The Foreign Account Tax Compliance Act annual reporting obligation ("FATCA Reporting") has been effective since 31 December 2014. Since the first filing deadline in 2015, any Luxembourg Reporting Foreign Financial Institution ("Luxembourg FFI") has to submit its annual reporting to the Administration des Contributions Directes ("ACD") by 31 July of each year (subject to change by ACD).
The ACD requires Luxembourg FFIs to report through the authorised communication channels Fundsquare or SOFiE either.
Our regulatory consulting expertise driven by Arendt Regulatory & Consulting S.A. (ARC) assists you in defining your FATCA strategy to ensure a full and effective compliance with FATCA through the following set of services:
Thanks to our flexible solutions, we offer our clients the opportunity to benefit from Arendt's strong expertise where they really need it. Most FFIs have already identified and classified their Reportable Accounts and "only" need assistance to produce and file the FATCA report to the ACD. Other FFIs may wish wider support. As a result, our FATCA reporting services are tailor-made and include some or all of the following:
The AIFMD imposes a series of reporting obligations, the content and frequency of which depend on several factors. The reporting obligations apply to EU and non-EU AIFMs: any placement of AIF shares/units in the EU, will trigger the reporting requirements.
Our expertise offers personalised and adjustable reporting solutions.
We propose you to benefit from Arendt’s strong expertise in EU regulations and, with the help of well-known IT solutions existing in the market, to comply with your reporting obligations with a minimum of investment costs.
Further, through our connection to most EU regulators and their reporting channels, we are able to assist you with your AIFM reporting duties throughout the EU.
Our services range from the simple filing with the CSSF of a report produced in-house by the AIFM to the complete outsourcing of the reporting process.
Since October 2014 at OECD level and December 2014 as regards the EU, the international community of States has adopted what is known as the Standard for Automatic Exchange of Financial Account Information in Tax Matters, which in effect will lead to global tax transparency. As from 1 January 2016, the vast majority of financial institutions located in 51 OECD States (among which the 28 EU ones) will need to identify and document, among others, the tax residency of account holders, natural or legal persons, and then report to the Luxembourg tax authorities in 2017, all financial account information about these persons which are resident in one of these States, in 2017.The OECD Common Reporting Standard creates the obligation for Luxembourg Financial institutions ("FIs") to report (the "CRS Report"), on an annual basis, detailed personal and financial information (the "Information") concerning certain account holders that have been identified and classified as reportable by the FIs to the Administration des Contributions Directes (the "ACD").
Although similar to FATCA in its concept and approach, CRS is different and new in terms of the volume of information and the number of account holders in scope.
Even if the details of each country regulation are not yet known, the main requirements are the followings:
We provide educational support to bring financial institutions up to speed with this new regulatory requirement and assist in:
Among other success factors, both a qualitative project management and a detailed business analysis prior to IT developments will be instrumental. Being one of the major components of the future fiscal transparency, we believe as well that the management of client communication is a key element to be considered within this project.
EMIR - European Market Infrastructure Regulation (No 648/2012)
EMIR came into force on 16 August 2012. It applies to any financial or non-financial entity incorporated in the EU that is counterparty to a derivative contract, and outside the EU under specific circumstances.
From the definition of your reporting strategy or target operating model and the selection of third party service providers to the detailed identification of missing data sources for your EMIR reporting, our experts , working hand in hand with the law firm, can assist you all the way.