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> > > Structuring securitization transactions in luxembourg – analysing recent legal and tax developments

Structuring securitization transactions in luxembourg – analysing recent legal and tax developments

Droit fiscal

Date : 04/10/2018 Horaires : 14h00 - 17h00 (accueil à partir de 13h30) Lieu : Novotel Luxembourg Kirchberg - Fort Niedergrünewald - Quartier Européen Nord - Plateau de Kirchberg - L-2226

Thématique : Legitech en collaboration avec Sedlo Law firm et ATOZ Tax Advisers

Luxembourg is a major financial centre and securitization transactions are an important element of the financial industry. Broadly speaking, securitization comprises the acquisition by a securitisation vehicle of various assets such as real estate loans, mortgages, auto loans, credit card debt obligations and the financing of these assets with the issuance of securities. The yield of the amounts to be paid to the investors in the securitization vehicle is linked to the yield generated by the underlying assets.

However, the legal and tax environment surrounding the Luxembourg securitization landscape is constantly evolving.

From a legal perspective, the coming into force in 2019 of Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised (STS) securitisation will create a new framework for certain type of securitisations.

We will analyse the main features of Regulation 2017/2402 and how the current Luxembourg securitisation regime and the Luxembourg financial industry (including the Luxembourg service providers active in the securitisation field) might be impacted by the coming into force of this new Regulation.

As regards tax aspects, the OECD worked as part of its Base Erosion and Profit Shifting (“BEPS”) Project on the design of new tax rules to be implemented in domestic tax law and tax treaties. Within the EU, BEPS measures will need to be implemented by EU Member States in accordance with the EU Anti-Tax Avoidance Directive (ATAD/ATAD 2). The different measures that may affect both existing and new securitization transactions need to be implemented in 2019 and 2020. Thus, it has to be analysed whether structure alignment might be required in regard to existing investment structures and how new investments might be structured in an efficient manner.

Moreover, we have seen some developments in regard to VAT that may impact securitization vehicles. Given the strong ties between Luxembourg and London, the VAT consequences of the upcoming BREXIT may also be of interest when it comes to securitization transactions.

Objectives of the workshop

Upon successful completion of this workshop, the participants will:

  • receive a reminder of the main legal aspects of the current Luxembourg securitisation law
  • receive an overview of the main features of the new Regulation 2017/2402
  • understand how the Luxembourg financial industry and the current Luxembourg securitisation regime may be impacted by the new Regulation 2017/2402
  • understand the concrete impact of the different BEPS measures on securitization transactions
  • have a clear view on which BEPS measures will generally not impact securitization transactions
  • understand which Luxembourg tax law changes may impact existing and new securitization transactions
  • have an overview of VAT developments that may impact securitization transactions (including developments in relation to BREXIT)

Public cible

banks, investment funds, insurance companies, management and mutual fund companies, legal, tax and financial officers, financial engineering managers, lawyers, consultants.

Programme

  • Legal update:
    • Overview of the main current Luxembourg legal mechanisms in relation to securitisation
    • Analysis of the main features of Regulation 2017/2402
    • Analysis of the impact Regulation 2017/2402 on the current securitization regime and on the Luxembourg financial industry.
  • Tax update: Structuring SV transactions in the post-BEPS era
    • Overview of the OECD BEPS Project
    • Analysis of the relevant BEPS measures that need to be implemented by the Luxembourg legislator in accordance with ATAD / ATAD 2
    • Analysing potential issues and solutions in regard to Luxembourg securitization transactions
    • Case studies
    • Overview of recent VAT developments

*

Intervenants

Adrian Sedlo, Partner, SEDLO LAW FIRM

Adrian is the founding partner of Sedlo Law Firm, a Luxembourg based law firm specialising in financial law.

He has 20 years of experience in setting-up Luxembourg securitization vehicles and has worked for a long time in the Luxembourg offices of Anglo-Saxon “magic-circle” firms. He is well-known for his expertise in Luxembourg securitization law.

He has written several articles on different aspects of Luxembourg financial law as well as on the legal treatment of derivatives in Luxembourg.

He is an active speaker at financial industry events and provides training and courses on Luxembourg securitization law.

 

Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers

Oliver R. Hoor is a Tax Partner in the International and Corporate Tax Department of ATOZ. He is also heading the transfer pricing practice and the German desk of ATOZ.

His professional qualifications include the Luxembourg Certified Accountant (Expert Comptable) and the German Certified Tax Advisor (Steuerberater). He holds a degree in business administration with a major in tax from the University of Applied Sciences of Trier (Germany).

Oliver has more than 15 years of practical experience in Luxembourg and international taxation with a focus on Alternative Investments (Private Equity, Real Estate, Sovereign Wealth Funds, Hedge Funds and Securitization), Mergers & Acquisitions and Multinational Groups.

Oliver has published more than 180 articles and books on Luxembourg and international taxation, including transfer pricing and the OECD Base Erosion and Profit Shifting (“BEPS”) Project, the OECD Model Tax Convention and tax treaties, EU Law and the State Aid investigations of the EU Commission. Oliver is further a regular speaker at conferences and lecturer with House of Training and Legitech.

 

Silvin Leibengut, Tax Director (VAT), ATOZ TAX ADVISERS

Silvin has more than 5 years of experience in Luxembourg indirect tax advisory and compliance with a focus on Private Equity, Real Estate, Securitization transactions and Multinational Corporations.

He advises a wide range of international clients on Luxembourg indirect tax matters related to cross-border transactions, set-up of investment structures, acquisitions and divestitures.

Langue : Anglais

 

Cette formation d’une demi-journée est agréée par le Barreau de Luxembourg dans le cadre de la formation continue.

Prix : 345€ HTVA

Tarif étudiant : 48,55€ HTVA, soit 50€ TTC (à condition d’envoyer une copie de sa carte étudiant et une attestation d’inscription)

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