Banner Luxembourg Financial Connection Issue 22 - September 2014

The Luxembourg Financial Connection

Issue 22 - September 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 seven articles and covering over 60 new developments.

The essential news items include:

  • Luxembourg
  • European Union
  • International
  • CSSF clarifies UCITS depositary regime
  • ALFI issues guidance on UCITS operational risk management
  • ALFI issues guidance on risk management under AIFMD
  • CSSF issues updated AIFM FAQ
  • AIFM Directive implementation status as at 22 July 2014
  • CSSF Circular on material changes to UCITS and other 2010 Law UCIs
  • CSSF and BCL update data collection for investment funds
  • CSSF amends supervisory reporting requirements for credit institutions
  • Update on CAA Circulars
  • Grand-Ducal Regulation on CAA fees
  • LuxCSD - new Global Legal Entity Identifier (LEI) System
  • Law on bearer shares voted in July 2014
  • Law on Sukuk issuance adopted
  • BCL modifis statistical data collection for securitization vehicles
  • CSSF issues new Circular on out-of-court resolution of complaints
  • Net wealth tax regime amended
  • Updates on exchange of information
  • Luxembourg transposes OECD Convention on tax administrative assistance
  • Luxembourg double taxation treaties update
  • Increase of Luxembourg VAT rate expected in 2015
  • Increase of VAT on secondary dwellings envisaged
  • Draft law on Luxembourg’s VAT free zone
  • UCITS V Directive adopted 
  • ESMA revises UCITS collateral diversification rules
  • Commission proposes revision of Pensions Directive
  • Commission proposes Directive on institutional long-term shareholder engagement
  • Update on standards and guidance clarifying CRD IV 
  • Update on single supervisory mechanism (SSM)
  • Recovery and Resolution Directive published and clarified 
  • Single Resolution Mechanism and Single Resolution Fund Regulation published 
  • EU Deposit Guarantee Schemes Directive published 
  • Directive on Payment Accounts adopted 
  • Omnibus II Directive adopted 
  • EIOPA consults on Solvency II technical standards 
  • EIOPA opinion on common application package for internal models 
  • EIOPA discussion paper on insurance-based investment products 
  • MiFID II package published 
  • ESMA consults on MiFID II/MiFIR Level  
  • EBA consults on criteria on structured deposits under MiFIR 
  • ESMA opinion on structured retail product governance 
  • European Parliament adopts PRIIPS KID 
  • ESMA and EBA issued joint guidelines on complaints-handling 
  • EMIR update 
  • Commission seeks views on definition of spot FX
  • New Market Abuse framework published 
  • Regulation on CSDs adopted 
  • Commission issues communication on crowdfunding 
  • Parliament and Council define position on 4th AML/CFT Directive 
  • ESMA consults on disclosure of major shareholdings 
  • Disclosure of non-financial information by certain large companies
  • New EU audit legislation published 
  • EU Savings Directive updated 
  • Update on FTT
  • IOSCO consults on reducing reliance on credit ratings in asset management
  • BCBS issues FAQ on Basel III liquidity coverage ratio framework
  • BCBS issues supervisory framework for large exposures
  • BCBS issues standard on capital requirements for exposures to CCPs
  • BCBS consults on Pillar 3 disclosure requirements
  • FSB issues a common data template for G-SIBs 
  • BCBS consults on guidelines for identifying and dealing with weak banks
  • FSB issues guidance for assessing risk culture
  • Joint Forum publishes final report on point of sale disclosure in insurance, banking and
    securities sectors
  • IOSCO consults on strategic framework for investor education
  • OECD issued global standard for automatic exchange of financial account information
  • OECD issued BEPS recommendations for international approach to combat tax avoidance
    by multinationals
  • Update on FATCA