Public Affairs

INREV’s Brussels-based public affairs team increases European policy makers' awareness of the importance of our industry and represents our members’ interests in new and prospective EU legislation.

Forum Call Recording April 2017 - MIFID II's implications for non-listed real estate investment

On Thursday 27 April Hannah Meakin and Jamie Gray of Norton Rose Fulbright presented on MIFID II and its implications for non-listed real estate investment.

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Industry support guiding principles for EU-UK relations

Last week INREV and 16 other real estate associations published guiding principles for future EU-UK relations, urging policy makers to avoid barriers and maintain market access.

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New FAQs on Country-by-Country Reporting

In response to the new requirements for country-by-country reporting under OECD-BEPS Action 13 that aims to enhance transparency of multinational enterprises the Tax Committee issued a set of answers to frequently asked questions.

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Forum Call Recording March 2017- Sustainability regulations

On Thursday 30 March, Debbie Hobbs, Head of Sustainability at Legal & General Property, presented on sustainability-related regulations.

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Capital Markets Union mid-term review consultation filed

On 16 March, INREV filed a response to the European Commission’s mid-term review consultation on the implementation of the CMU Action Plan.

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Updated study of real estate volatility challenging Solvency II SCRs released

An updated independent study confirms that the current solvency capital requirement (SCR) of 25% for European real estate investment under the Solvency II Directive, including through funds, does not reflect the true volatility of real estate investment in Europe. As a result, the amount of capital that must be set aside to cover potential losses from real estate investment is higher than is necessary for sound prudential management.

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Forum Call Recording February 2017 - updated Tax and Regulatory Tool

Jeroen Elink Schuurman, Tax Partner at PwC will presented on the new and improved Tax and Regulatory Tool.

The new tool, which covers more countries and OECD BEPS, has also moved to a new location on the INREV website.

Jeroen also gave a brief update on the recent OECD discussion draft on Non-CIVs.

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Response filed to OECD BEPS Action 6 Discussion Paper

On 1 February, INREV filed a response to the OECD’s Discussion Paper on BEPS Action 6 related to tax treaty abuse and non-CIVs. Although the paper’s example on real estate was highly favourable for non-listed funds and reflected earlier INREV comments, the response prepared by the Tax Committee proposed some minor improvements that would improve clarity.

OECD delivers welcome news in BEPS Action 6 discussion draft

On 6 January, the OECD issued a discussion draft on Non-CIVs that includes a realistic example of a Real Estate non-CIV (example 3). Based on the facts and circumstances of the example, the OECD concluded that it would be unreasonable to deny treaty benefits to the holding company serving as the corporate investment platform of the non-CIV. In their example, the working party uses similar considerations to justify the use of the holding company as INREV did in its response to the non-CIV report.

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EU Merger Consultation filed

On 12 January INREV filed its response to the evaluation of procedural and jurisdictional aspects of EU Merger control. We urged the Commission to adopt measures to clarify that real estate co-investors that might otherwise exceed the Merger Regulation thresholds do not need to submit co-investments for review and approval.