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The government has recently proposed changing how the Deposit
Guarantee System ("DGS") in the Netherlands is financed.
Under the proposed system, banks would contribute to the DGS each
quarter in advance. The contributions would be added to the deposit
guarantee fund from which compensation claims can be paid. If there
is insufficient money in the fund, the shortfall will be shared
between banks. Banks will no longer be able to take part in the
system for free - even a bankrupt bank will have contributed to the
system. By having a risk-differentiated contribution, banks bearing
the least risk will pay the lowest premiums. In addition, the costs
will be spread out over time so that banks will no longer be faced
with one high charge.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Risk and Regulation Monthly provides a summary of the key International, European and UK regulatory developments and pertinent regulatory activity affecting the Financial Services industry.
Existing funds which no longer invest after July 22, 2013 are not required to comply with the provisions of the KAGB, even if the manager of such funds also manages funds which still make investments.
The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers.
The FSA has been in discussions with the banks with regard to them providing appropriate redress for affected customers in relation to the mis-selling of payment protection insurance.
The Court of Justice of the European Union has ruled that VAT on investment management fees paid by the trustees of a UK defined benefit pension scheme is irrecoverable under a VAT exemption for special investment contained in two EU Directives.
The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.
Directive 2011/61/EU on Alternative Investment Fund Managers comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds by Alternative Investment Fund Managers within the EU.
A summary of the most recent financial regulatory developments.
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