Banner Luxembourg Financial Connection Issue 21 March 2014

The Luxembourg Financial Connection

Issue 21 - March 2014

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EY’s newsletter on regulatory, leading practices and market developments in the financial services industry from a Luxembourg perspective - including eight articles and covering over 100 new developments.

The essential news items include:

  • Luxembourg
  • European Union
  • International
  • ALFI report on retail investors in Europe’s investment funds 
  • ESMA and CSSF clarify AIFM reporting obligations 
  • CRD IV package implementation in Luxembourg 
  • European Commission and CSSF clarify prudential reporting by banks and investment firms 
  • CSSF implements guidelines on remuneration of investment professionals 
  • CaA updates investment rules for unit-linked life insurance products 
  • Draft law modifying Luxembourg bearer share regime 
  • Draft law reforming Trade Register publication regime 
  • CSSF implements on out-of-court resolution of complaints process 
  • New Luxembourg Government announces main aspects of its fiscal policy 
  • Draft laws on exchange of information 
  • EU finalizes UCITS V on remuneration and depositary 
  • EFAMA proposes a European Personal Pension Product 
  • Commission proposal to separate bank trading activities 
  • Agreement reached on single supervisory mechanism 
  • EU agreement on recovery and resolution 
  • MiFID II – Negotiation finally concluded 
  • ESMA adopts MiFID practices for firms selling complex products 
  • European supervisory authorities’ position on product oversight and governance 
  • ESMA and EBA consultation on complaints handling by securities and banking sectors 
  • Solvency II implementation deadline confirmed 
  • Parliament votes Insurance Mediation Directive II 
  • ESMA statement on shareholder cooperation and acting in concert 
  • Commission proposal on benchmarks 
  • Commission proposal regulating securities financing transactions 
  • Asia Funds Passport announced 
  • ASEAN Funds Framework announced 
  • INREV publishes revised guidelines 2014 
  • FSB consults on effective risk appetite framework 
  • Consultation on non-bank non-insurer global systemically important institutions 
  • Joint Forum consults on point of sale disclosure in insurance, banking and securities sectors 
  • FSB recommendations on strengthening regulation of shadow banking 
  • OECD consults on transfer pricing documentation and country-by-country reporting 
  • OECD Common Reporting Standard: a global FATCA-like regime 
  • Luxembourg FATCA Model 1 IGA and recent FATCA developments