Luxembourg has just signed the OECD-sponsored Multilateral Convention to implement tax treaty related measures to prevent BEPS. Therefore, the Grand-Duchy becomes one of the 68 countries in the first group of signatories to take this key step towards implementing the OECD/G20 BEPS Project. Once Luxembourg and its co-signatories go on …
Confident in their growth prospects, Luxembourg CEOs are not complacent. They understand the need to transform their business to accommodate technology advances and the shift in global economic power. They also worry about getting the right skills and people profiles. Some of them have mixed feelings about Brexit. We’ve taken …
Cloud-based services, stronger governance and data protection are just some of the new provisions meant to simplify IT outsourcing for regulated entities. The Commission de Surveillance du Secteur Financier (CSSF) Circulars published in May could change the design of financial institutions’ operational processes in Luxembourg. More support for cloud-based services …
Now that the largest Luxembourg banks have published their balance sheet, we have a clearer view on what 2016 looked like. Let’s face the music, all credit institutions share the same reality: cost control remains a top concern. At stake: new regulations and low rates definitely make their life harder. …
The persistence of low interest rates, guaranteed products and investment performance, combined with the industry’s ability to confront structural and technological changes are the top banana skins for the insurers in Luxembourg. A new PwC – CSFI (Centre for the Study of Financial Innovation) survey charting the top risks in the …
Governments across the world are increasingly putting tax transparency at the top of their agenda. In this context, the OECD developed the Common Reporting Standard (CRS) as a global reporting standard to achieve a complete and multilateral automatic exchange of information framework. The Luxembourg CRS first reporting is due on …
Cyber threats are skyrocketing. As we’ve recently seen, hackers come up with increasingly sophisticated malware, targeting all industries, including the financial sector. While they easily trade hacking tools on the dark web, many companies still fail to properly take into account cybersecurity risks. Since crises are hard to anticipate and …
With more than 75% of UCITS funds distributed all over the world, Luxembourg is a global leader for cross-border distribution of investment funds. At this magnitude, new players have emerged: Management Companies. These companies can market funds using the passport throughout the European Union. Luxembourg hosts nearly 300 of them. All …
Advising, identifying, instructing, acknowledging, processing, checking, confirming, monitoring, reconciling, reporting, storing, regulating, auditing – the fund-distribution value chain is complex and has many intermediaries. Distributed ledger technologies are, however, bringing about a new business model for the asset management industry.
The European Court of Justice has recently ruled that Luxembourg’s legislation on the cost-sharing exemption has been transposed too widely. This VAT exemption is widely used by the country’s financial services industry. And the impact of this decision for bankers, assurers and asset managers would likely to be severe. Frédéric Wersand, …
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