Which authority is recorded against Cum-ex dividend trading — multiple institutions?

The entry is recorded against Bonn Regional Court / Federal Court of Justice, in the Germany jurisdiction, under the theme Dividend arbitrage · tax.

What is the current status of this entry?

Status: Convictions upheld. Last recorded change: 28 July 2021. The matter arose or was first recorded on 18 March 2020.

How was this matter brought to light?

Tax authority investigation and criminal prosecution. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.

Where can the primary sources for DE-2020-02 be checked?

The entry links to Reuters — first cum-ex verdict, 18 March 2020; Reuters — Federal Court of Justice ruling, 28 July 2021.

DE-2020-02 · Germany · 2020

Bonn Regional Court convicts in the first cum-ex trial; the Federal Court of Justice upholds the finding

Two former traders were convicted in Germany's first criminal cum-ex trial over dividend-stripping transactions, and in July 2021 the Federal Court of Justice confirmed that such trades constitute criminal tax evasion.

Empty German courtroom benches, illustrating the cum-ex proceedings — Illustrative image · Cum-ex dividend trading — multiple institutions

Institution: Cum-ex dividend trading — multiple institutions
Authority: Bonn Regional Court / Federal Court of Justice
Status: Convictions upheld
Theme: Dividend arbitrage · tax
Raised by: Tax authority investigation and criminal prosecution
Jurisdiction: Germany
Matter arose: 18 March 2020
Last recorded: 28 July 2021
Amount: Reported German revenue loss in the billions of euro

What the sources record

The Bonn judgment of 18 March 2020 found the practice of claiming refunds of tax withheld only once to be criminal tax evasion.

On 28 July 2021 the Federal Court of Justice dismissed the appeal, settling the point of law for subsequent prosecutions.

Further prosecutions arising from the same trading pattern continue in Germany and other member states.

Timeline

2020-03-18
First cum-ex convictions at Bonn Regional Court.
2021-07-28
Federal Court of Justice upholds the convictions.

Primary sources

Questions and answers on this entry

What does register entry DE-2020-02 record?: Bonn Regional Court convicts in the first cum-ex trial; the Federal Court of Justice upholds the finding. Two former traders were convicted in Germany's first criminal cum-ex trial over dividend-stripping transactions, and in July 2021 the Federal Court of Justice confirmed that such trades constitute criminal tax evasion.
Which authority is recorded against Cum-ex dividend trading — multiple institutions?: The entry is recorded against Bonn Regional Court / Federal Court of Justice, in the Germany jurisdiction, under the theme Dividend arbitrage · tax.
What is the current status of this entry?: Status: Convictions upheld. Last recorded change: 28 July 2021. The matter arose or was first recorded on 18 March 2020.
How was this matter brought to light?: Tax authority investigation and criminal prosecution. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
Where can the primary sources for DE-2020-02 be checked?: The entry links to Reuters — first cum-ex verdict, 18 March 2020; Reuters — Federal Court of Justice ruling, 28 July 2021.

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