On 5 August 2015, Luxembourg published a draft law which, if adopted, will enact the amendments to the EU Parent-Subsidiary Directive, being the introduction of an anti-hybrid clause and an anti-abuse clause. Based on the draft law, these clauses will only apply within the intra-EU context.
On 29 July 2015, the Law of 24 July 2015 approving the intergovernmental agreement on FATCA signed between Luxembourg and the United States, voted on 1 July 2015, was published in the Mémorial (Mém. A 145, p.2984). The law (hereafter, the “FATCA Law” or the “FATCA Act”) should become effective 3 days after its publication.
On 16 July 2015 the Court of Justice of the European Union (CJEU) delivered its judgment in the joint cases Larentia +Minerva (C-108/14) and Marenave (C-109/14) regarding the right of holding companies to recover VAT when rendering management services to companies in which they hold shares. The CJEU recognized, in its judgment, that such companies could have a full right of recovery unless they also perform VAT exempt transactions.
This practical guide seeks to give an overview of the financial service sector regulatory framework focusing specifically on wealth and asset management, banking and insurance institutions. The overview incorporates the regulations issued by Luxembourg, the European Union and selected international regulators and industry bodies. Our objective is to provide up to date information on regulation timelines including their current status of implementations.