KPMG Luxembourg

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International Annual Review 2012

The KPMG International Annual Review focuses on our record of achievement and those who define us as an organization: clients, people and communities.

Transparency Report 2012

KPMG Luxembourg S.à r.l. presents its 2012 Transparency Report, as required by Article 73 of the Luxembourg Law of 18 December 2009 on the audit profession.
Topics
AIFMD: Re-shaping for the Future

The AIFMD will have a significant re-shaping effect on the alternative investment fund industry in Europe and beyond.

Withholding Tax Survey 2012

The report addresses the comparison of the competitive advantages of investing in different jurisdictions through a Luxembourg SICAV or Luxembourg FCP.
Industries
Luxembourg Banks - Insights 2012

KPMG in Luxembourg has performed an analysis of the Luxembourg banking market based on statistical and annual accounts data of a selection of Luxembourg banks, and complemented by views of senior bankers.

Luxembourg Participation Exemption 2012

The participation exemption is one of the most important features of the Luxembourg tax system. It provides a 100% exemption on dividends and capital gains which stem from equity investments. The brochure explains the rules in detail.
Services
- Tax tools & resources
Research
The Perfect UCITS

his report describes the main views of the UCITS investment managers who participated in our research on the future of the UCITS framework.

Luxembourg: Platform for Business 2012

In today’s global world, it is increasingly important for companies that operate internationally to assess the attractiveness of countries or markets. Luxembourg has much to offer in this respect.
Events
- Sponsored Events
Events & Seminars

We seek the facts and provide insights. KPMG Luxembourg organises thought leadership events relevant to the needs of our clients. Find out more about our Events & Seminars below. We are looking forward to meeting you.

Handouts 2013

Find out more about our handouts 2013.
Media
- KPMG Alumni website
KPMG TV

KPMG TV is an online platform created by KPMG Luxembourg with the aim to share, through various channels, short, smart and up-to-date business insights.

News

Welcome to KPMG in Luxembourg's Press Room.

Details

Service: Infrastructure, Legal Services, Legislative and Regulatory
Industry: Financial Services, Fund Management
Type: Business and industry issue, Publication series
Date: 8/28/2012

Contact

Nathalie Dogniez
Partner
Tel. +352 22 51 51 - 6253
nathalie.dogniez@kpmg.lu

Charles Muller

Partner

Tel. +352 22 51 51 - 7950

charles.muller@kpmg.lu

Dee Ruddy

Senior Manager

Tel. +352 22 51 51 - 7369

dee.ruddy@kpmg.lu

July 2012 "UCITS VI" Consultation

As part of continuing efforts to improve the UCITS framework and maintain investor confidence in the UCITS product the European Commission issued a new wide-ranging UCITS consultation entitled “Product Rules, Liquidity Management, Depositary, Money Market Funds, Long Term Investments" in July 2012, with response date 18 October 2012.

This Consultation has to a degree been triggered by international regulatory focus on securities lending and repos, OTC derivatives and liquidity and systemic issues regarding ETFs and Money Market Funds and is complementary to the Commission’s work on Shadow Banking. However the Commission also includes targeted improvements to the UCITS framework and also consults on wider conceptual areas such as long-term investments and a Depositary Passport.

The Commission aims to deepen their understanding on key topics and seeks stakeholder views on the following issues and possible policy orientations :

UCITS Product Rules
Eligible assets and use of derivatives	Review of scope of eligible assets and exposures Further rules on liquidity of eligible assets Redefine rules on exposure to non-eligible assets Limit derivatives to traded contracts
Over the Counter (OTC) Derivatives	Clarification of treatment of OTC derivatives cleared through central counterparties Additional measures to mitigate risks of dealing with a single counterparty Calculation of counterparty risk and issuer concentration on a daily basis
Efficient Portfolio Management (EPM) Techniques (Securities lending, repos and related collateral management)	Limits to amount of fund assets subject to EPM Define criteria on eligibility, liquidity, diversification and re-use of received collateral Mandatory haircuts on collateral received Liquidity considerations on duration of EPM transactions Enhanced transparency to investors
UCITS Liquidity Management Tools
Extraordinary liquidity management tools	Introduce time limits for temporary suspension and deferral of redemptions Define “exceptional cases” when a suspension of redemptions can be applied Introduce side pockets in UCITS Liquidity safeguards in ETF secondary markets Common rules and time limits for execution of redemptions in normal circumstances
UCITS IV framework improvement
	Revision of timelines for fund mergers Improvement to the notification procedure Alignment with AIFMD organizational rules, risk and liquidity management
Money Market Funds (MMF)
	More detailed and harmonized regulation of MMFs at EU level, either as part of UCITS, AIFMD or another instrument Reduction or phasing out of Constant NAV MMFs Introduce capital buffers for CNAV MMF Impose liquidity fees and redemption restrictions Add liquidity constraints to portfolio assets Review Money Market Instruments eligibility criteria Prohibit investment criteria related to ratings Ban of rating of MMF
UCITS Depositary Passport
	Introduction of a Depositary Passport Specific authorisation regime for depositary
Long-term investments
	Create a common framework to long-term investments for retail investors; either modify UCITS or a stand-alone initiative Long-term assets include unlisted companies, infrastructure projects, real estate, socially responsible investments

blue square Targeted rule change

Conceptual

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© 2013 KPMG Luxembourg S.à r.l., a Luxembourg private limited company, is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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July 2012 "UCITS VI" Consultation

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