I consult for EU Commission customs and tax department, since 2005 on the ongoing amendments to the directive. The subjects I covered include, inter alia:-:-

• Linking of money laundering requirements to identify beneficial owner
• Non-Ucits and collective investments outside the scope.
• Deeming the settlor / founder as beneficial owner of a trust / foundation when an immediate beneficiary is not identifiable
• The use of untaxed entities established out of territory used to open bank accounts within the territory.
• Structured products which rely mostly on debt claim assets yet are classified as a non-debt derivative.
• Detailed analysis of annuities (fixed, variable, temporary, certain, etc.) and non-standard life policies (e.g. with-profits, capital redemption, health-unit linked, catastrophe with guarantee return, etc.)
• Risk analysis and solvency costs of life insurance wrappers versus debt claims
• Analysis of derivatives which contain or are based on debt claims (e.g. Swaps, floored, etc.)
• Study of products similar to debt claims but may not be classified as such, e.g. Sharia deposits, Sukuk bonds, static and dynamic certificates and baskets, hybrid capital, LEPOS and REPOS, etc.
• Routing of payments via international network to avoid directive
• Study of effective place of management
• Update list of offshore entities and legal arrangements
• Identifying when a portfolio based outside territory is within scope (e.g. discretionary management)