Switzerland

Details

  • Service: Financial Services
  • Industry: Investment Management, Fund News
  • Type: Business and industry issue, Regulatory update
  • Date: 2/20/2013

Fund News - Issue 99 - January 2013 

The European Commission adopts regulatory and implementing technical standards for the Regulation on OTC derivatives, central counterparties and trade repositories. Furthermore, you will find two updates from the European Securities and Markets Authority and some information regarding tougher credit rating rules which are voted by the European Parliament.
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On page 4 and 5 you will find the news from Luxembourg - on 10 January 2013 the Commission de Surveillance du Secteur Financier (CSSF) published a press release relating to the new status of Luxembourg based investment advisers of undertakings for collective investment (UCI) and specialized investment funds (SFI).

 

In UK, there has been some progress in transposing the AIFMD into UK law as there were published two Consultation Papers on the “Transposition of the Alternative Investment Fund Managers Directive”.

 

Belgium is reporting on the law as of December 2012 containing various fiscal and financial measures, bringing numerous changes in Belgian tax legislation. The Belgian “exit tax” regime is affected.

 

At the end of January, the German Government circulated a government draft version of the new Investment Tax Act. Please find the details of the draft on page 9 and 10.

 

Finally, on 17 January the U.S. Department of Treasury and the Internal Revenue Service (IRS) released the final regulation for the Foreign Account Tax Compliance Act (FATCA). You will find the key provisions listed on page 11 and the web link to our KPMG analysis of the FATCA final regulations.

 

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