Our Working Groups

LuxCMA has established working groups (WG) and task forces (TF). Each WG/TF is sponsored by members of the Board, who will ensure that the WG/TF are running well.

The  WG/TF will elect their own Chairperson(s) who will lead the WG/TF and take care of the organisation of the WG/TF.
The WG/TF are open to all members of LuxCMA who are willing to actively contribute with their knowledge and experience. For a proper organisation and the efficiency of the WG/TF it is highly recommended that members firms are more or less always represented by the same person.
Currently, the following WG/TF are established:

WG - Legal and Regulatory Watch

The main purpose of the Legal and Regulatory Watch WG is to monitor legislative and regulatory developments, mainly at the national and European Union levels, as well as interacting with entities involved or consulted in the legislative process. The WG also aims to take positions on legal questions addressed to the LuxCMA by its members and produce position papers.

WG - Best Practice

The main purpose of the WG is to find practical solutions (or answers) to practical problems. Capital market participants are often confronted with varying practices among the numerous practitioners active in Luxembourg, including when it comes to compliance, accounting, presentation of the financial statements, clearing, reporting, or general legal questions, and the purpose of the group will be to identify any recurring problems 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.

WG - Marketing

The main purpose of the Marketing WG is to ensure the production of marketing materials and publication on LuxCMA activities, as well as the organisation of LuxCMA’s events.


WG - Infrastructure

The main purpose of the Infrastructure Working Group is to cover topics related to market infrastructures, as well as preparing relevant position papers.

WG - Direct Tax

The main purpose of the Direct Tax working group is to provide guidance on the implementation of ATAD for Luxembourg securitisation vehicles. The aim is to identify unclear topics in typical securitisation structures, discuss the issues and propose technical positions from the perspective of the market participants. The outcome will be position papers and interpretations issued by the LuxCMA. The Direct Tax working group intends to work closely with policy makers and other associations on common topics. 

Task Force - Securitisation

The main purpose of the Securitisation Task Force is to finalise and amend the position paper on the EU Securitisation Regulation, deal with additional questions related to the Regulation and comment on the new draft Luxembourg Securitisation Law, which will be published soon.

Task Force - Sustainable Finance

The main purpose of the Sustainable Finance TF is to identify and promote sustainable finance from a capital markets perspective, supporting the development and growth of sustainable finance in Luxembourg and abroad.

Task Force - Prospectus Regulation

The Prospectus Regulation Task Force was created to closely follow the implementation in Luxembourg of the Prospectus Regulation, including relevant delegated acts and implementing national rules, as well as its practical consequences. In this regard, the Prospectus Regulation Task Force intends to mainly focus on the new obligations related to the content, format and publication of the prospectus. It is further contemplated that, by relying on the experience of its stakeholders, the Prospectus Regulation Task Force will conduct a comparative analysis of the implementation of the Prospectus rules across EU jurisdictions in order to assess the position of Luxembourg. The Prospectus Regulation Task Force would also like to offer the CSSF its assistance in connection with the recent entry into force of the new Prospectus Regulation, and, in particular, if the CSSF would consider it appropriate, to provide suggestions and recommendations on any revisions of CSSF circulars and/or Q&As that are impacted by the new rules. Lastly, the Prospectus Regulation Task Force puts significant emphasis on the development of new products and technological evolutions, such as token offerings. Therefore, the objective of this Task Force is also to assess theircompatibility of these new products and technological evolutions with the current prospectus regime in Luxembourg and the Luxembourg capital markets. The intention is to avoid negating upcoming technologies and products and to open discussions across authorities and stakeholders in this respect, evidencing the flexibility of the Luxembourg capital markets.

Task Force - VAT aspects of management fees relating to CDOs and CLOs

The aim of this task force is to compare the VAT treatment on those transactions in Luxembourg and other jurisdictions and to see whether the views on the Luxembourg VAT treatment can be aligned.

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