FATCA Reporting Deadline Postponed to 31 July 2015

The Luxembourg draft law on FATCA, which will ratify the execution of the Intergovernmental Agreement (IGA) signed between Luxembourg and the USA on 28 March 2014, was submitted to Parliament on 27 March 2015. The Luxembourg Tax Authorities have confirmed that for the first reporting year 2014, the reporting deadline has been postponed to 31 July 2015 instead of 30 June 2015. Extensions do not need to be specifically applied for and reporting financial institutions must inform any individual on behalf of whom they will report. It should be noted that the extension has not yet been announced on website of the Luxembourg Tax Administration.

Read ALFI's press release "2014 FATCA reporting deadline postponed to 31 July 2015" (2 June 2015)

End of the Exemption Set Out in Article 30(6) of the Transparency Law

The law of 11 January 2008 on transparency requirements for issuers of securities, supplemented by the Grand-ducal regulation of 11 January 2008 on transparency requirements for issuers of securities, applies to issuers for which Luxembourg is the home Member State in accordance with this law. Such issuers are required to provide ongoing and periodic information, including periodic financial reports, information to be provided in relation to major holdings and inside information. The exemption set out under article 30(6) of the law ended on 1st January 2015. Consequently, issuers who have benefited from this exemption need to publish half-yearly financial reports as from the financial year commencing on or after 1 January 2015.

Read the CSSF's press release "End of the Exemption Set Out in Article 30(6) of the Transparency Law" (22 May 2015)

Documents to be Submitted to the CSSF After the Close of the Financial Year

With late spring being a time when many companies hold their Annual (or “Ordinary”) General Meeting, the CSSF published circular 15/614 relating to the documents which have to be addressed to the CSSF after the closure of the financial year. The CSSF differentiates between (i) documents to be submitted prior to the Ordinary General Meeting, (ii) documents to be submitted at the latest three months after the closing date, and (iii) documents to be submitted at the latest one month after the Ordinary General Meeting.

Read CSSF Circular 15/614

Luxembourg Infrastructure Investment Vehicles - New Brochure

The Association of the Luxembourg Fund Industry (ALFI) has issued new technical guidelines regarding “Luxembourg Infrastructure Investment Vehicles”, released at the ALFI Infrastructure Funds seminar held recently in Luxembourg. The brochure provides general information on legal and taxation aspects of regulated and unregulated infrastructure investment vehicles domiciled in the Grand Duchy of Luxembourg. While it does not offer comprehensive guidance on structuring infrastructure investments through Luxembourg, the brochure illustrates some of the relevant considerations that need to be taken into account when contemplating Infrastructure investments.

Read the new brochure "Luxembourg Infrastructure Investment Vehicles"

Updated FAQ on the Immobilization of Bearer Shares Issued by Investment Funds Established in Luxembourg

The Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF) published version 2 of the Frequently Asked Questions in relation to the Law of 28 July 2014 on the immobilization of bearer shares and units issued by investment funds established in Luxembourg. Through this updated version of the FAQ, the CSSF intends to provide further clarifications on the application of said law in regard to investment funds.

Read the full FAQ of 5 May 2015