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> > > Structuring securitisation transactions in Luxembourg – analysing recent legal and tax developments

Structuring securitisation transactions in Luxembourg – analysing recent legal and tax developments

Droit fiscal

Date : 02/04/2019 Horaires : 14h00 - 17h00 (accueil à partir de 13h30) Lieu : Novotel Kirchberg

Thématique : Legitech en collaboration avec Sedlo Law Firm and ATOZ Tax Advisers

Luxembourg is a major financial centre and securitisation transactions are an important element of the financial industry. Broadly speaking, securitisation 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.

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 developments, the 2019 tax reform implementing the EU Anti-Tax Avoidance Directive and, in particular, interest limitation rules may have a significant impact on securitisation transactions. 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 securitisation 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 2019 tax reform and the different BEPS measures on securitisation transactions
  • have a clear view on which BEPS measures will generally not impact securitisation transactions
  • have an overview of VAT developments that may impact securitisation transactions (including developments in relation to BREXIT)

 

PUBLIC CIBLE

Lawyers, Corporate Services Providers, Accountants, Auditors, Issuers

 

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 securitisation 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 Luxembourg tax reform and its impact on securitisation transactions
    • Analysis of potential issues and solutions in regard to investments into distressed debt
    • 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 securitisation 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 securitisation 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 securitisation 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 Securitisation), Mergers & Acquisitions and Multinational Groups.

Oliver has published more than 200 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.

 

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)

 

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