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Recommendations for a smooth transition to risk-free rates: LuxCMA view

With the announced discontinuation date for London Inter-bank Offered Rates (LIBOR) at the end of 2021, LuxCMA - Luxembourg Capital Markets Association invites the different stakeholders across the securities value chain, from issuers to investors, to consider taking the necessary actions in order to ensure, where appropriate, a smooth transition to Alternative Reference Rates (ARR) / Risk-Free Rates (RFR) in replacement of Interbank Offered Rates (IBOR), in both their existing and future securities issuance legal documentation.


Supervisory convergence and the single rulebook: LuxCMA responses to EU Commission Consultation

On 21 May 2021, LuxCMA - Luxembourg Capital Markets Association responded to the European Consultation on supervisory convergence and the single rule book, which was published by the European Commission on March 2021.

This consultation aimed to gather targeted views on certain aspects related to the 2019 ESAs review and will contribute to a wider debate on supervisory convergence and the single rulebook.


VAT - LuxCMA technical position paper

Luxembourg remains one of the main securitisation centres in Europe. Its attractive and flexible legal and tax framework is adapted to the needs of investors and SVs, particularly with regard to VAT exemptions.

Our #LuxCMA VAT Task Force takes stock of the situation and provides useful insights for CLOs and CDOs.


AIFMD review: LuxCMA responses to securitisation-related questions in European Commission Consultation

On 29 January 2021, LuxCMA responded to the consultation on the review of the Alternative Investment Fund Manager Directive (AIFMD), which was published by the European Commission in October last year.


Blockchain - Bill 7637

Luxembourg’s legal framework now recognises the use of #DLT technology to issue and settle dematerialised securities.
Bill 7637 (to be referred to as the Blockchain II Act 2021) was approved by the #Luxembourg Parliament on 21 January 2021.


Sustainable Finance - LuxCMA FAQ

As announced end October during our first webinar dedicated to sustainable finance (video recording available on section Past events of our website),  congratulations to our task force Sustainable Finance for the release today of the FAQ dedicated to this topic.

The FAQ will be updated on a regular basis, with additional questions, notably those that members may have asked to LuxCMA on this topic.


ATAD - LuxCMA technical position paper

Congratulations to our task force #Securitisation & #ATAD for the release on 26/10/2020 of the impressive technical position paper on #deductibility of payments by securitization companies financed by debt.


LuxCMA held its first Annual General Meeting

On 11 June 2020, LuxCMA, the Luxembourg Capital Markets Association, held its first Annual General Assembly virtually.




ATAD - LuxCMA’s view in relation to the European Commission formal notice

On 14 May 2020, the European Commission announced that it decided to send a letter of formal notice to Luxembourg asking it to correctly transpose the interest limitation rule of the Anti-Tax Avoidance Directive.

21. 07.2019

New Prospectus regime

LuxCMA sums up some of the main changes under the new prospectus regime applicable as from 21 July 2019


27. 03.2019

LuxCMA`s first board meeting was held on 27th March 2019

Picture: from left to right
Philippe Hoss, Bernard Lhoest, Nicki Kayser, Patrick Georg, Alain Uhres, Arnaud Delestienne, Matthias Pelzer, Julie Becker, Holger von Keutz, Yves Cacclin, Frank Mausen, Marc Mehlen, Oliver Cloess

LuxCMA has been incorporated

LuxCMA, constituted on 1 March 2019, is as a not-for-profit association (a.s.b.l.). The association`s offices are located at the Luxembourg House of Financial Technology (L.H.o.F.T.).

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