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.
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.
The main purpose of the Tax working group is to examine all tax issues and provide guidance and proposal to improve the Luxembourg tax framework. The aim is to identify unclear topics in typical securitisation structures, likes the implementation of ATAD or the VAT aspects of the CLO´s management fees, 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 Tax working group intends to work closely with policy makers and other associations on common topics.
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.
The Listing Act WG is created to closely monitor legislative proposals at EU level concerning the Listing Act. The EU Listing Act consultations concern a large range of capital markets-related EU texts, such as the Prospectus Regulation, the Market Abuse Regulation, MiFID II, MiFIR, the Transparency Directive and the Listing Directive. These legislative proposals may directly impact the capital markets environment in Luxembourg and it is therefore essential to track proposals and to adopt positions in the interests of the Luxembourg capital markets community.