Le magazine du trésorier - n°72 - 4ème trimestre 2010 - (Page 4)

FINANCIAL HIGHLIGHTS Luxembourg News LUXEMBOURG INTRODUCING NEW TAX MEASURES CSSF Circulars on large exposures at credit institutions and investment firms The CSSF published two circulars in April 2010 on large exposures: Circular 10/450 amending CSSF Circular 06/273 on definition of capital ratios pursuant to Article 56 of the amended Law of 5 April 1993 on the financial sector (application to credit institutions) in relation to reporting of large exposures and on the floor of own fund requirements and CSSF Circular 08/381. Circular 10/451 amending CSSF Circular 07/290 on definition of capital ratios pursuant to Article 56 of the amended Law of 5 April 1993 on the financial sector (application to investment firms and management companies under Chapter 13 of the 2002 Law) in relation to reporting of large exposures and on the floor of own fund requirements. The two key amendments in the Circulars are: Credit institutions and investment firms are now required to indicate all their risks, including those benefiting from a 0% weight. The application of capital floors for credit institutions and investment firms has been extended to 31 December 2011. The Circulars also provide information about Directive 2009/111/EC (“CRD II”) in relation to the new regime on large interbank exposures for credit institutions and on large exposures for investment firms (for further information, see Draft Law and Circulars transposing CRD II in this section). CSSF updates guidelines on notification of cross-border activities The CSSF issued Circular 10/442 that modifies the Circular 07/326 on the notification procedure concerning the exercise of activities in another Member State by a credit institution or an investment firm incorporated under Luxembourg law in order to take into account the guidelines of the notification procedure of cross-border activities published by the CEBS in August 2009. The Circular amends Circular CSSF 07/326 concerning provisions relating to Luxembourg incorporated credit institutions and investment firms established in another Member State by way of branches or exercising their activities in another Member State by free provision of services. The guidelines cover: Notifications in relation to the establishment of a branch by a credit institution: a more complete form must be completed including details of the activities to be performed which are governed by the Markets in Financial Instruments Directive (Directive 2004/39/EC – MiFID): investment services and activities, ancillary services and financial instruments concerned Notifications in relation to the free provision of services by a credit institution: details of the activities G G G to be performed which are governed by MiFID must be provided Notifications by an investment firm Draft Law on electronic money institutions A draft Law transposing Directive 2009/110/EC of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending. Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC was submitted to the Luxembourg Chamber of Deputies in July 2010. New Luxembourg reverse charge mechanism for carbon emission rights A Luxembourg Law amending the Luxembourg VAT Law of 12 February 1979 was adopted on 2 July 2010 in application of Council Directive 2010/23/EU of 16 March 2010 amending Directive 2006/112/EC on the common system of value added tax, as regards an optional and temporary application of the reverse charge mechanism in relation to supplies of certain services susceptible to fraud (including carbon emission rights). By virtue of this new Law, applicable since 1 July 2010, the recipient of supplies of carbon emission rights within the territory of Luxembourg, rather than the domestic supplier, is liable for the computation and payment to the Luxembourg State of the VAT due on the purchase. In case of cross-border supplies of carbon emission 4

Table des matières de la publication Le magazine du trésorier - n°72 - 4ème trimestre 2010

Couverture
Sommaire
EDITORIAL
- “Catch 22”, a synonym for Kafkaesque situations
FINANCIAL HIGHLIGHTS
INTERVIEW
- Mr. Johannes Heinloth, Global Head of Loan Syndications, BayernLB
FOCUS
- 10 years of IAS 39: what next?
- La réforme de la TVA, une vraie bonne idée ?
- Respirer, ça paie !
- An optimist sees the opportunity in every difficulty: is IFRS 9 an opportunity or a difficulty?
FORUM OF ADVERTISERS
- “FX Currency Hedging:Applying Cash flow at Risk (CFaR)”
- Working Capital Optimization, A focus on payables & trade credit management.
- La Fed et la Chine mettent l’Asie dans l’embarras
- Cash Management was yesterday, Cost Efficiency is key.
CORPORATE FINANCE
- Cinq questions à Philippe Lison, Administrateur-Directeur de Hamburg-Mannheimer Benelux
- 15 minutes with OtimO
TREASURERS' ASSOCIATIONS
- Deuxième Conférence CFO World : l’engouement des directeurs financiers luxembourgeois se confirme
- 14th IGTA Meeting & Semi-Annual EACT Meeting Geneva – October 2010
NEWS

Le magazine du trésorier - n°72 - 4ème trimestre 2010