Our publications


MiCA | Provisional agreement reached between the Council presidency and the European Parliament

⚖️ 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.


DEBRA | Feedback on the proposal for a Directive on Debt-equity bias reduction allowance

🇪🇺 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.


WOMEN ON BOARDS PROPOSED DIRECTIVE | A significant step towards gender equality on boards

⚖️ Significant step towards gender equality on boards, LuxCMA welcomes the political agreement on the proposal for a Directive on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures, the so-called 𝗪𝗼𝗺𝗲𝗻 𝗼𝗻 𝗕𝗼𝗮𝗿𝗱𝘀 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲.

Find out more about the proposed measures of this important piece of legislation in our newsflash.


CSDD | Proposal for a EU Corporate Sustainability Due Diligence Directive

🌱 Published on 23 February 2022, the proposal for a 𝙉𝙚𝙬 𝘿𝙞𝙧𝙚𝙘𝙩𝙞𝙫𝙚 𝙤𝙣 𝘾𝙤𝙧𝙥𝙤𝙧𝙖𝙩𝙚 𝙎𝙪𝙨𝙩𝙖𝙞𝙣𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝘿𝙪𝙚 𝘿𝙞𝙡𝙞𝙜𝙚𝙣𝙘𝙚 is aiming to foster sustainable and responsible corporate behavior throughout global value chains. It provides for new due diligence obligations, tightening the existing requirements under the Luxembourg laws.

Getting sustainability due diligence implemented is not going to happen overnight and a number of shortcomings need to be addressed in order for this objective to be obtained.


Securitisation | CLOs: a new dawn for Luxembourg

Our latest paper “𝘾𝙇𝙊𝙨 : 𝘼 𝙉𝙚𝙬 𝘿𝙖𝙬𝙣 𝙛𝙤𝙧 𝙇𝙪𝙭𝙚𝙢𝙗𝙤𝙪𝙧𝙜” is now accessible to all our followers! Our Securitisation Working Group touches some interesting points regarding the amendment of the Luxembourg Securitisation Law and illustrates how its modernization is ushering in a new dawn for Luxembourg in CLOs securitisation.


2022 LuxCMA Annual General Assembly

After more than two years since the pandemic, #LuxCMA had the pleasure to welcome its Members in-person during the LuxCMA Annual General Meeting last Tuesday.

Next to the election of our new Board, this meeting was also an opportunity to take stock of the 3 years that have passed since the foundation of the association and what a 3 years it has been!

In 2019, 34 players in the local capital markets industry came together to establish LuxCMA. Today, we have now passed the 50 members-mark. A strong indication that not only we are moving forward, but we are headed in the right direction!

To read the activity and financial reports, click on the button below


WHT | LuxCMA feedback on the new EU system for the avoidance of double taxation and prevention of tax abuse

Cross-border investment and simplified taxation are a priority for the EU. Despite the measures taken to remove tax barriers to cross-border investment, obstacles remain in the EU. 

This initiative aims to introduce a common EU-wide system for withholding tax on dividend or interest payments. It will include a system for tax authorities to exchange information and cooperate with each other.

Curious about LuxCMA - Luxembourg Capital Markets Association's view on the subject? Please read our responses and statement below:


ESAP | LuxCMA feedback on the establishment of a single access point

The establishment of an European Single Access Point (ESAP) by 2024 is a flagship action of the Capital Markets Union (CMU) Action Plan adopted by the European Commission in September 2020. Aiming to provide an EU wide access to company information, the proposed regulation could have a positive impact on local capital markets.

However, a number of significant shortcomings need to be addressed in order for this objective to be obtained.

Curious about LuxCMA - Luxembourg Capital Markets Association's view on the subject?
Please read our statement here


Proof-of-Concept | Structuring a DLT debt issuance in Luxembourg

Distributed Ledger Technologies (#dlt ) will be a major development in the digital transformation and have a significant impact on the  financial sector in the decade to come. Our LuxCMA Infrastructure Working Group has the pleasure to release today their latest paper illustrating how DLT can be leveraged by the entire value chain to support the issuance, transfer and servicing of a debt instrument in the capital markets.

Run and click on the link to have a look at it at the below link:



Guidance Notes for Board Members | Accounting for Non-Performing Loans ("NPL")

Our Best Practice Guidance Notes – Accounting for Non-Performing Loans ("NPL") is now accessible to all our LuxCMA followers. The paper has been published by our LuxCMA Best Practice Working Group - Accounting & Reporting and touches some interesting points regarding the accounting policy and the different treatments which apply to these receivables.

The publication will drive you, amongst others, into the notions of collections, interest expenses and impairment on NPL.

Run and click on the link to have a look at it at the below link:



Listing Act | LuxCMA responses to the EU Commission Consultation

How to  improve the access to capital markets by companies in the EU and on the functioning of primary and secondary markets in the EU?

This is the question that LuxCMA answered through the online targeted consultation conducted by the European Commission open until 25 February 2022.

To see LuxCMA responses, please click on the below link:



Guidance Notes for Board Members | Collateralised Loan Obligation ("CLO")

Following the publication of the Best Practice Guidance Note Introduction on Receivables prepared by our LuxCMA Best Practice Working Group - Management & Corporate Governance, find out today about the Guidance Note focused on Collateralised Loan Obligation ("CLO").

The publication will drive you, amongst others, into the notions of investment manager, collateral administrator and collateral reporting.

Run and click on the link to have a look at it at the below link:


26.05.2020 🆕 UPDATE: 09 DECEMBER 2021

ATAD | LuxCMA’s view in relation to the EU Commission calling Luxembourg to amend its legislation transposing the Anti-Tax Avoidance Directive

According to the December infringement package published by the European Commission, the latter sent a reasoned opinion to Luxembourg asking it to correctly transpose the interest limitation rule of the Anti-Tax Avoidance Directive (Article 4 of the Council Directive (EU) 2016/1164). Under current Luxembourg law, securitisation companies covered by Regulation (EU) 2017/2042 of 12 December 2017 (EU Securitisation Regulation) are excluded from the scope of the interest limitation rules. The reasoned opinion follows a formal notice sent to Luxembourg on 14 May 2020.


Guidance Notes for Board Members | Introduction

Our Best Practice Guidance Note - Introduction on receivables is accessible to all #LuxCMA followers. The paper has been published by LuxCMA Best Practice Working Group - Management & Corporate Governance and touches some interesting points regarding the securitisation of receivables and the relevant common reporting. 

The note is a good tool to navigate the structure of one of the most common type of underlying asset in securitisation transactions and includes the general common scheme of set-up, indications about the servicer and its role, the trustee, the common reporting such as the servicer report and the investors report.



EU Securitisation Regulation | LuxCMA technical position paper

Since the enactment of the Securitisation Law, Luxembourg has proven to be one of the prime locations for securitisation transactions in Europe and has become a hub for the setup of securitisation structures.

For the purpose of exchanging views regarding the Luxembourg securitisation business, LuxCMA has set-up a specific task force dealing only with securitisation questions. The first output of this group is the "EU Securitisation Regulation Position Paper".

It analyses certain recurrent questions raised in the context of the Securitisation Regulation and shares the views of the task force on these topics.

26 OCTOBER 2020 🆕 UPDATE: 24 NOVEMBER 2021

ATAD | LuxCMA technical position paper


Our technical position paper, which was accessible to our LuxCMA members only, is now available to everyone!

Congratulations again to our Direct Tax Working Group (previously #Securitisation & #ATAD Task Force) for the release on 26/10/2020 of the impressive technical position paper on #deductibility of payments by securitization companies financed by debt.


Infrastructure | Luxembourg Capital Markets Landscape for Debt instruments

Luxembourg is widely recognised as a major player in the international debt capital markets, with a strong market infrastructure, a responsive regulator and unparalleled economic stability.
However, navigating this ecosystem is not always easy.
To assess and understand the different components of the Luxembourg primary market value chain with a comprehensive review of each of the related main activities and key, have a look to our Luxembourg Capital Markets Landscape for Debt Instruments.


Infrastructure | Recommendations for a smooth transition to risk-free rates

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.


LuxCMA held its second General Assembly

Our second Annual General Assembly was held on 15 June 2021. As last year, it was conducted by videoconference, given the reinforcement of health protocols and the intensification of measures in the days leading up to this event.

Even though the year 2020 has shaken the global economy and the world of work to an unprecedented degree, it is clear that LuxCMA has nevertheless managed to navigate through the crisis and give the association a great deal of momentum.

To read the activity and financial reports, click on the button below


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 | Newsflash on 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.


LuxCMA held its first Annual General Meeting

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



21. 07.2019

New Prospectus regime | What are the main changes?

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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