LuxCMA – Luxembourg Capital Markets Association
Luxembourg remains one of the main securitisation centres in Europe. Its attractive and flexible legal and tax framework is adapted to the needs of investors and SVs, particularly with regard to VAT exemptions. Our #LuxCMA VAT Task Force takes stock of the situation and provides useful insights for CLOs and CDOs.
On 29 January 2021, LuxCMA responded to the consultation on the review of the Alternative Investment Fund Manager Directive (AIFMD), which was published by the European Commission in October last year.
Luxembourg’s legal framework now recognises the use of #DLT technology to issue and settle dematerialised securities. Bill 7637 (to be referred to as the Blockchain II Act 2021) was approved by the #Luxembourg Parliament on 21 January 2021.
As announced end October during our first webinar dedicated to sustainable finance (video recording available on section Past events of our website), congratulations to our task force Sustainable Finance for the release today of the FAQ dedicated to this topic. The FAQ will be updated on a regular basis, with additional questions, notably those that members may have asked to LuxCMA on this topic.
Our technical position paper, which was accessible to our LuxCMA members only, is now available to everyone! Congratulations again to our Direct Tax Working Group (previously #Securitisation & #ATAD Task Force) for the release on 26/10/2020 of the impressive technical position paper on #deductibility of payments by securitization companies financed by debt.
On 11 June 2020, LuxCMA, the Luxembourg Capital Markets Association, held its first Annual General Assembly virtually.
On 14 May 2020, the European Commission announced that it decided to send a letter of formal notice to Luxembourg asking it to correctly transpose the interest limitation rule of the Anti-Tax Avoidance Directive (Article 4 of the Council Directive (EU) 2016/1164). Under current Luxembourg law, securitization companies covered by Regulation (EU) 2017/2042 of 12 December 2017 (EU Securitization Regulation) are excluded from the scope of the interest limitation rules. If Luxembourg does not act within the next four months, the European Commission may send a reasoned opinion to the Luxembourg authorities.
LuxCMA sums up some of the main changes under the new prospectus regime applicable as from 21 July 2019.
LuxCMA, constituted on 1 March 2019, is as a not-for-profit association (a.s.b.l.). The association`s offices are located at the Luxembourg House of Financial Technology (L.H.o.F.T.).