Crisis management and depositary insurance, AIFMD review, supervisory convergence… Over the last few months, the European Commission has been busy with quite a number of consultations, conferences with stakeholders and the like. The ABBL and its members have been putting in extra hours to produce quality input and help the legislator tackle sometimes complex issues.
For the third time, the members of the Luxembourg Bankers’ Association (ABBL) have been invited to participate in a survey to assess the cost of compliance to financial regulations. As in 2014 and 2016, the survey has been conducted by ABBL and EY.
According to the Wall Street Journal (WSJ), June 10th, the case relates to alleged violations of Europe’s General Data Protection Regulation (GDPR).
Group of Seven finance ministers (Canada, France, Germany, Italy, Japan, UK and USA) gathering in London agreed on June 5th to back a global minimum tax of at least 15% on multinational companies. The G7 group also agreed that the biggest companies should pay tax where they generate sales, and not just where they have a physical presence. G7 members also said they were "in favor" of mandatory publication of the financial climate risk of large commercial companies.
On June 2d, ALFI commented on the draft delegated act on EU Taxonomy Article 8 as part of the “better regulation” consultation process of the European Commission.
The European Commission on June 1 announced the launch of the European Tax Observatory, an independent, EU-financed research laboratory to study and advise EU policymakers on initiatives to tackle tax avoidance. The Tax Observatory’s first report analyzes how much tax revenue the EU could collect by imposing a minimum tax on multinational companies.
The Securities and Exchange Board of India (SEBI) and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) have signed a Memorandum of Understanding on mutual cooperation and technical assistance relating to the supervision of securities markets.
Après cinq ans de blocages, les institutions européennes sont parvenues le 1er juin à un accord final sur le reporting fiscal pays par pays des multinationales au sein de l'UE.
As part of the Capital Markets Union (CMU) Action Plan, the European Commission has launched a consultation on the supervisory convergence and the single rulebook. In this article, ABBL presents the background to this consultation, as well as its detailed position on the most important aspects.
The European Commission has decided to appoint Ms Alexandra Jour-Schroeder to the function of Deputy Director-General of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA).