State aid and preferential tax regimes for financial holdings - The Luxembourg’s Exempt 1929 Holdings case*Taxation and the competitive structure of financial services markets ong> “Traditional” financing has changed considerably in the past century and traditional lending institutions (banks) have been gradually taking on new functions as markets changed. The credit markets have been the motor for big changes. First, companies in search for finance have raised more and more capital through privately issued loan instruments, as opposed to public equity which are traded on regulated markets (such as stocks and bonds). Second, the lending has been organized outside the regulated banking industry, by financial traders (hedge funds) and other credit operators that are not traditionally
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The EU Commission rules that preferential tax regimes for financial holdings granted by Luxembourg are incompatible with State aid rules (Milliardaires Holdings & Holdings of 1929)
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