CSSF

IASB’s Primary Financial Statements project – why we’re watching now

In December 2021, Luxembourgish regulator CSSF issued its enforcement priorities for 2021 annual reports. As expected, CSSF’s enforcement priorities align with the European Common Enforcement Priorities for 2021 financial reports issued in October 2021 by the European Securities and Markets Authority (ESMA). However, we want to shine a light on additional pri […]
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Luxembourg’s long-form reform – how ready are you?

Origin of the reform At almost 20 years old, the current long form is no longer adapted to today’s fund landscape. Why? Some fund types were not in the scope of the requirement, so investment fund managers did not need to prepare a long form–even though they play an important role in the fund ecosystem. In addition, the long-form data was not in a format th […]

CSSF 20/744: tax indicators for the fund industry

When anti-money laundering (AML) becomes anti-tax laundering, it’s a pretty clear sign that compliance officers need to hit the tax books. Over the past few years, the international tax landscape has been evolving towards more tax transparency and enhanced tax conformity across industries and professions. As such, tax compliance considerations are relevant […]
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Spotlight on subscription tax: recent challenges and benefits

Let’s be honest, subscription tax in Luxembourg has never been center stage. Frankly, why would it? For most asset managers, it’s an administrative tax, handled back-office, with easy, straightforward rules. Subscription tax ) is calculated according to the type of fund vehicle and its rate varies between 0.01% and 0.05% with quarterly filings. No big deal. […]

CSSF circular 20/759 shakes things up in the Board Room

In December 2020 the CSSF published circular 20/759 (an update of circular 12/552) on central administration, internal governance and risk management. It transposes (amongst others) EBA Guidelines 2017/11 on internal governance and joint EBA and ESMA Guidelines 2017/12 on suitability assessment of the members of the management body and key function holders. […]
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ICAAP, ILAAP and stress testing: everything banks need to know about the new CSSF circular

What’s the story? Banks in Luxembourg are facing new supervisory expectations as regards their ICAAP, ILAAP and stress testing frameworks following the latest CSSF publication. What are the key changes introduced by the new circular? And how will they affect your bank? Get started by reading this digest. Tell me more On 23 October 2020, the CSSF released […]
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