Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 10, November 2015: Luxembourg

Dechert LLP
Contact

Luxembourg 'largely compliant' - Global Forum on Transparency and Exchange of Information for Tax Purposes

The Global Forum on Transparency and Exchange of Information for Tax Purposes has released new compliance ratings on transparency in tax matters following a peer review process. Luxembourg received the overall rating of "largely compliant" and the Global Forum commended Luxembourg's firm commitment to the efficient implementation of internationally agreed transparency standards for tax purposes. Luxembourg now has the same rating as countries such as the United Kingdom, Germany, the Netherlands, Italy and the United States. 

Luxembourg is among the early adopters of the application of automatic exchange at OECD level (Common Reporting Standard (CRS)). Reportable information from 2016 will be exchanged with nearly 60 jurisdictions from 2017. In the context of the automatic exchange of information for EU residents, Luxembourg has abolished banking secrecy in 2014, effective since the beginning of 2015, and in July 2015 the automatic exchange of information for US persons under the provisions of FATCA entered into force. 


ALFI Takes Position on Remuneration Policies Under UCITS and AIFMD

ALFI (the Association of the Luxembourg Fund Industry) responded to the ESMA (European Securities and Markets Authority) consultation paper on guidelines on sound remuneration policies under the UCITS Directive and AIFMD. ESMA will finalize the UCITS Remuneration Guidelines and publish a final report by early Q1 2016 ahead of the transposition deadline for the UCITS V Directive. The final report is expected to also include the revision of the AIFMD Remuneration Guidelines as proposed in the consultation paper.


ALFI Comments on Draft Technical Standards for ELTIFs

ALFI has responded to ESMA's consultation on the draft regulatory technical standards under the EU Regulation on the European Long-term Investment Fund (the ELTIF Regulation). The ELTIF Regulation establishes a new investment vehicle, the European Long-term Investment Fund, available for marketing to all types of investors across the European Union. By restricting asset classes in which said investment vehicles can invest, the ELTIF Regulation aims to provide investors with long-term, stable returns and helps stimulate employment and economic growth in the European Union.


Latest Fund Statistics for Luxembourg Illustrate Continued Growth

ALFI has issued the fund statistics as of 30 September 2015. Luxembourg continues to be the number one location for Funds in Europe, with both number of regulated funds and assets under management showing significant and continued year on year growth (2% and 12% respectively).

Written by:

Dechert LLP
Contact
more
less

Dechert LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide