September 2015 - Regulatory reporting updates

Regulatory reporting: from FATCA to Solvency II with Fundsquare's e-file.lu

For companies complying with new regulatory reporting requirements, summer was a busy time

Fundsquare continued to roll out services during the summer and among these were FATCA reporting transmissions. An important deadline for regulatory reporting in Luxembourg was 31 August, the date for the transmission of the first FATCA reports.

To assist non-US companies in Luxembourg, Fundsquare, via its e-file.lu secure communication platform, is a mandatory channel for transmitting these reports to the local tax office.

By the time of the deadline, more than 6,700 reporting entities had chosen to use e-file.lu.

This means that around 70% of all companies in Luxembourg who fall under the remit of FATCA are now using the platform for report transmissions.

Focus now on reporting for insurers and Solvency II

By the end of September 2015, all insurers in Luxembourg should have notified the insurance regulator (the CAA) of their choice of a secure transmission channel for Solvency II regulatory reporting.

E-file.lu is one of these channels and Fundsquare is now finalising the onboarding  of a number of insurance companies.

This is the initial step for Solvency II reporting in Luxembourg and the first transmissions are scheduled for 15 December 2015.

Aiming for the Common Reporting Standard

FATCA reporting is considered to be a first step to a much broader exchange of information under the Common Reporting Standard (CRS).

The CRS will bring about the exchange of information among all OECD countries worldwide.

The CRS will come into effect in stages and Fundsquare is actively working on implementing it.

_{Published on: 30 September 2015}

Fundsquare News 23 - September 2015