Attention all Luxembourg tax professionals! We have entered the next chapter in the discussion on the exclusion of Securitisation Vehicles covered by the Anti-Tax Avoidance Directive (ATAD1). The LuxCMA has just released a statement addressing the recent news of the European Commission referring #Luxembourg to the Court of Justice of the European Union for failing to correctly transpose ATAD.
We are pleased to announce today the release of our latest publication on 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗥𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲𝘀. This is a timely topic as companies look for innovative solutions to manage their cash flow and liquidity in these challenging times. In this guidance note, our Best Practice I 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 & 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 sub-group looks at the complex world of securitisation and how it can be leveraged to unlock the value of receivables. Mechanism, parties involved and more! Dive in it and find practical guidance on how companies can navigate this potentially game-changing financing option for many businesses. Thank you to our LuxCMA contributors for joining the conversation on this important topic. Feel free to share this publication with your colleagues and network! And if you have any questions, suggestions or comments, please feel free to contact us at email@example.com.
On 7 December 2022, the European Commission put forward measures to make public markets more attractive for EU companies and facilitate access to capital for small and medium-sized enterprises. The overall objective is to introduce technical adjustments to the EU rulebook that reduce regulatory compliance costs, streamline the listing process and enhance legal clarity while ensuring an appropriate level of investor protection and market integrity.
A new tool is now available for the LuxCMA community! You’re still unsure of precisely what you must disclose and when – it is high time to figure it out! Luckily, you don’t have to pull an all-nighter trying to make sense of it. In this timeline, our Best Practice I Management & Corporate Governance sub-group has listed what you have to disclose and when to make sure you’re compliant with the annual reporting deadlines for securitisation vehicles. What you have to do and when? Let´s have a look!
Our Best Practice I UBO identification & KYC sub-group has been working over the last few months on the preparation of a guidance note on the identification of the beneficial owner(s) for the purposes of filing with the RBE with respect to orphan securitisation vehicles. This paper addresses the question of who should be reported as the Ultimate Beneficial Owner (“UBO”) or Controller of a Financial Vehicle Corporation and aims to provide guidance on the steps to be taken in this process.
It is already a good start into the year! New document available for our followers! After the publication of the Best Practice Guidance Note on Performing loans and other receivables in mid-December, our Best Practice I Accounting & Reporting has a new gift for you! Check out today the Guidance Note focusing on the accounting methodology and different treatments for Repackaging of investment funds.
And finally here we are! New document available for our followers! Our Best Practice I Accounting & Reporting working group starts its gift distribution by releasing today its Guidance Note on Performing loans and other receivables accessible to all #LuxCMA followers on our website. The publication touches some interesting points regarding the accounting policy and the different treatments which apply to these receivables.
It's time for a LuxCMA update! Following the entry into force of the modernised Luxembourg Securitisation Law of March 8th, 2022, find out today the latest update of the existing Guidance Note focused on Collateralised Loan Obligation ("CLO") prepared by our LuxCMA Best Practice Working Group - Management & Corporate Governance. The publication will drive you, amongst others, into the notions of investment manager, collateral administrator and collateral reporting.
The proposal for a Regulation on 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 𝗶𝗻 𝗖𝗿𝘆𝗽𝘁𝗼-𝗔𝘀𝘀𝗲𝘁𝘀 (“𝗠𝗶𝗖𝗔”) is moving forward after a provisional agreement was reached between the Council presidency and the European Parliament on 30 June 2022. Our Legal & Regulatory Watch Working Group worked on this subject.
On 11 May 2022, the European Commission published a Directive proposal to tackle the tax bias in favor of debt funding. The proposal includes both a notional deduction on growth in equity and an additional limitation on interest deduction for corporate income tax (CIT) purposes – the 𝗗𝗘𝗕𝗥𝗔 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹. The DEBRA proposal, once adopted by the Council, would have to be implemented into Member States’ national law by 31 December 2023 and should come into effect as of 1 January 2024.