certificates will be registered in the books of Monte Titoli S.p.A. ("Monte Titoli", also referred to as the "Clearing System").

Pages:     | 1 || 3 | 4 |   ...   | 13 |

Similar works:

«KLB Katholische Landvolkbewegung Deutschland Drachenfelsstr. 23 53604 Bad Honnef / Rhöndorf TEL 02224-71031, FAX 02224-78910 Mail: bundesstelle@klb-deutschland.de Internet: www.klb-deutschland.de Zusammenfassung Zukunftsforum 2015 Veranstaltung am Donnerstag, 22. Januar 2015, City Cube, Raum M1 „Zwischen allen Stühlen“ Frauen zwischen Familie, Betrieb und Ehrenamt „Frau zu sein ist wirklich. Man muss denken wie ein Mann, sich geben wie eine Dame, aussehen wie ein junges Mädchen und...»

«Journal of Combinatorial Theory, Series B 84, 1–44 (2002) doi:10.1006/jctb.2001.2059, available online at http://www.idealibrary.com on One or Two Disjoint Circuits Cover Independent Edges Lovasz–Woodall Conjecture ´ Ken-ichi Kawarabayashi 1 Department of Mathematics, Faculty of Science and Technology, Keio University, 3-14-1 Hiyoshi, Kohoku-ku, Yokohama 223-8522, Japan; and Department of Mathematics, 1326 Stevenson Center, Vanderbilt University, Nashville, Tennessee 37240-0001 E-mail:...»

«X Журнал выходит 4 раза в год.Адреса электронной почты редакторов AI: И. В. Герасимов (Отв. Ред.): office@abimperio.net С. В. Глебов (США и Канада): ai_us@abimperio.net А. П. Каплуновский (Западная Европа): akapluno@yahoo.de М. Б. Могильнер (Россия и СНГ): marina@abimperio.net А. М. Семенов (Центральная и Восточная Европа):...»

«Orality+Christian Discipleship May 2011 Ivor C Greer ORALITY AND CHRISTIAN DISCIPLESHIP Developing a ‗Living‘ Word Ivor Calvin Greer MTh in Practical Theology Dissertation Mattersey Hall in association with Bangor University Supervisor: Paul Alexander Word Count: 18,937 May 2011 -1Orality+Christian Discipleship May 2011 Ivor C Greer DECLARATION This work has not previously been accepted in substance for any degree and is not being concurrently submitted in candidature for any degree....»

«The Case Of The Fire Alarm Things financial to download in these flow is The Case of the Fire Alarm if all another download. Incorrectly of during you will relatively have toward height of being credit content opinion can reduce we to remain loan-to-value done financially from themselves can make away a at the comparison only and continue searchable to imply if you. Pays websites at capable getting occasion, seeking your rule credit. Folding these asset, in advantages see to be Management 10...»

«Alternative Services The Book of Alternative Services of the Anglican Church of Canada with the Revised Common Lectionary Anglican Book Centre Toronto, Canada © Copyright 1985 by the General Synod of the Anglican Church of Canada Published by the Anglican Book Centre, 600 Jarvis Street, Toronto, Ontario, Canada, M4Y 2J6 All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,...»

«FAKULTÄT AGRARWISSENSCHAFTEN Aus dem Institut für Agrar-und Sozialökonomie in den Tropen und Subtropen Universität Hohenheim Fachgebiet: Internationaler Agrarhandel und Welternährungswirtschaft PROF. DR. MATIN QAIM THE FOOD SYSTEM TRANSFORMATION IN VIETNAM: CHALLENGES FOR THE HORTICULTURAL SECTOR POSED BY EXPORTS AND BY CHANGING CONSUMER PREFERENCES Dissertation zur Erlangung des Grades eines Doktors der Agrarwissenschaften vorgelegt der Fakultät Agrarwissenschaften von Marcus...»

«The Atlanta Baroque Orchestra John Hsu, Artistic Director Viennese Chamber Music for Winds & Strings Sunday 11 May 2008 3:00 p.m. Peachtree Road United Methodist Church 3180 Peachtree Road NW Atlanta, Georgia Viennese Chamber Music For Winds & Strings made possible by the sponsorship of Peter & Pat DeWitt Divertimento (Feld-Parthie) in C Major, Hob. II:7 Franz Josef Haydn Allegro (1732–1809) Menuetto Adagio Menuetto Rondo: presto Serenade: Andante cantabile Roman Hoffstetter from String...»

«Der Sieger Bleibt Allein Roman Those tax is this major gold above the popular people as an short color hunting after for real mechanism according a association of total card of your hand. It sells home Der Sieger Bleibt Allein: Roman in Der Sieger Bleibt Allein: Roman offer to avoid and consider if projects as managing different sources period. You can typically download a customers for a minimal decision to determine down their targeting one. The hard percent has if it can be decade people and...»

«Young Adult Category 2010 – 1st Prize – Vincent Duong – Aged 18 years Fort Street High School, Petersham, NSW If Only John stood at the centre of the Guyver Bridge – the bridge that shared his life’s happiest moment and now, his worst. The dull, arched concrete slabs reflected the cloudy skies above. He looked down at the river dividing the two cities. His heart pounded furiously, as his breathing became coarse and irregular. John berated himself for not seeing the signs of betrayal...»

«Journal of University Teaching & Learning Practice Volume 11 | Issue 2 Article 8 Challenges in a Physics Course: Introducing Student-Centred Activities for Increased Learning Carola Hernandez Aalborg University, Denmark, c-hernan@uniandes.edu.co Ole Ravn Aalborg University, Denmark, orc@learning.aau.dk Manu Forero-Shelton Universidad de los Andes, Colombia, anforero@uniandes.edu.co Follow this and additional works at: http://ro.uow.edu.au/jutlp Recommended Citation Hernandez, Carola; Ravn, Ole;...»

«Anisotropic-ray-theory rays in velocity model SC1 II with a split intersection singularity Ludˇk Klimeˇ & Petr Bulant e s Department of Geophysics, Faculty of Mathematics and Physics, Charles University in Prague, Ke Karlovu 3, 121 16 Praha 2, Czech Republic, http://sw3d.cz/staff/klimes.htm, http://sw3d.cz/staff/bulant.htm Summary We show the behaviour of the anisotropic–ray–theory S–wave rays in a velocity model with a split intersection singularity. The rays crossing the split...»

<<  HOME   |    CONTACTS
2016 www.abstract.xlibx.info - Free e-library - Abstract, dissertation, book

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.