Le Magazine du Trésorier - n°64 - 4ème trimestre 2008 - (Page 4)

FINANCIAL HIGHLIGHTS Luxembourg News CSSF circular dated 11 November 2008 on accounting measures recently introduced in the face of the current financial crisis) On November 11, 2008, the CSSF issued the circular 08/377 reminding financial operators about the new accounting rules adopted by the IASB and endorsed by the European Commission in the face of the financial crisis. In particular, IAS 39 and IFRS 7 on financial instruments have been amended and the amendments introduce the possibility, under certain rare circumstances, to reclassify financial assets out of the trading category. The other point highlighted by the CSSF in its circular relates to the fair measurement of financial instruments for which no active market exists. In that respect, the CSSF refers to the guidance issued by the IASB and approved the European Commission. More information available at: www.cssf.lu (Laws and regulations - circulars) tection of employees facing the insolvency of their employer. The Directive is aimed at ensuring the payment of employees’ claims arising from contracts of employment or employment relationships and existing against employers who are in a state of insolvency. To this end, Member States should establish a body which guarantees payment of the outstanding claims of the employees concerned. Furthermore, the text sets out provisions in case where activities of the employer are operating in several Member States. More information available on: www.eur-lex.europa.eu (simple search/ natural number/ 2008/94) More information available on: www.chd.lu (recherche d’archives – Projet 5943) Law on acquisitions and increases of participation in the financial sector On 12 June 2008, the Luxembourg Parliament voted a law on acquisitions and increases of participation in the financial sector entities transposing Directive 2007/44/EC regarding the procedural rules and evaluation criteria for the prudential assessment of acquisitions and increases of holdings in the financial sector. The goal of the Directive is to facilitate cross-border consolidation in the financial sector. The Law of 12 June 2008 modifies: Draft law 5943 aimed at adjusting the monthly minimum salary On October 21, 2008, the Luxembourg Government submitted to the Chamber of Representatives a draft law amending the labour law related to the monthly minimum salary. The text is aimed at adjusting the monthly minimum salary to the evolution of the average salary during the years 2006 and 2007. According to the draft text, the monthly minimum salary should be increased by 2% from EUR 1.609,53 to EUR 1.641,74 as from 1 January 2009. The text is expected to be voted before the end of 2008. G The Law of 5 April 1993 on the financial sector, as amended (the 1993 Law), transposing the Directive with regard to banks and investment firms. The modification of the 1993 Law has no impact on Financial Sector Professional (PSF) firms. The Law of 6 December 1991 on the insurance sector, as amended, transposing the Directive with regard to insurance and reinsurance undertakings. Acquisitions and increases of holdings in the financial sector above the limits of 20%, 33?% and 50% must be notified to and authorized by the competent authorities (the G New Directive 2008/94 EC on the protection of employees in the event of the insolvency of their employer On October 22, 2008, the European Parliament and Council adopted Directive 2008/94/EC, which recasts Directive 80/987/EEC on the pro- 4 http://www.chd.lu http://www.eur-lex.europa.eu http://www.cssf.lu

Table des matières de la publication Le Magazine du Trésorier - n°64 - 4ème trimestre 2008

COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS
INTERVIEW
FOCUS
FORUM OF ADVERTISERS
TREASURERS’ ASSOCIATIONS
NEWS

Le Magazine du Trésorier - n°64 - 4ème trimestre 2008