Lois et réglementation

The Luxembourg government clarified its application of the reverse hybrid rule in the EU’s second anti-tax avoidance directive (ATAD-2) last November, in 2022. It made clear that tax-exempt investors are exempt from the application of the reverse hybrid rules and clarified when they do apply to other investors. With the “quite helpful” clarification bringing simplification in one area, the quest for certainty has moved to related issues, such as allocating the potential tax burden if a given investor triggers it.

Les ESG et l’impact investing sont devenus incontournables pour les investisseurs. Quoique servant de nobles causes, ces investissements soulèvent toujours de nombreuses questions car ils manquent de paramètres clairs. Aussi, une table ronde à ce sujet avec des observateurs de première ligne n’est pas inopportune. Julien Bras, gérant obligataire chez Allianz Global Investors, Nicolas Crochet, cofondateur de Funds for Good et Laurent Misonne, Managing Director chez J.

The Luxembourg financial community is concerned that schemes such as ATAD-3, which targets shell companies or the Pillar II implementation on international corporate taxation could intentionally or unintentionally affect until now perfectly legal tax or investment fund structures.

Luxembourg management companies are drawing attention to the increasing reporting burden that often lands on their shoulders when European level regulation, such as the cross-border fund distribution directive, is passed. These requirements, they argue, often simply serve to placate national authorities over their lost jurisdiction. “It’s creating an additional burden on the investment fund manager,” said Chloé Piquet, a senior manager in regulatory services at Deloitte.

The Commission de Surveillance du Secteur Financier (CSSF) is working relentlessly to further build a financial system that is safe, transparent, and reliable. To achieve this goal, the supervisors of the Luxembourg financial sector collaborate closely with their peers in the EU and globally.

Alors que l’Union européenne envisage d’interdire les paiements incitatifs (avantages), une nouvelle enquête du CFA Institute, l’association mondiale des professionnels de l’investissement, montre qu’une majorité de professionnels de l’investissement pense qu’une interdiction n’empêchera probablement pas la vente de mauvais produits d’investissement.

The Association of the Luxembourg Fund Industry, the grand duchy’s leading fund and asset management association known as Alfi, turns 35 this year. It’s a milestone to be marked at its upcoming European Asset Management conference on Tuesday 21 and Wednesday 22 March. 

Pour ceux qui cherchent à avoir un impact sans souffrir des corrections du marché, la solution est simple : «Achetez les meilleurs de la classe, vendez les méchants et gardez le portefeuille neutre».

Représentant le secteur des fonds et de la gestion d’actifs dans au moins trois pays européens, elle se défend contre une initiative du principal régulateur financier de l’UE visant à imposer des règles plus strictes sur la dénomination des fonds ISR. La société néerlandaise Dufas s’y oppose également.

A single ticker tape for every stock and bond traded in Europe. That idea is part of the EU’s long-term ambitions for a Capital Markets Union, a plan being launched in fits and starts. With the endorsement of almost all European stock exchanges, the “consolidated tape” recently booked significant progress. Hurdles remains however, as representatives of stock exchanges and asset managers remain at loggerheads.