Trésorier magazine - n°77 - 1er trimestre 2012 - (Page 4)

FINANCIAL HIGHLIGHTS LuxNews REGULATORY UPDATES: New RCSL electronic filing requirements for accounts A Grand Ducal Regulation clarifying the electronic filing procedures for accounts at the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés – RCSL) was issued in December 2011 and applies as of 1 January 2012 to all entities being subject to RCSL annual account filing requirements in Luxembourg. Supervised entities of the financial and insurance sector are out of scope, whereas their investment in other legal entities in the group could be covered by the new regulation. Under the new regulation, legal entities are required to submit their trial balances, balance sheet and profit and loss account, to the “platform for electronic gathering of financial data” (the “eCDF” platform) for validation before filing their annual financial statements with the RCSL. Entities exempt from the requirement to use the Standard Chart of Accounts, and therefore also exempt from the requirement to submit their trial balances to the eCDF platform for validation include in particular: Banks, most financial sector professionals (PSF), insurance and reinsurance undertakings Entities reporting under IFRS In December 2012, a draft law on the reform of the Accounting Standards Commission (CNC) was submitted to the Luxembourg Parliament. Under the draft law, entities under the supervision of the CSSF except support PSF (e.g., client communication agents, financial sector administrative agents, IT systems operators) will be exempt from the requirement to use the Standard Chart of Accounts, and therefore the requirement to submit their trial balances to the eCDF platform. G G Contact: Bob Fischer, Pascale Wagner Legal framework for mediation implemented A Law introducing a mediation regime into Luxembourg’s new Civil Procedure Code and transposing the EU directive on certain aspects of mediation in civil and commercial matters (Directive 2008/52/EC) was passed by the Luxembourg Parliament in January 2012. “Mediation” is a structured process whereby two or more parties to a dispute attempt by themselves, on a voluntary basis, to reach an agreement on the settlement of their dispute with the assistance of a mediator. Mediation is already practiced in Luxembourg in the absence of a specific legal environment (e.g., economic relations, employment relationships). The new Law: Implements a domestic legal environment for civil and commercial mediation, including judicial mediation Extends the principles of the Directive on mediation in crossborder disputes to domestic disputes A mediator is an approved or nonapproved physical person or an approved legal person. Mediators are approved by the Minister of Justice. G G 4

Table des matières de la publication Trésorier magazine - n°77 - 1er trimestre 2012

EDITORIAL - 10ème anniversaire de l'EACT
INTERVIEW - Oleg Williamson, Treasury Manager EMEA of Parker Hannifin

Trésorier magazine - n°77 - 1er trimestre 2012