arendter the
Luxembourg:
shooting
for the
stars REGULATORY EMIR: the art of managing risks International Direct China investments at your fingertips INNOVATION CAROL: first compliance online tool
No1
CONTENT
arendter the
EDITORIAL
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TAX Base Erosion and Profit Shifting: taxation and substance in a globalised world
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REGULATORY EMIR: the art of managing risks
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COVER STORY Luxembourg: shooting for the stars
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INTERNATIONAL Direct China investments at your fingertips
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ART Arendt & Art
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No1
The Magazine of Arendt & Medernach February 2014 Chief Editorial Officer: Benoît Egée Editorial staff: Pierre Beissel, Sophie Cuny, Philippe Dupont, Gilles Dusemon, Guy Harles, Stéphane Karolczuk, Isabelle Lebbe, Alexander Olliges, Odile Renner, Henning Schwabe, Florence Stainier, Jean-Marc Ueberecken Conception & coordination: 360Crossmedia Artistic Director: Frank Widling Cover photo: © SpaceX Print run: 2000 copies
Training 19 Arendt Institute: genesis of a training institute INNOVATION 20 CAROL: an online aid to regulatory compliance Meet Arendt 22 Meet Arendt around the world in the coming months the arendter
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Š SES
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the arendter
EDITORIAL
Dear
Reader, We are pleased to present you with our new magazine “the arendter�. This publication will give you a quick overview of key topics related to your daily business. In the constantly evolving legislative environment, it is crucial for any entity to obtain the most recent information impacting its business, be it legal, financial or technological. It has always been a priority for us to keep our clients, partners and contacts informed via our legal and tax updates, newsflashes and brochures, which deliver in-depth commentary on legislative updates. As an additional feature, this new magazine aims to provide you with quick insights into topical subjects that may affect you and, where particularly of interest, to guide you directly to more detailed articles on the web. We wish you a pleasant reading. Kind regards, The editorial team
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TAX by Guy Harles Base Erosion and Profit Shifting
Taxation and substance in a globalised world
© Arendt
Tax planning may be legitimate, but it has been industrialised by some into an aggressive industry in a way that media and individual citizens no longer regard as fair, and that governments are increasingly treating as abusive. The time has come to strike a balance.
Guy Harles, Senior Partner, Co-Chairman
Born out of crisis The prolonged economic downturn that began in 2008 and the related growth of budget deficits in most countries has prompted governments to look at ways of expanding their tax base, rather than simply increasing the rates at which existing taxes are levied. The crisis has been accompanied by an increase in protectionism and a greater willingness of politicians to intervene in the economy. However, it has not stemmed the globalisation of business as companies increasingly spread their business throughout the world. Organisations that 40 years ago would have been active in just a single country today have their headquarters in one country, production facilities in others, and sell to markets across the globe. This situation has not helped multinational organisations in that they are often blamed for a crisis that they did not create. What’s enough, and too much? Like other expenses, taxes represent a cost to companies, and they have no duty to pay more than they need to. However, fairness demands that companies do have a genuine presence in the country where they pay taxes. For many decades, long before cross-border investment was fashionable, Luxembourg has rolled out the welcome mat for international companies and staunchly rejects protectionism in all its guises. But the Grand Duchy has also made common cause with its neighbours to
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prevent the use of ‘letterbox companies’ and other tactics designed to minimise groups’ tax liability. A business hub of substance Luxembourg has provided a home to international companies including RTL, SES, Skype, Ceratizit and Amazon (which has several hundred local employees) as well as homegrown steel giant ArcelorMittal. The Grand Duchy has a long experience as a launchpad into international markets and hub for crossborder business, thanks to its unique mix of advantages such as a multinational and multilingual workforce, central geographic location and infrastructure of service providers. That’s why Luxembourg remains today a magnet for the multinationals of tomorrow in which they can set up their headquarters and activities of substance to support their business throughout the world.
More information
Please refer to our website, www.arendt.com/events and have a look at the presentation of our Tax Seminar dated 21 October 2013.
Ultimately the main victim of countries’ protectionism is the health of their own companies.”
© ONT
Guy Harles
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Regulatoryby Henning Schwabe
EMIR*: the art of managing risks
Š Arendt
In the light of the financial crisis of 2007 caused by a lack of transparency, EMIR aims to monitor risks arising from OTC derivative contracts and to mitigate systemic risk. Henning Schwabe, Partner
Risk monitoring In order to enable the European Union to monitor the relevant risks, counterparties and CCPs (Central Counterparties) must ensure that details of each derivative contract they have concluded and any modification or termination of the contract are reported to a TR (Trade Repository) within one working day following the conclusion, modification or termination of such contract. The above-mentioned reports must use a unique product identifier and a LEI (Legal Entity Identifier) to identify the derivative contract as well as the counterparties and other entities. Following the registration of the first TRs under EMIR, including Regis-TR S.A., based in Luxembourg, the reporting will start on 12 February 2014 for all listed and OTC derivative contracts. Risk mitigation The risks related to OTC derivative contracts, especially counterparty and operational risk, must be mitigated by introducing clearing obligation and risk mitigation techniques. Clearing: the clearing obligation shall apply to financial
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counterparties as well as to non-financial counterparties which exceed certain clearing thresholds, as defined in the regulatory technical standards. This obligation will further apply to counterparties of an OTC derivative contract which are established in third countries, should they be subject to the clearing obligation if established in the European Union, provided that the contract has a direct, substantial and foreseeable effect within the European Union. Risk mitigation techniques: financial as well as non-financial counterparties that enter into an OTC derivative contract not cleared by a CCP must put in place appropriate procedures and arrangements to measure, monitor and mitigate in particular operational risk and counterparty credit risk. Since 15 March 2013 and 15 September 2013, counterparties have had to comply with
EMIR aims to monitor risks arising from OTC derivative contracts and to mitigate systemic risk.”
© 360Crossmedia/B.J
Henning Schwabe
different risk mitigation requirements, such as timely confirmation of the OTC derivative contract concluded between the counterparties, portfolio reconciliation, portfolio compression and dispute resolution. Collateral The exchange of collateral, as a further risk mitigation technique, has not yet been determined by technical standards. However, in order to achieve consistent global standards on margin requirements for non-centrally cleared OTC derivative contracts, the G-20 instructed the Basel Committee on Banking and Supervision (BCBS) and IOSCO to develop such standards. In September 2013 BCBS and IOSCO published the final policy framework that establishes
minimum standards for such margin requirements. These provisions will now need to be implemented into European legislation by technical standards. *European Market Infrastructure Regulation
More information
Please refer to our website, www.arendt.com/publications and have a look at the Newsflash entitled EMIR Start of the reporting obligation in February 2014 dated 8 November 2013.
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Cover Story by 360crossmedia
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Luxembourg:
shooting for the
stars Š SpaceX
People often describe Luxembourg as a country that has successfully evolved from a steel-based economy into a major financial centre. But the Grand Duchy has also managed to build on the success of its local radio and TV broadcaster, RTL, to become a global leader in the use of space technology.
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Cover Story We appreciate SES’s early confidence in SpaceX.”
© SpaceX
Elon Musk, SpaceX CEO
SES Launched in Luxembourg in 1985, SES (Société Européenne des Satellites) is one of the world’s leading global satellite operators, with a fleet of 55 geostationary telecommunications satellites that reaches 99% of the world’s population. Initially established with a single mission, to broadcast TV channels to European audiences, SES today provides a full range of satellite telecommunications and related services in every corner of the globe. The company’s customer base consists of broadcasters, corporations, government agencies and institutions. Its satellites bring nearly 6,000 TV and radio channels to an audience of more than 245 million homes worldwide, making SES the world’s leading platform for the distribution of audiovisual media. Pionneering with SpaceX SES satellites provide a vital communications link for corporations and telecommunications operators around the world. In the Asia-Pacific region, for example, SES satellites deliver internet access to remote areas that lack terrestrial networks; in Africa they connect mobile telephony networks.
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SES satellites are also used by embassies for secure communications networks and by NGOs for emergency communications in disaster areas. To harness the growth potential of its developing markets, SES implements the industry’s most ambitious fleet development programme. It regularly launches new satellites and stunned the industry in March 2011 by announcing it would become one of the first clients of SpaceX, the company created by PayPal and Tesla founder Elon Musk. The launch of the SES-8 satellite, placed in orbit on 3 December 2013, followed a perfect flight and a first geostationary transfer orbit for SpaceX. “We appreciate SES’s early confidence in SpaceX,” Musk says; three further launches have been booked. Chief Technology Officer Martin Halliwell insists that reliability, availability and cost remain the critical factors for SES. Privately-owned SpaceX has been able to disrupt the market by offering lower prices, more innovation and greater availability than its publicly-funded competitors. A spacial ecosystem SES has generated a space ecosystem comprising
GT SATELLITE SYSTEMS S.A.
An interview with Philippe Cahen, Managing Director How is your company involved in the satellite broadcasting sector? The company’s activities involve three segments: 1. Satellite Communications. Using proprietary and leased satellite capacity, we deliver to our customers – mostly national, regional and international TV broadcasters – satellite capacity plus a full range of added-value services including encryption, uplink, downlink, compression and dubbing. Our company is recognised as a fully independent satellite service provider active mainly in Asia and specifically, within the countries of the former Soviet Union. Unlike the major satellite operators, which launch their own satellites, our company is a virtual operator that co-invests in and co-manages capacity from different geostationary satellites. 2. Media. We currently own and produce six thematic TV channels and plan to launch a Philippe Cahen seventh channel in early 2014. Most of our channels are considered ‘premium’, in that they enjoy a top ranking in TNSGallup polls and are recognised as high performers within their core markets, mainly Russia and other former Soviet countries. Today we reach a client base of nearly 20 million subscribers, representing some 60 million TV viewers. 3. DTH. We operate a direct-to-home satellite TV distribution platform as a joint venture with Sweden’s Modern Times Group, delivering a package of 90 channels and positioning our company in the ‘high quality - moderate price’ segment.
Satellite industries are by nature cyclical.
© DR
© DR
Jean Ries
companies including GT SATELLITE SYSTEMS, Luxspace and Eurocomposite. The creation of a “Space Cluster” to attract more players from the industry to Luxembourg is only a start – some people are already booking their tickets into space. In 2008 Luxembourg national Jean Ries was one of the first to pay $200,000 – “the price of a big car, a small boat or a great horse” – for a seat in Virgin Galactic’s planned space shuttle. The realisation of Richard Branson‘s latest venture is taking longer than expected: the first flights have been repeatedly postponed. But whenever they happen, Luxembourg will be a part of it.
More information
www.ses.com www.spacex.com www.myofficialstory.com/jeanries
How are you involved with Baïkonur, Kourou and the satellite launch industry? Our first co-investment was in a satellite launched from Baïkonur in October 1999; unfortunately, the launch was unsuccessful and the satellite was destroyed. Since then we have participated in a number of other launches from Baïkonur. At the same time, one of our companies is a co-owner of a major satellite to be launched in January 2014 from Kourou. It’s true that the Russian launch and satellite industries have recently experienced a series of problems, but these businesses are by nature cyclical. We expect the problems to be identified and resolved, and Russia to return to the forefront of the space industry, where in the past it has been an innovator and leader. What future do you see for Luxembourg's spacerelated activities? Today these activities are mostly linked to SES as well as a few other companies operating closely with the European Space Agency. It would be good for Luxembourg to diversify and build up expertise of its own. As I understand, this is currently happening and significant R&D investment is being made.
More information www.gtssgroup.com
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International by Stéphane Karolczuk
The willingness of the Chinese government to open China’s capital market led to new regulatory developments regarding QFII and R-QFII, which have brought them greater compatibility with UCITS. By approving the first R-QFII UCITS, Luxembourg has shown that it has what it takes to keep its first mover advantage regarding PRC strategies, fully take advantage of new opportunities regarding QFII and R-QFII and encourage managers to use the Luxembourg brand to market those strategies globally.
© Arendt
Direct China investments at your fingertips
Stéphane Karolczuk, Arendt & Medernach, Head of Hong Kong Office
QFII QFII funds are subject to various limitations such as (i) lock-up periods during which repatriation of monies from the PRC are prohibited, (ii) requirements for administrative prior approval for
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repatriations and (iii) ceilings setting maximum amounts which can be repatriated over a given period of time. The amendment of the QFII rules in 2012 regarding Open-end China Funds made them benefit from a lock-up reduced to three months, and the
A door has been opened with the approval in Luxembourg of the first R-QFII UCITS but this is only a starting point.”
© DR
Stéphane Karolczuk
ability to repatriate on a weekly basis without prior approval by Chinese authorities within lowered limits. In the light of those changes the Luxembourg regulator indicated that it could consider lifting its traditional soft 35% limit in relation to exposure of UCITS to China A-Shares and other PRC assets. SIFs have been structured as QFII Open-end China Funds to benefit from this flexibility and this possibility is now open to UCITS. R-QFII R-QFII licenses and quotas were originally made available only to subsidiaries of Chinese fund management and securities companies raising RMB in Hong Kong, with a view to reinvesting these RMB in the PRC. For them no lock-up period, a daily liquidity and no limitations on repatriations would apply. The restriction as to where RMB have to be raised, which led to the requirement for the fund being domiciled in Hong Kong, disappeared in 2013, which is consistent with the willingness of PRC authorities to allow managers to raise RMB in other RMB financial centres. The approval of the first R-QFII UCITS is in line with these developments, and Hong Kong, London, Singapore and Taiwan managers, who benefit from R-QFII, are expected to use their quotas with Luxembourg UCITS. Certain challenges
remain such as (i) the eligibility of the securities to be invested and the markets on which those securities are traded, (ii) the overall liquidity of the portfolio, (iii) risks associated with those investments, (iv) custody and segregation aspects, etc. Conclusion A door has been opened with the approval in Luxembourg of the first R-QFII UCITS, but this is only a starting point. QFII and R-QFII managers are encouraged to use Luxembourg funds to implement their PRC strategies to benefit from the UCITS passport and the AIFMD passport, allowing an efficient distribution of their products in the EU and abroad.
More information
Please refer to our website, www.arendt.com/publications and have a look at the Newsflash entitled QFII, R-QFII and Luxembourg funds dated 11 December 2013.
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ART
Arendt
&Art
© Arendt
An interview with Mr Philippe Dupont. Philippe Dupont, Partner
Philosophy For Arendt & Medernach, contemporary art is, first of all, a passion. For a number of years, the firm has been involved in the art of photography, exhibiting artists from all over the world in its building situated in Kirchberg, Luxembourg. Works of well-known artists such as Beat Streuli, Marie-Jo Lafontaine, David LaChapelle, Candida Höfer and Dionisio González have been exhibited along with the works of young talents. Progressively, Arendt & Medernach has built up its own art collection, representative of the main currents in contemporary photography. With time, art has become a veritable communication project, directed at the inside as well as the outside of the firm. By creating an evolving work environment, Arendt & Medernach has the ambition to show that the work of a lawyer is like art and requires permanent questioning to encourage change and evolution. Massimo Vitali Together with our curator, Paul di Felice of Café Crème, we decided to have the works of Massimo Vitali exhibited in our space. Massimo Vitali’s images are crowded and dense and rich with banal detail. Large masses of people congregate closely together — trying to relax or play — while wedged between the sea and man-made industrial urban landscapes. There is so much happening in each of these photos, and yet nothing is really happening, and perhaps that is what makes
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them so fascinating. When viewed as “normal” size (mural size) prints, you are confronted with hundreds of candid “portraits” and sociologically rich documents. The guilty pleasures of voyeurism are heightened by the large scale and intricate detail. Your eyes are drawn from one situation to the next, and your imagination begins to create little stories to explain these random frozen moments. Arendt’s patronage As a logical extension of our approach, we collaborate with Mudam Luxembourg, a museum dedicated to contemporary art in Luxembourg. This engagement reinforces
Š Eric Chenal Š Eric Chenal
Paul di Felice, Massimo Vitali, Guy Harles
one of the values of our policy towards art: the sharing of richness and emotions. We are also part of the "European Month of Photography" (EMOP) network through our photography award, the "European Month of Photography Arendt Award". EMOP was created in 2004 by the European House of Photography in Paris and progressively joined by eight major European cities. Since 2004, these capitals, museums, galleries and institutions dedicated to photography have organised series of exhibitions over a pre-set period (one month or more) based on a theme of their choice. The European Month of Photography Arendt Award is granted
every second year to a visual artist who is part of the common exhibitions throughout Europe and elected by a jury consisting of famous curators. Finally, we also support the Edward Steichen Award Luxembourg, a biennial incentive, which supports emerging European talents in the field of contemporary art. It was initiated to offer an opportunity for young practitioners to expand their horizon, as well as to contribute to establishing networks between international artistic communities. A particular emphasis is placed on links between the art communities of Luxembourg and New York, where Edward Steichen, a world renowned artist, curator and museum director of Luxembourgish origin, gained artistic prominence. The laureate of the Edward Steichen Award is hosted for a six months residency in New York, at the International Studio and Curatorial Program (ISCP), the premier residency-based contemporary art center in the United States for artists and curators around the world. The Edward Steichen Award Luxembourg Laureate 2013, Sophie Jung, will be part of the forthcoming show at our premises in March 2014.
More information
www.arendt.com/arendt-art www.mudam.lu www.emoplux.lu www.edward-steichen-award.lu
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arendt institute
training agenda February 2014 Wed 12
9 a.m. - 12 p.m.
Fund Regulatory Landscape: let’s focus on investor protection
Tue 25
9 a.m. - 12 p.m.
Lutte contre le blanchiment d’argent - développements récents
Wed 26
2 p.m. - 6 p.m.
Depositary: new role for a well-known player?
Thu 27
9 a.m. - 5 p.m.
Droit International Privé
March 2014 Tue 18
9 a.m. - 1 p.m.
Luxembourg - the Head traffic control of Fund distribution
Wed 19
9 a.m. - 1 p.m.
Action time for securitisation
Thu 20
9 a.m. - 12 p.m.
Anti-Money Laundering - recent developments
Tue 25
9 a.m. - 1 p.m.
EMIR: plug and play
Wed 26
9 a.m. - 12 p.m.
Dematerialisation: a paperless world – challenges and opportunities
Thu 27
9 a.m. - 12 p.m.
Workshop: Impôt des sociétés - détention de sociétés transparentes
April 2014 Wed 2
2 p.m. - 5 p.m.
Modernisation of the Luxembourg Limited Partnership: how to rediscover what is considered an Anglo-Saxon success?
Thu 3
9 a.m. - 5 p.m.
Navigating through the AIFMD AIFMD Workshops:
Thu 24
10 a.m. - 12 p.m.
AIFMD transparency and reporting: get started!
1:30 p.m. - 3:30 p.m.
Remuneration: do not gamble!
3:45 p.m. - 5:45 p.m.
Your substance matters
May 2014 Tue 13
9 a.m. - 12 p.m.
Anti-Money Laundering for Investment Funds
Wed 14
9 a.m. - 12 p.m.
Directors’ duties and liabilities - mere child’s play?
Thu 15
9 a.m. - 12:30 p.m.
Failed Business - now what?
Wed 21
9 a.m. - 1 p.m.
All you need to know about corporate administration
June 2014
Play by the rules
Tue 3
2 p.m. - 5:30 p.m.
Workshop: Déclarations fiscales des SOPARFIs - formulaire 506A
Wed 4
1:30 p.m. - 5:30 p.m.
Comment gérer au mieux vos contrôles TVA?
Thu 5
9 a.m. - 12 p.m.
MiFID: Rules of Conduct - Practical Implications
Wed 18
2 p.m. - 5 p.m.
Les secrets de l’échange de renseignements en matière fiscale
Thu 26
9 a.m. - 12:30 p.m.
PE/RE fund structuring: the must-know and the must-haves!
To learn more about our training sessions and subscribe online please visit: www.arendtinstitute.com
Training Arendt Institute
Genesis of a training institute
© Arendt
All our lawyers and experts are trained in the latest legislative developments in order to adapt to our clients’ needs. Moreover, they are often called upon to speak at conferences or provide training. The Arendt Institute was set up in response to the requirements of our clients, who take part in courses and share their experiences with professionals evolving in other businesses. Isabelle Lebbe, Partner
Who is your target audience? We cater for a large, international audience including top executives, legal experts, risk and compliance managers and other operational officers at various levels. In some cases, we train executives and managers from the same group, spread across several European countries. We have to find solutions adapted to the needs of this particular audience, since they are often very busy and have to travel over long distances. When the particular situation does not lend itself to distance learning, we ask our experts to travel or our staff in our international offices to carry out the training. Therefore, our training solutions must be creative and flexible. We also provide tailor-made individual training for foreign executives newly posted to Luxembourg. The programme is designed 'à la carte' to enable these individuals to be quickly operational in their new role while investing a minimum amount of time. How do you differ from your competitors? As we have previously highlighted, our trainers are highly specialised in their subject matters and are able to handle increasingly complex issues and questions, often of a strategic nature. We offer complete training solutions which deal not only with legal, regulatory and tax aspects, but also with operational aspects thanks to the joint presence of our lawyers and the experts from Arendt Regulatory Solutions. This combined expertise allows for a sharing of experience which enriches exchanges and provides greater insight into the subject matter
dealt with. Our training offer is also supplemented by topics proposed by Arendt Services. What new challenges do future training courses face? The Luxembourg financial market is ever more demanding due to the uncertainties brought about by the economic climate. As well as the structural constraints, there are obligations relating to the publication of the new circulars, such as the circular letter 12/552, as amended, on the central administration and risk governance. The new tasks, responsibilities and requirements imposed on the Board of Directors of banks or investment companies create the need for regular training. It is vital for these professionals, who fulfil strategic roles, to be trained by experts who are actively involved in day-to-day business and keep abreast of the latest legislative developments. At present, it is not sufficient to be up to date with the most recent regulations or circulars in force, it is also necessary to understand all the actions undertaken by different stakeholders, anticipate forthcoming changes and, above all, remain one step ahead of everyone else.
More information
www.arendt.com/institute or contact Anne Oberlé, Arendt Institute Manager, at anne.oberle@arendt.com
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Innovation Arendt Regulatory Solutions
CAROL:
© Arendt
To help financial firms cope with an ever-growing regulatory burden, Arendt Regulatory Solutions has developed CAROL, an online compliance monitoring tool designed for Luxembourg-based UCITS and alternative fund managers, banks and investment firms.
© DR
An online aid to regulatory compliance
© DR
Odile Renner, Arendt Regulatory Solutions, Chairman of the Management Committee
Coping with increasing regulatory demands Over the past five years the regulatory burden on providers of financial services has been growing almost exponentially. Keeping up with new requirements is becoming ever more difficult. The brunt of the additional workload falls on compliance officers, who must come to grips with new regulatory requirements as well as address specific compliance issues, on top of their day-to-day responsibilities. Meanwhile the potential reputational, financial and business risks from compliance failures are higher than ever. These developments have prompted Arendt Regulatory Solutions to create CAROL (Compliance And Regulatory Oversight onLine), an IT tool enabling users to supervise the compliance of entities with their regulatory requirements.
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A practical Calendar
Flexible and secure CAROL is used by professionals at Arendt Regulatory Solutions when providing outsourced compliance services. It is suitable for a broad range of Luxembourg-based financial businesses including UCITS and alternative fund management companies, banks and investment firms. A secure ‘software as a service’ application, CAROL has the flexibility to meet the compliance needs of different types of financial businesses and their respective entities while being accessed by multiple users within each company. It offers an online facility to keep track of periodic control requirements applicable to the entity in question and provides a real-time status overview measured as a percentage score for each
CAROL
TM
Compliance And Regulatory Oversight onLine
A complete Workspace
Keeping up with new requirements is becoming ever more difficult.�
Š DR
Odile Renner
A clear Dashboard
compliance area, as well as facilitating updating and reporting. Interactive and user-friendly CAROL enables users to access legislation, regulations and circulars relevant to their business through a Regulation Mapping feature that is constantly updated with direct links to official texts and translations if available. A dashboard feature allows users to consult regulatory issues by theme or topic and obtain real-time compliance scores. They can manage and enter updates in a Workspace and measure the sensitivity of different requirements and the risk of failure to comply. A calendar feature allows easy visualisation of control
deadlines, and users can add documents, for instance setting out complaisance details, to share or access directly from the application.
More information
Arendt Regulatory Solutions proposes regulatory advice and assistance to professionals in the fund and asset management sectors. To know more about Arendt Regulatory Solutions, please refer to the website: www.arendt-ars.com
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Meet Arendt Meet Arendt around the world in the coming months
January
2014
13-14
Asian Financial Forum (AFF), Hong Kong
22
Arendt Seminar, European Market Infrastructure Regulation (EMIR), Luxembourg
March
2
Arendt Seminar in Dubai and fifth anniversary of local Arendt & Medernach office opening
4
Arendt Seminar in Kuwait City
9-10-11
IBA, International Bar Association, 15th Annual International Conference on Private Investment Funds, London
11-12-13-14
MIPIM, the leading real estate event for property professionals, Cannes
13
Arendt Exhibition, "The world is blue like an orange", Justine Blau, Irene O’Callaghan and Sophie Jung (winner of the Edward Steichen Award Luxembourg 2013), Luxembourg
18-19
2014 ALFI Spring Conference, Luxembourg
31 and April 1-2-3 Fund Forum Asia 2014, Hong Kong
April
9-10-11
ABA 14th Annual Tax Planning Strategies – US and Europe, Geneva
More information Please refer to our website, www.arendt.com/events
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MU DA M L UX E MB O U R G 05/1 0/ 2013 – 0 9 / 0 6 / 2 0 1 4
LEE BUL Heures d‘ouverture : Mer - Ven, 11h00-20h00. Sam - Lun, 11h00-18h00. Fermé le mardi. Lee Bul, Cyborg W1, 1998 Collection Artsonje Center, Séoul © Photo : Watanabe Osamu. Courtesy Mori Art Museum, Tokyo
Mudam Luxembourg