Reliable sustainability information: the dawn of a new era

Environmental, social, and governance (ESG) data is being used more and more systematically. Why? It’s ultimately down to a shift in investor mindset towards issues like global warming, resulting in (and driven by) initiatives like the European Commission’s Action Plan on Financing Sustainable Growth, which strengthens regulations on sustainability disclosur […]

New Luxembourg law protects fund sector from Brexit

On 28 March 2019, the Chamber of Deputies passed a law that grants investment funds a one-year delay in which to solve breaches of investment rules and EU passporting issues that would result from a “hard” or “no-deal” Brexit. The main objective of this law is to maintain market stability and protect investors from negative Brexit-related consequences. […]

The asset management delegation model: continuity of the entente cordiale?

If I were to come up with a mantra for ESMA it would, beyond the shadow of a doubt, include ‘foster consistency’ and ‘supervisory convergence’, phrases that are invariably mentioned in just about every document or speech made by the Paris-based European Securities and Markets Authority. With this mantra underpinning its actions, last summer ESMA issue […]

Three VAT jingles not to miss before year-end

Have you heard this year’s year-end VAT jingles yet? ‘Tis the season of snow, glühwein, and tax rulings! In September we received the long-awaited decisions from the Court of Justice of the European Union (CJEU) on the VAT exemption related to independent groups of persons (IGPs).[1] This confirmed the fears of many following the Commission against Luxe […]

Luxembourg and London: international fund management after Brexit

Luxembourg is Europe’s leading investment fund centre, and the world's largest after the USA, with more than €3 trillion in assets managed by a multitude of international fund managers. Indeed, its reputation as a respected fund hub has been carefully built and maintained over the last decades. However, even though the investment funds themselves are loca […]
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Attention audit committees! Are you set for 2017?

The law of 23 July 2016 on the audit profession and Regulation (EU) N° 537/2014 on specific requirements regarding the statutory audit of public interest entities extend the responsibilities of audit committees (“ACs”). We’ve outlined 6 steps to consider in your process of implementing the new requirements: Step 1 – Does your entity require an AC? Do […]