National and International Agreements Regulating the Financial Sector in Luxembourg

By the end of this course, you will have a good general knowledge of the regulations, laws and directives to which financial institutions in Luxembourg are subject and will understand their impact on the products and activities of the banking sector. To achieve this, you will have reviewed

• The legal framework of the fund industry in Luxembourg, the UCITS directives, which aim to achieve greater harmonisation of European investment funds and management companies and to improve investor information, the products covered by these directives and their impact on products and banks.
• The automatic exchange of information, its purpose, its issues, its triggering events, the products concerned and the consequences for products, banks and clients of the Directive on administrative cooperation in fiscal matters.
• The Markets in Financial Instruments Directive (MiFID), which aims to improve investor protection and increase the transparency of services offered.
• A brief overview of MiFID 2.
• Directives on bank solvency (Basel II), in particular background, credit risk management principles, approaches, implications for the banking sector.
• Basel III, CRD IV and their implications for banks
• IAS/IFRS standards, in particular their objective, background, theoretical impact on consolidated accounts and their practical impact on the organisation of groups of companies.
• Specialised investment funds (SIF) for sophisticated investors: Law of 26/03/2012
• Family asset management company (SPF): Law of 11/05/2007*
• Venture capital investment company (SICAR) for sophisticated investors: Law of 15.06.2004
• Brief overview of the objectives and implications of the Alternative Investment Fund Managers Directive (AIFMD)

• Basel II and III
  • The Basel Committee and the general context
  • Credit risk treatment principles
  • Default, IRS and pricing
• IAS - IFRS
  • General background
  • Major theoretical impact
  • Practical implications
  • Reporting
  • Details on various IAS
• MiFID
  • Context of directive 2004/39/EC
  • Key aspects
  • Introduction to MiFID 2 / MiFIR
• UCITS AND THE LUXEMBOURGFUND INDUSTRY
  • Background and regulatory framework
  • Law of 17th December 2010 (UCITS IV)
  • Introduction to UCITS V
  • SICAR, SIF, SPF
  • AIFMD Directive
• Automatic Exchange of Information
  • The European Savings directive, its review and amendments
  • The Directives 2011/16/EU and 2014/107/EU on administrative cooperation in the field of taxation
  • OECD – Common Reporting Standards
  • Introduction to UCITS V