Regulatory/Compliance

METAVAT… and other VERSE stories

Welcome to our new blog series spotlighting the metaverse and what it could mean for planet VAT. Part 1 explores the metaverse and its concepts, with Part 2 homing in on specific VAT concerns and digitalization in its broadest sense. Part 1 What is the metaverse and how will it disrupt the world as we know it? The race to the first metaverse (amassing one […]
9

A silent revolution: the changing face of EU insurance distribution

The terms ‘insurance distribution’ and ‘insurance distributor’ shall include the activity of a policyholder selling insurance cover to customers. Yes, you heard that right! This is the opinion of Advocate General Szpunar of the Court of Justice of the European Union (ECJ) delivered on 24 March 2022 in a case involving a collective insurance scheme […]

Tax updates for the shipping sector amid greener supply chain regulations

Following our most recent newsletter which put a spotlight on the shipping sector, here’s a round-up of the latest national and international developments. In Luxembourg: Account 115 In a final judgment released on 31 March 2022, the Luxembourg Supreme Court (Cour administrative) denied the qualification of contribution in account 115 for the purposes of th […]
1

Crypto-assets gain popularity – are IFRS accounting standards ready?

The use of digital assets - or crypto-assets - is accelerating by the minute. But what exactly are they? And how can their ongoing accounting-related challenges be handled? Let’s first take a look at what’s been happening here in Luxembourg. From January 2022, LuxSE has allowed certain security tokens (financial instruments issued on a distributed ledger) […]
6

Fund marketing: increased scrutiny in store for asset managers

Since 2 February 2022, the guidelines on marketing communications prepared by the European Securities and Markets Authority (ESMA) have been applicable throughout the European Economic Area (EEA) for funds distributed on a cross-border basis. Just days earlier, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg published Circular 22/795 (PD […]
1

Banking institutions should prepare now for Basel IV regulations

The Basel Accords, overseen by the Basel Committee on Banking Supervision (BCBS) has issued a round of reforms and regulations in recent years. The Basel III final reforms, referred to as Basel IV, will be fully implemented by January 2025, which means banking institutions have less than three years to get ready. Many banks have delayed their preparation, and fe […]
2