A contrario, en banque d'investissement, en gestion d'actifs et chez les hedge funds, salaires et bonus reviennent à peine à leur niveau de Le capital-investissement européen ne fait pas exception. Revenus, bonus et plus-values bondissent avec l'explosion de la taille des fonds, qui ont plus que doublé le montant de leurs capitaux levés depuis la crise milliards de dollars l'an dernier dans le monde, dont comment éviter de perdre du poids milliards d'euros en Europe selon Preqin.
Et on ne compte plus les fonds qui, en Europe et en France, doublent de taille comme Ardian. L'industrie n'était pas forcément préparée à cette explosion.
Et l'industrie de la tech fait concurrence. Les banques privées se disputent la clientèle des gérants du non coté. Les banques sont accommodantes avec les jeunes qui ont déjà une expérience et prennent en garantie les flux de 'carried' des fonds précédents, voire une assurance-vie. Mais ces crédits sont avant tout pour les banques privées un investissement qui vise à leur permettre de capter des revenus annexes. Un eldorado qui a son revers.
On 16 Augustthe Bundesanstalt für Finanzdienstleistungsaufsicht BaFin published a leaflet, informing the public about prospectus and permit requirements in relation with the issuance of crypto-tokens Initial Coin Offerings, ICOs. In the leaflet, BaFin explains which information and documents should be submitted by the issuer, so that BaFin can answer inquiries in advance of the ICO in a targeted and timely manner.
The leaflet deals intensively with the nature of crypto-tokens and provides information about the securities properties according to the Prospectus Regulation or the Securities Prospectus Act WpPG and the investment property pursuant to the Investment Act VermAnlG. The SFC will be guided by this Code of Conduct in considering whether a licensed or registered person satisfies the requirement that it is fit and proper to remain licensed or registered, and in that context, will have regard to the general principles, as well as the letter, of the Code.
The Code has been published in the Gazette. On 8 Julythe Securities and Futures Commission SFC has reminded intermediaries of their obligations to comply with the requirements under the Code of Conduct botox injections canberra ses they are in possession or control of client assets.
To strengthen the safeguarding of client assets, a standardised acknowledgement letter in the form of the template is to be adopted and duly signed by both intermediaries and Authorized Institutions AIs. To comply with this requirement, intermediaries shall prepare and sign client asset acknowledgement letters in accordance with the provided template, and then obtain countersignatures from the appropriate AI.
Intermediaries are required to have the countersigned letters in place before depositing any client money or securities into any new Client Asset Accounts. The transition period for implementing this requirement ends on 31 Julywhere the SFC expects the countersigned letters are in place for all applicable Client Asset Accounts.
This piece of legislation establishes provisions requiring non-Hong Kong companies to disclose their company's name, place of incorporation and liability arrangements in every communication document and transaction instrument of the company in Hong Kong.
If a non-Hong Kong company contravenes this requirement, the company, every responsible person of the company, and every agent of the company who authorizes or permits the contravention, commits an offence and is liable to a fine.
On 23 Augustthe Securities and Futures Commission SFC published a new circular to licensed corporations on managing the liquidity risks of funds. The SFC surveyed selected fund managers which are licensed by the SFC and manage SFC-authorized funds to understand their liquidity risk management processes and conducted inspections on some of these fund managers to assess their compliance with the July circular on liquidity risk management as well as their implementation of enhanced requirements under the Fund Manager Code of Conduct FMCC.
Fund managers are reminded to review their current policies, procedures, systems and processes in light of the regulatory requirements and the observations noted by the SFC and take immediate action to rectify any inadequacies or deficiencies.
The guidance assists users on the following topics:. The Central Bank Investment Market Conduct Rules consolidate all Central Bank imposed primary market requirements into a single statutory instrument and are issued under Part 23 of the Companies Act The review is the largest data driven thematic review of the funds industry to date.
This review has highlighted broader issues around the effectiveness of investor disclosure and the legitimate expectations of investors in respect of the service provided by fund managers.
Key findings of the review include:. The guidance amends the certification process initially introduced in Octoberincluding providing for circumstances where an index certification is not required. The purpose of this guidance is to clarify Central Bank requirements where a UCITS intends to use a financial index for investment or efficient portfolio management purposes.
It also clarifies other related areas such as the use of indices composed of ineligible assets and prospectus disclosure requirements. The Central Bank recognises that financial markets continually evolve and it is therefore expected that this guidance will be updated as necessary to reflect such developments. The guidance assists the users with the following topics:.
On 7 Augustthe Central Bank of Ireland issued an industry letter regarding the importance of ongoing, effective liquidity management and ensuring compliance with relevant legislation and regulatory obligations for UCITS and AIFs. The Industry Letter highlights the importance of the execution of an appropriately calibrated liquidity risk management framework by Fund Management Companies for each fund under management, taking into account on an ongoing basis:. On 5 Julythe Decree of 7 May implementing the tax incentives for investments in innovative SMEs and start-ups was published in the "Gazzetta Ufficiale".
These Operational Guidelines intend to offer, following the requests of the operators received during the MiFID II implementation, some detailed operational indications useful for the better implementation of the European legislation, having regard to the specificity of the national institutional and operational framework. The first operational guide on systematic internalizers is aimed at Italian investment firms that fall under the definition of a systematic internalizer as per by Art.
It may be useful to:. The second operational guide provides guidelines for the limits on positions in derivatives on commodities and may be useful for:. These operational guidelines intend to offer, following the requests of the operators received during the MiFID II implementation, some detailed operational indications useful for the better implementation of the European legislation, having regard to the specificity of the national institutional and operational framework.
The purpose of this circular is to inform stakeholders of the implementation of the eDesk portal which must be used for certain specified requests to the CSSF in accordance with the applicable legal and regulatory provisions. Hence, some requests to the CSSF can from now on only be made via the eDesk portal; for each dematerialised request additional information and guidance are available online.
On 2 Julythe Luxembourg parliament adopted the bill of law no. The Prospectus Regulation will become fully applicable on 21 July The New Prospectus Law therefore contains, for example, provisions designating the Luxembourg financial supervisory authority Commission de Surveillance du Secteur Financier, CSSF as the competent authority, defining certain exemptions from the obligation to publish a prospectus according to the Prospectus Regulation and, in addition, provisions regarding the national prospectus law regime for offers of securities to the public falling outside the scope of the Prospectus Regulation.
The New Prospectus Law will be applicable as from the same date as the Prospectus Regulation and will replace the Law of Nevertheless, it should be noted that prospectuses approved by the CSSF in accordance with the Law of before 21 July shall continue to be governed by such law until the end of their validity, or until 12 months have elapsed after 21 Julywhichever occurs first.
According to the New Prospectus Law, the Luxembourg legislator has decided to make use of the option of exempting offers of securities to the public and determined the maximum possible threshold, i. EUR 8 Main provisions will be applied from 21 Julyexcept Article 4 2 h of Article 5 2 e.
It should be noted however that prospectuses approved by the CSSF in accordance with the Law before 21 July will continue to be governed by such law until the end of their validity, or until 12 months have elapsed after 21 Julywhichever occurs first.
Although the Prospectus Regulation is directly applicable in the Member States, it provides for certain provisions, which require transposition into national law, and in this regard, New Prospectus Law has introduced the following changes to the existing prospectus regime in Luxembourg:.
Inthe European Parliament and the European Council adopted the Shareholder Rights Directive SRD to ensure a better protection of the exercise of rights of shareholders in listed companies. To achieve this long-term investment objective, the SRD II describes new obligations for EU listed companies, intermediaries, institutional investors, asset managers and proxy advisors.
On 20 Augustthe final law transposing the SRD II into Luxembourgish law and amending the Law of 24 May on the exercise of certain shareholder rights in general meetings of listed companies was published in the Official Journal of Luxembourg. The Law of 1 August has entered into force on 24 August and is thus already applicable in Luxembourg. This Level 2 act will apply from 3 September Certain aspects of the following EU Regulations have been implemented into Luxembourg by means of the Law:.
Although these Regulations are directly applicable to the Member States, they do enable certain provisions to be regulated on a national level.
Therefore, the Law introduces the following:. Furthermore, the law of July 23 relating to reserved alternative investment funds the RAIF Law is amended by introduction of this new Law. Precisely, Article 8 is revised to provide that fonds commun de placement may be managed by Luxembourg management companies authorized pursuant to chapters 15, 16 or 18 of the law of 17 December relating to undertakings for collective investment.
Sincethe European Parliament and Council have adopted several regulations introducing rules for different types of investment funds and securitizations. Concretely, the legislative framework comprises. However, they provide options so that certain provisions are to be regulated on a national level.
In this context, the Luxembourg Parliament adopted a new law Law of 16 Julywhich implements specific aspects of the above-mentioned regulations in the Luxembourgish legislative framework. It entered into force on 22 July and is thus already applicable. Accordingly, in order to keep serving clients in Luxembourg, UK firms must:.
On 29 Augustthe Luxembourg Business Registers LBR prise de poids post accouchement naturel that the deadline for entities to file the relevant information on their beneficial owners to the Register of Beneficial Owners is postponed from 31 August to 30 November Registrations made until that date will remain free of charge.
The Draft Law was approved by the Council of Luxembourg in the soin visage simple 6ème meeting held on 26 Julywhere the Council announced that the transposition of AMLD V is one of the government's priorities. The purpose of this Draft Law is to make necessary adaptations in the amended Law of 12 November on the fight against money laundering and the financing of terrorism, as well as other laws transposing the main provisions of AMLD V at national level.
Hence, for the purposes of anti-money laundering and countering the financing of terrorism, competent authorities should be able, through obliged entities, to monitor the use of virtual currencies.
The amendments also intend to limit the use of prepaid cards. Therefore, when dealing with such high-risk cases where business relationships or transactions exist, the Draft Law requires obliged entities to apply enhanced due diligence measures to manage and mitigate those risks.
Furthermore, the Draft Law requires obliged entities to apply additional mitigating measures regarding high-risk third countries by taking into account recommendations expressed by the FATF, especially in cases where these recommendations are not the subject of equivalent provisions in the EU Directives. Considering the importance of cross-border activities in Luxembourg, the Draft Law aims to strengthen the international cooperation between supervised authorities by proposing a legal framework in accordance with the principles established by the AMLD V and the FATF Recommendations in this regard.
The purpose is to align the professional obligations and the powers of the competent authorities. The draft law now will be debated in the Luxembourg parliament. On 29 Augustthe Commission de Surveillance du Secteur Financier CSSF issued a communication to supervised entities, stressing the relevance of assessing money laundering and terrorist financing risks in the prudential supervision. The communication is addressed to credit institutions, CRR investment firms, payment institutions and e-money institutions, including Luxembourg branches of regulated entities having their head office in the EEA or in a third country, as well as the other professionals of the financial sector supervised entities.
DAC 6 introduces an obligation to disclose to the tax authorities information on cross-border arrangements that meet certain criteria. It also regulates the subsequent exchange of the information by and between tax administrations of EU member states on a regular basis. The purpose of DAC 6 is to allow EU member states to react more rapidly to potentially aggressive tax arrangements and to address potential loopholes through conducting appropriate risk assessments and tax audits, or involving legislative reforms aimed at closing such loopholes.
The draft law follows the text of DAC 6 by introducing the same definitions, hallmarks and retaining its scope of application covering cross-border arrangements as well as taxes covered by the amended Directive on administrative cooperation in the field of taxation as transposed under Luxembourg law.
Key elements of the draft law concern, among others, its scope of application, persons who would have to report, reporting deadlines, content of the reporting and the potential penalty amounts to be imposed on intermediaries and taxpayers that do not comply with the transparency measures.
Hallmarks thereby refer to the characteristics of an arrangement which was identified as potentially indicative of aggressive tax planning. Intermediaries e.
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The taxpayer is also supposed to report if there are no intermediaries who are obliged to report. Also, some intermediaries are exempted from the reporting obligation for example lawyers. The concerned intermediary or taxpayer may appeal against a fine.
The draft law now will be debated in the Luxembourg parliament, opined upon by the professional chambers and the Council of State, and possibly amended.
A final vote is expected by the end of to comply with the deadline for EU Member States which have until 31 December to transpose the measures in DAC 6 into their domestic laws, and must apply those provisions from 1 July Reportable arrangements, which were initiated between 25 June and 30 Junemust be reported before 31 August These guidelines apply to competent authorities designated under BMR, administrators as defined in Article 3 1 6 BMR and to supervised contributors as defined in Article 3 1 10 BMR, in relation to the provision of non-significant benchmarks and the contribution to non-significant benchmarks and relate to:.
On 2 Julythe Autoriteit Financiële Markten AFM informed the public that the Minister of Justice and Security and the Minister of Finance have presented a common plan of action to prevent money laundering through the Dutch financial system and to track down and prosecute criminals and those who facilitate them.
The AFM is positive about the package of additional measures. Also, given the cross-border nature of money laundering and terrorist financing, an international approach is desirable. The TF Task Force is aimed at enabling cooperation between the Covenant Partners for the purpose of preventing and combating the financing of terrorism, also in the interest of protecting the integrity of the financial sector.
Yet, the information is shared and further processed solely for the purpose of identifying Terrorist Financing, to detect and counteract it and in this way to make an essential contribution to the optimal fulfillment of one of the tasks of Public Parties on the one hand and of the Private Parties on the other hand in the context of their social involvement. The information may contain personal data, which may only be shared within the legal framework and for the purposes stated in the Covenant.
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