Working group
Best Practice
The Best Practice WG is composed of 3 sub-groups: Accounting & Reporting; Management & Corporate Governance; UBO Identification & KYC. Each of them has different missions but all have the same purpose of finding practical solutions/answers to practical problems.
> Accounting & Reporting
In this subgroup, we are connected to the main market players across range of corporate service providers and auditors in Luxembourg. We are looking into different hot topics in connection with the Capital market accounting and reporting.
Capital market participants are often confronted with varying practices among the numerous practitioners active in Luxembourg ย when it comes to accounting, presentation of the financial statements and reporting.
The purpose of the group is to identify any recurring issues or inconsistencies in such practices and to analyse whether it is possible to work out practical recommendations and good market standards which address such issues and align the market approach throughout different players.
> Management & Corporate Governance
The focus of thisย sub-group is to provide existing and future members of the securitization vehicles (FVCs) management bodies with practical insights into corporate governance matters.
The publications prepared by the sub-group members present the views of market practitioners on key aspects concerning management as well as governance, considering the different types of underlying assets of the FVC. These guidance notes provide valuable information with respect to the operational aspects of securitization structures, the parties involved and common reporting requirements and thus assist the directors / managers of FVC with the performance of their duties.
The sub-group has also created a reporting calendar setting out the legal deadlines applicable to FVCs and this straightforward tool assists management with the monitoring of FVCs’ compliance with their applicable reporting obligations. ย
> UBO Identification & KYC
The industry is experiencing more and more regulations being enforced and applied as Luxembourgโs existing AML and CTF regulations are constantly being strengthened and updated to fight Money Laundering and to counter the Financing of Terrorism (AML/CTF).
With these ever-evolving regulations, it can be difficult for individuals working within the Capital Market space to apply laws and regulations to their day to day practice. This is often because these laws and regulations can be issued without taking into account the intricacies of Capital Markets structures.
In this group, concerns related to AML, KYC and compliance, amongst others, are being analysed and discussed from the point of view of the Capital Markets. Our members are experts in the field and work to issue guidance, practical solutions and good market standards to help market participants stay up to date and navigate the evolving environment whilst remaining in compliance with laws and regulations.
Publications
- All
- Best Practice
- Back
- Accounting & Reporting
- Management & Corporate Governance
- UBO identification & KYC
This publication aims to provide detailed insights and actionable recommendations to simplify and improve the account opening process by proposing a minimum KYC approach for share capital accounts.
This comprehensive paper dives deep into the delves into the detailed world of structured products, providing invaluable insights for board members navigating financial complexities.ย
This new publication aims to provide clarity and advice to stakeholders using the financial statements of Financial Vehicle Corporations (FVCs). It also aims to harmonise the level of disclosure in the financial statements of FVCs across the market.
You'll have noticed! Non-performing loans (NPLs) are one of the hottest topics in the capital markets sphere at the moment, following the recent adoption of the relevant directive by the European Union. Today, our Best Practice I Management & Corporate Governance subgroup is therefore pleased to share with you its Guidance Note on Securitisation of Non-Performing Loans!
We are pleased to share with you today our latest documentย ๐๐๐ถ๐ฑ๐ฎ๐ป๐ฐ๐ฒย ๐ก๐ผ๐๐ฒย ๐ณ๐ผ๐ฟย ๐๐ผ๐ฎ๐ฟ๐ฑย ๐ ๐ฒ๐บ๐ฏ๐ฒ๐ฟ๐ย focusing on ๐๐ถ๐ฟ๐ฒ๐ฐ๐ย ๐น๐ฒ๐ป๐ฑ๐ถ๐ป๐ดย ๐๐ถ๐๐ตย ๐ฆ๐ฒ๐ฐ๐๐ฟ๐ถ๐๐ถ๐๐ฎ๐๐ถ๐ผ๐ปย ๐ฉ๐ฒ๐ต๐ถ๐ฐ๐น๐ฒย ๐ฎ๐ย ๐ผ๐ฟ๐ถ๐ด๐ถ๐ป๐ฎ๐๐ผ๐ฟ. Main parties involved, lending process and much more! Dive in this paper and find all the answers to your questions.
We are pleased to announce today the release of our latest publication on ๐ฆ๐ฒ๐ฐ๐๐ฟ๐ถ๐๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ฅ๐ฒ๐ฐ๐ฒ๐ถ๐๐ฎ๐ฏ๐น๐ฒ๐. 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 ๐ ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ & ๐๐ผ๐ฟ๐ฝ๐ผ๐ฟ๐ฎ๐๐ฒ ๐๐ผ๐๐ฒ๐ฟ๐ป๐ฎ๐ป๐ฐ๐ฒ sub-group looks at the complex world of securitisation and how it can be leveraged to unlock the value…
A new tool is now available for the LuxCMA community! Youโre still unsure of precisely what you must disclose and when โ it is high time to figure it out! Luckily, you donโt 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…
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 (โUBOโ) or Controller of a Financial Vehicle Corporation…
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.