In its ruling of 28 July 2021, the Federal Court of Justice decided that cum-ex trading in the years 2007 to 2011 satisfies the elements of the crime of tax evasion. With regard to the parties involved in the crime, the Federal Court of Justice confirmed the confiscation of so-called proceeds of crime. In the case of the bank involved, the confiscation of EUR 176 million became final. As a rule, a multitude of complex questions of financial compensation between the parties involved arises in connection with cum-ex trading.

In a recent publication, our colleague Dr Carolin Sabel (together with Dr Carsten Kusche) deals in particular with the question which different liability regimes may be relevant in connection with cum-ex trading and which consequences this may have for the parties involved (cf. 'Das Verhältnis von sanktionenrechtlicher Vermögensabschöpfung, steuerlicher Haftung und zivilrechtlichem Regress infolge einer Cum/Ex-Transaktion (Teil 1) - 'The relation between asset recovery, fiscal liability and civil law recourse in consequence of a cum/ex transaction (part I)), ZWH 2021, 195–203).

We congratulate Dr Sabel on this publication, which is highly relevant in light of current developments in case law. Kantenwein continues to advise on all legal and tax issues in cum-ex contexts.