Luxembourg

Luxembourg

Georges Bock: What could be of concern when it comes to the automatic exchange of information?

Luxembourg hit the headlines earlier this month, when a timeline was agreed with the EU for rolling out the automatic exchange of banking and fiscal data in Europe. In essence, this will bring the exchange of financial information within Europe up to a similar level as between Europe and the US under FATCA.

The Godzillas of technology: Three-D printing, Internet of Things and Biotech healthcare


When mobile and cloud technologies burst their way into the boardroom and then the workplace, the trail of business disruption left behind reached Godzilla-like levels. According to business leaders, technology-driven shocks to business models are only set to continue in the future. A KPMG survey has identified Three-D printing, Internet of Things and Biotech healthcare as likely to cause high levels of disruption in the next 3 years.

AIFMD deadline

AIFMD’s first reporting deadline approaches

On 31 October, new AIFMs will need to submit their first reports to the Luxembourg authorities. The final countdown has already begun.

At the end of 2013, only 12 Management Companies had been authorized as an AIFM by the CSSF. This number has now risen to over 200 applications for authorization, with more than 70% already approved.

OTC-Derivatives

Do you price your counterparty credit risk for OTC derivatives?

Counterparty credit risk was often ignored before the financial crisis. Now, with impact on the bottom line confirmed, those dealing with OTC derivatives are not only being asked to pay more attention to it, but also to value it.

renumeration

Remuneration rules for Non-EU Portfolio Managers of alternative funds


What to do about AIFMD? A question being asked by Non-EU Portfolio Managers, including in the US. And one of the main talking points is, unsurprisingly, the famous remuneration rules. Is there a way around them? Who do they apply to? What should I be doing? Just a few questions my colleagues Chrystelle Veeckmans, Jane Wilkinson, Charles Muller and Julien Bieber expect to hear when they attend the ALFI roadshow next week. I was able to give them a few insights into what US Portfolio managers might expect.

BEPS-banner-590v2

3 quick and easy ways to boost your BEPS confidence

The popularity of posts on BEPS on this blog has confirmed what we already knew from conversations with clients: the initiative is no longer a blip on the radar but a genuine cause for concern prompting a real desire to know what’s involved. So, to help you on your journey, we have come up with 3 quick and easy ways to boost your BEPS confidence.

ifrs 10 conference running

The impact of IFRS 10 (investment entities)


Investment funds have long sought relief from consolidation, and the International Accounting Standards Board (IASB) has responded with an industry-specific solution which came into effect on 1 January this year.

EMIR-update

EMIR blog – regulatory update

12 August 2014 – Daily derivative trade reporting of valuation and collateral exposure becomes effective

 The second stage of the reporting obligation came into effect on 12 August 2014, just 6 months after the first reporting stage went live on 12 February 2014. All financial counterparties must report their trade valuation and all posted collateral on a daily basis for their derivatives trades to one of the six authorized trade repositories (TRs1) under EMIR. Where counterparties do not collateralize on a transaction level basis, counterparties shall report to a TR collateral posted on a portfolio basis, and additionally shall report to the TR a code identifying the portfolio of collateral posted to the other counterparty. Non-financial counterparties not exceeding the clearing threshold shall not be required to report collateral, mark to market, or mark to model valuations of the contracts to TRs. Reporting valuations and collateral applies on a daily basis where contracts are concluded, modified or terminated2.

Expo Real Estate AIFMD BEPS

KPMG Luxembourg at ExpoReal

Not quite finished with Oktoberfest yet? Why not extend your stay in Munich a little bit longer! Frauke Oddone, Antoine Badot, Oliver Hoor, Pascal Foehr, Vincenzo Salari and I, all experienced real estate practitioners from KPMG Luxembourg, will be at ExpoReal. ExpoReal 2014 (the International Trade Fair for Property and Investment) is an event where the entire real estate sector will gather together in one location, taking place in Munich, Germany from 5 to 7 October 2014.

fund-distribution-infographic

Ban on inducements: let’s place clients at the centre of the picture

For this ALFI Global Distribution Conference, we’ve decided to take a slightly different approach to the ban on inducements. This issue has, of course, been at the heart of the MiFID debate for all kinds of fund distributers: from banks to fund promoters to independent financial advisors. The pros and cons of a ban on inducements have already been argued and disputed in many articles. However, rather than looking at the debate, we want to ask a question: what if?