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On 8 January 2014 the Commission de Surveillance du Secteur Financier (the "CSSF") issued press release. This press release is relevant to all issuers whose home Member State within the meaning of the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the "Transparency Law") is Luxembourg and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). The CSSF has announced it will focus its review on several selected subjects, discover them in the newsflash attached.
With little more than five months to go before alternative managers active in Europe must be fully compliant with the European Union's Alternative Investment Fund Managers Directive, Luxembourg is perfectly positioned to accommodate fund firms, from global investment houses to specialist boutiques, eager to exploit the potential of a passport to an EU-wide market.
On 10 January 2014, the Commission de Surveillance du Secteur Financier (the "CSSF") has published a fourth update of its frequently asked questions ("FAQs") on the law of 12 July 2013 on alternative investment fund managers ("AIFML") as well as the Commission Delegated Regulation n° 231/2013 of 19 December 2012.
Discover our latest tax update. The topics of this document are: - Introduction of the bill regarding the automatic exchange of information - New circular letter of 31 December 2013 on the exchange of information upon request procedure - New circular letter on reduction of net worth tax - New VAT circular letter on fund management VAT exemption - risk management services included - Case No. 27380a dated 1 October 2013 - incompatibility of 5-year requirement for Luxembourg net wealth tax exemption with freedom of establishment - Sales made by retailers subject to VAT where a customer fraudulently uses a credit card (case C-494/12) - Inclusion of VAT in the sales price in the absence of VAT provisions in the sales contract (joined cases C-249/12 and C-250/12) - Exemption of the management of special investment funds (case C-464/12) tax_update_-_january_2014
2013 was an extremely busy year, not least with regard to the legal and regulatory changes that may impact your business. In this respect, we are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg law.
The new coalition government formed after the elections held last October recently released its government programme. It is the expression of a strong commitment to further strengthen the competitiveness of the Luxembourg economy and to sustain the long-term development of its financial centre.
Legal Update December 201 - Read more...
On 7 November 2013, the European Securities and Markets Authority (ESMA) approved the registration of the first four trade repositories under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (" European Market Infrastructure Regulation " or "EMIR"). newsflash_emir_start_of_the_reporting_obligation_in_february_2014
Welcome to our quarterly tax update dedicated to the main changes which have occurred over the last 3 months with regard to Luxembourg and international tax law. tax_update_october_2013
ARENDT&MEDERNACH- Luxembourg VAT authorities confirm VAT exemption for fund risk management servicesLuxembourg VAT authorities confirm VAT exemption for fund risk management services