National and International Agreements Regulating the Financial Sector in Luxembourg

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

To achieve this, you will have reviewed:

• The legal framework of the fund industry in Luxembourg, the UCITS directives designed for greater harmonisation of European investment funds and management companies as well as better information for the investor, the products concerned by these directives, its consequences on products and banks.
• The automatic exchange of information, its purpose, its issues, its triggering factors generating events, the products concerned and the consequences on products, banks and clients of the directive on the administrative cooperation in fiscal matters
• The MiFID Directive regarding the financial instruments markets, designed to increase investor protection and make the services offered more transparent
• A brief overview of the MiFID 2 Directive
• Directives on bank solvency (Basel II), in particular the background, principles for processing credit risk, approaches, consequences for the banking sector
• Basel III, CRD IV and their impact for banks
• IAS/IFRS standards, specifically their aim, background, theoretical impact on consolidated accounts and their practical impact on the organisation of groups
• Specialised investment funds (SIF) for experienced investors: Law of 26.03.2012
• Family Wealth Management Company (SPF): Law of 11.05.2007
• Risk Capital Investment Companies (SICAR) for experienced investors: Law of 15.06.2004
• Brief Overview of the objectives and impact of the Alternative Investment Fund Managers Directive (AIFMD)

• Basel II and III
  • The Basel Committee and the general context
  • Principles for processing the credit risk
  • Default, IRS and pricing
• IAS - IFRS
  • General background
  • Major theoretical impact
  • Practical impact
  • Reporting
  • Details on various IAS
• MiFID
  • Context of the directive 2004/39/EC
  • Key aspects
  • Introduction to MiFID 2 / MiFIR
• UCITS AND THE FUND INDUSTRY IN LUXEMBOURG
  • Background and legal 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 reexamination and the changes
  • 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