New monthly reporting to the CSSF(new CSSF Circular 15/627)
31/12/2015
The CSSF published yesterday Circular 15/627 issuing guidance concerning a “new monthly reporting to the CSSF – U 1.1 reporting”.
The CSSF published yesterday Circular 15/627 issuing guidance concerning a “new monthly reporting to the CSSF – U 1.1 reporting”.
Earlier this week the Commission de Surveillance du Secteur Financier (“CSSF”) has put online a document titled “Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment” (“UCI FAQ”).
While some people never stopped believing that the General Data Protection Regulation ("GDPR") would one day become a reality, others had started to despair as more and more time passed. Indeed, the European Commission's initial proposal dates back to 25 January 2012! Finally, however, almost four years later, the European institutions have agreed on a final text.
On 9 December 2015, the CJEU delivered its judgement in the case “Fiscale Eenheid X NV cs” C-595/13. The CJEU has decided that the management of property funds that are subject to specific state supervision shall benefit from the VAT exemption for fund management services and that the VAT exempt management does, however, not encompass the actual management of the real property.
Bill No 6900 frx the budget for 2016, presented on 14 October 2015 by the Luxembourg Minis/er of Finance Pierre Gramegna. is about 10 be adopted. II repeals the existing business.friendly tax regime encouraging the expJoitation of intellectual property rights ("/PRs ") as from 1 July 2016, with a transitional period beginning on 1 July 2016 and ending on 30 June 2021 .
On December 9th 2015 Regulation (EU) 2015/760 of the European Parliament and the Council of 29 April 2015 on European long-term investment funds (the “Regulation”) became directly applicable in each Member State of the European Union. The Regulation creates a new investment fund framework - the European Long-Term Investment Fund (“ELTIF”).
On December 14th 2015 the draft law relating to the Reserved Alternative Investment Funds (the “RAIFs”) was deposited with the Luxembourg Parliament.
The Draft Law was approved by the Luxembourg Council of Government last November 27th 2015 and in principle it is expected that the Luxembourg parliament will approve it smoothly. The draft Law should enter into force on the second quarter of 2016.
On 30 November 2015, the European Commission published a proposal to replace the existing Prospectus Directive (Directive 2003/71/EC) with a regulation. The proposal for the new Prospectus Regulation forms part of the European Commission's plan to establish a Capital Markets Union by 2019. The proposed regulation covers the entire life-cycle of companies, from the start-up stage until maturity as frequent issuers on regulated markets, while striking a balance between eliminating unnecessary administrative burdens for issuers and ensuring investor protection through the provision of adequate information. According to the Commissioner for Capital Markets Union Jonathan Hill, the proposed Prospectus Regulation "will make the system simpler, cheaper and quicker".
The country’s 2016 state budget draft law, which is currently under discussion in the Luxembourg Parliament, includes a certain number of tax measures impacting the taxation of both businesses and individuals.
On 1 September 2015, the Luxembourg tax authorities replaced the Circular L.I.R. 104/1 of 10 March 2015 on the valuation of certain benefits granted by an employer to its employees (the “Existing Circular”) with a new circular (the “New Circular”), to be effective immediately, the sole purpose of which is to reduce the amount of the tax exempt kilometric allowance granted to employees using their private cars for professional travel from 0.40 EUR/kilometre to 0.30 EUR/kilometre.
