Regulatory watch

Welcome to our new Regulatory Watch section


Other publication

This site has been created to help our clients navigate through the ever increasing complex financial regulatory environment and to anticipate some of their challenges and opportunities. 

Please find here the latest European and international updates concerning tax, regulations, laws and directives that we feel are pertinent to you. Downloads are restricted  to Alter Domus' clients only.


For further information or if you have any questions please do not hesitate to    


Regulatory watch

Topic News Area Territory Date Link to the news Month Year

Update on the 5AMLD and the Central Register on Beneficial Ownership

Reg Ireland 02/01/2018 January 2018
Investment Firm Regulation

Central Bank of Ireland publishes second edition of Investment Firm Regulations 2017

Reg Ireland 02/01/2018 January 2018
Post-Trade Transparency

BaFin approves later publication of transactions

Reg Germany 02/01/2018 January 2018

FSMA publishes a communication on "FINPRO" application intended for the electronic notification of KIDs

Reg Belgium 02/01/2018 January 2018
Fund listing

Irish Stock Exchange publishes updated Code of Listing Requirements and Procedures for investment funds

Reg Ireland 03/01/2018 January 2018

11 amendments to the Bill 7128

Reg Luxembourg 09/01/2018 January 2018
Financial Sector

5 amendments to the omnibus Bill 7024

Reg Luxembourg 09/01/2018 January 2018

Multilateral Agreement on Exchange of Financial Account Information

Tax Belgium 10/01/2018 January 2018
Company Law

Amending RESA Regulation published in the Memorial A

Reg Luxembourg 11/01/2018 January 2018
Reporting for Listed Companies

SGX consults on quarterly reporting

Reg Singapore 11/01/2018 January 2018
Data Protection

New data protection rules in the Fiscal Code from May 2018

Tax Germany 12/01/2018 January 2018
Distribution of investment funds

BaFin published a Guidance pursuant to sec. 329 of the German Capital Investment Act 

Reg Germany 12/01/2018 January 2018
Risk management

Irish regulator streamlines risk management reporting for UCITS funds

Reg Ireland 14/01/2018 January 2018

FSMA releases FAQ with regard to certain matters regarding takeover bids and market abuse regulations

Reg Belgium 15/01/2018 January 2018
Product Intervention

BaFin explains pan-European instrument for strengthening consumer protection

Reg Germany 15/01/2018 January 2018
Reporting for Listed Companies

SGX consults on Listing Rule changes consequential to Code of Corporate Governance review

Reg Singapore 16/01/2018 January 2018

The AMF’s guide on the funding of research within MiFID II

Reg France 17/01/2018 January 2018

BMF publishes circular on the treatment of donations

Tax Germany 18/01/2018 January 2018
Distribution of investment funds

First market reports under MiFID II

Reg Germany 18/01/2018 January 2018
Real Estate Collateral

BaFin published a national Q&A on CRR requirements for the monitoring of real estate collateral

Reg Germany 18/01/2018 January 2018

AMF’s 5-year strategic plan

Reg France 18/01/2018 January 2018
Verification of minimum knowledge

Equivalence between certain British requirements on the suitable competences and the certified French examination

Reg France 22/01/2018 January 2018

Commission communicates on the direct application of GDPR as of 25 May 2018

Reg EU 24/01/2018 January 2018
Tax update

Notice regarding indexation of tax scales - Tax year 2019

Tax Belgium 26/01/2018 January 2018
Financial Services Action Plan

IFS2020 Action Plan for 2018

Reg Ireland 30/01/2018 January 2018
Financial instruments

Complex and non-complex financial instruments classification

Reg France 31/01/2018 January 2018
Corporate law reform

Amendment to the draft bill of law of 7 December 2017 regarding the reform of corporate law

Reg Belgium 01/02/2018 February 2018

Irish Government Publishes Data Protection Bill 2018

Reg Ireland 01/02/2018 February 2018

CySEC issues a circular on assessment of reports on prevention of ML/TF

Reg Cyprus 05/02/2018 February 2018
MiFID II Implementation

ESMA publishes the German version of the Guidelines for the target market

Reg Germany 05/02/2018 February 2018
Cybersecurity Regulation

Cybersecurity Bill passed by Parliament

Reg Singapore 05/02/2018 February 2018
Notification of Foreign Relationships

Federal Ministry of Finance has updated existing rules for notification of foreign relationships

Tax Germany 05/02/2018 February 2018

AMF study on the fees charged by UCITS distributed in France

Reg France 06/02/2018 February 2018

Upcoming change to AIF rulebook for Loan originating Qualifying Investor AIFs

Reg Ireland 07/02/2018 February 2018
Consensus on the Coalition Agreement

Large number of provisions will impact the tax system

Tax Germany 07/02/2018 February 2018
Consensus on the Coalition Agreement

Financial investment brokers under BaFin’s supervision in the future?

Reg Germany 07/02/2018 February 2018
Double Taxation Treaty

Double Taxation Treaties (updated February 2018)

Tax Ireland 07/02/2018 February 2018
Minimum Competency Regime

Update to Minimum Competency Code 2017 and Minimum Competency Regulations 2017 - Questions and Answers

Reg Ireland 07/02/2018 February 2018
Notification Regulation

BaFin started a consultation on the amendment of the Notification Regulation

Reg Germany 07/02/2018 February 2018
Client Onboarding

MAS Encourages Financial Institutions to Use Technology to On-board Customers More Efficiently

Reg Singapore 07/02/2018 February 2018

Commission amending Regulation published in the OJEU

Reg EU 08/02/2018 February 2018

Communication on the publication of a new AML/CFT section on NBB website

Reg Belgium 08/02/2018 February 2018

Commission issues notices to stakeholders on consequences of Brexit for financial sector

Reg EU 08/02/2018 February 2018
CbC reporting

Further guidance provided

Tax EU 08/02/2018 February 2018

4AMLD Transposition Law enters into force on 18 February 2018

Reg Luxembourg 14/02/2018 February 2018
Financial Services

GFSC issues Financial Resources Requirements Rules for the Fiduciary Sector

Reg Guernsey 15/02/2018 February 2018

Update to guide on filing a FATCA return

Tax Ireland 16/02/2018 February 2018
Interpretation Guidance on Remuneration Ordinance

BaFin publishes an interpretation guidance on the Remuneration Ordinance for Institutions

Reg Germany 16/02/2018 February 2018
Government Budget Announcement

Singapore Budget 2018

Reg / Tax Singapore 19/02/2018 February 2018
Tax update

Circular 2018/C/26 concerning the value to be taken into account when allocating or paying movable income in the form of securities

Tax Belgium 20/02/2018 February 2018
Initial Coin Offerings

BaFin publishes an advisory letter on the classification of tokens and cryptocurrencies

Reg Germany 20/02/2018 February 2018
Common corporate consolidated tax base

New EU corporate tax plan

Tax EU 21/02/2018 February 2018

Guidelines on the management body of market operators and data reporting services providers

Reg Belgium 21/02/2018 February 2018
OTC Derivative Trading

MAS consults on Regulations to Require OTC Derivatives to be Traded on Organised Markets

Reg Singapore 21/02/2018 February 2018

Chamber of Commerce and IRE issue opinions on Bills 7216 (Trust Register) and 7217 (REBECO)

Reg Luxembourg 22/02/2018 February 2018

AMF’s legal analysis of the offer of cryptocurrency derivatives

Reg France 22/02/2018 February 2018

Summary of responses to the AMF consultation on initial coin offerings

Reg France 22/02/2018 February 2018
Open-ended and Real Estate Funds

BaFin consultation on sample templates for cost clauses for open-ended retail AIFs and real estate funds

Reg Germany 22/02/2018 February 2018

CySEC issues a Circular on best practices and weaknesses identified during ML/TF focused inspections

Reg Cyprus 23/02/2018 February 2018
Investment advice

Brochure to apply for an authorization as a portfolio management and investment advice company 

Reg Belgium 23/02/2018 February 2018
Tax cooperation

Bill n°7250 transposing the EU Regulation 2016/679 relating to protection of private data

Tax Luxembourg 23/02/2018 February 2018

Amendments to IFRS 2 published in the OJEU

Reg EU 27/02/2018 February 2018

European Commission publishes draft Article 50 Withdrawal Agreement

Reg EU 28/02/2018 February 2018
Transfer Pricing

Singapore introduces new transfer pricing rules and guidelines

Tax Singapore 28/02/2018 February 2018

Guidance for Completion of the Anti-Money Laundering, Countering the Financing of Terrorism and Financial Sanctions: Risk Evaluation Questionnaire 2018

Reg Ireland 01/03/2018 March 2018
Fairness Tax

Belgian Constitutional Court annuls Fairness Tax

Reg Belgium 01/03/2018 March 2018
Income tax treatment of trading in bitcoins

Hamburg Ministry of Finance on the income tax treatment of trading in bitcoins

Tax Germany 01/03/2018 March 2018
TAXE III Committee

Approval by the EU Parliament

Tax EU 01/03/2018 March 2018
Common Reporting Standard

Consolidated list of jurisdictions subject to CRS for the year 2017

Tax Luxembourg 05/03/2018 March 2018
Capital Requirements

Guidelines on uniform disclosures as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds

Reg Belgium 06/03/2018 March 2018

Commission action plan on financing sustainable growth

Reg EU 08/03/2018 March 2018

Central Bank of Ireland announces Thematic Inspection of UCITS Performance Fees

Reg Ireland 11/03/2018 March 2018
Mandatory Exchange of Information

Commission welcomes adoption of far-reaching new transparency rules for tax advisers in the EU

Tax EU 13/03/2018 March 2018
Mandatory Exchange of Information

DAC 6 - EU finance ministers agree on mandatory disclosure rules for intermediaries

Tax EU 13/03/2018 March 2018

CSSF issues circular 18/684

Reg Luxembourg 14/03/2018 March 2018
Anti-Money Laundering Act

Anti-Money Laundering Act - BaFin has started a consultation on a draft of interpretation and application guidance

Reg Germany 15/03/2018 March 2018

Consultation on Draft Regulation of Fiduciaries, Administration Businesses and Company Directors

Reg Guernsey 15/03/2018 March 2018
Common Reporting Standard

Filing Portal now open for returns under the Common Reporting Standards

Tax Ireland 16/03/2018 March 2018

Rights of Individuals under the GDPR

Reg Ireland 16/03/2018 March 2018
Double Tax Treaty

Ratification of the double tax treaty between Luxembourg and Cyprus

Tax Luxembourg 22/03/2018 March 2018

European Commission amends Commission Regulation (EC) 1126/2008 as regards IFRS 9

Reg EU 22/03/2018 March 2018

Bill 7199 officially adopted

Reg Luxembourg 22/03/2018 March 2018

It’s a go for the option to apply VAT on ‘new’ immovable letting

Reg Belgium 24/03/2018 March 2018

Law of 26 March 2018 containing provisions related to the reformed regime for private equity AIFs

Reg Belgium 26/03/2018 March 2018
Tax update

Tax treaty Belgium - Japan

Tax Belgium 26/03/2018 March 2018
Double Tax Treaty

New double tax treaty signed between France and Luxembourg

Tax Luxembourg 28/03/2018 March 2018

CSSF issues circular 18/687 on transitional arrangements

Reg Luxembourg 28/03/2018 March 2018
Listing on SGX

SGX consults public on proposed safeguards for dual class share listings

Reg Singapore 28/03/2018 March 2018
Country by Country Reporting

Heavy CbCR files can be downloaded on

Tax Luxembourg 29/03/2018 March 2018

Central Bank of Ireland publishes review of the regulatory framework for Irish UCITS (CP 119)

Reg Ireland 29/03/2018 March 2018
Tax update

Catch all

Tax Belgium 29/03/2018 March 2018
Data Analytics

MAS and financial industry to develop guidance on responsible use of data analytics

Reg Singapore 02/04/2018 April 2018

Data Protection Bill 2018 passed by the Irish Senate

Reg Ireland 03/04/2018 April 2018
Corporate Governance

SGX RegCo launches SGX Fast Track programme for companies with good corporate governance standing

Reg Singapore 04/04/2018 April 2018
Common Reporting Standard

Singapore Activated Three New Relationships for Automatic Exchange of Financial Account Information in 2018

Reg Singapore 09/04/2018 April 2018
Corporate Tax Return

Compulsory deposit via electronic means

Tax Luxembourg 09/04/2018 April 2018
Provisions on the Valuation of Property

Provisions for the purpose of real estate tax are unconstitutional according to the German Constitutional Court

Tax Germany 10/04/2018 April 2018
Tax Treatment of Profits

Disposal of partnership interests is not unconstitutional - constitutional complaint unsuccessful

Tax Germany 10/04/2018 April 2018
Data Protection Directive/GDPR

Commission publishes Art. 29 WP Guidelines on consent

Reg EU 11/04/2018 April 2018
Data Protection Directive/GDPR

Commission publishes Art. 29 WP Guidelines on transparency

Reg EU 11/04/2018 April 2018
Common Reporting Standard

Release of the public consultation on abusive schemes

Tax EU 14/04/2018 April 2018
Compliance Function

Royal Decree of 15 April 2018 approving the NBB regulation of 6 February 2018 on the expertise of those responsible for the compliance function

Reg Belgium 15/04/2018 April 2018
Liquidity Contracts

AMF notes ESMA’s negative opinion concerning the project to introduce a new accepted market practice governing liquidity contracts

Reg France 16/04/2018 April 2018

Parliament votes at first reading on 5AMLD

Reg EU 19/04/2018 April 2018
Market Volatility

AMF study on the strong volatility observed on the markets in early February 2018

Reg France 19/04/2018 April 2018

AMF ombudsman 2017 annual report

Reg Luxembourg 19/04/2018 April 2018
Supervisory Priorities

Speech: the Asset Management Sector - supervisory insights with a changing landscape

Reg Ireland 19/04/2018 April 2018

Decree n°2018-284 strengthening the framework on anti-money laundering measures and the financing of terrorism

Reg France 20/04/2018 April 2018

FSMA Communication on the overall assessment of money laundering and terrorist financing risks

Reg Belgium 20/04/2018 April 2018

Art. 29 WP issues position paper on derogations from the obligation to maintain records of processing activities under Art. 30(5) of GDPR

Reg EU 23/04/2018 April 2018

Commission proposes Directive on whistle-blower protection in 10 policy areas

Reg EU 23/04/2018 April 2018
Circular Letter

Scope of the VAT exemption for credit management

Tax Belgium 24/04/2018 April 2018
Double Tax Treaty

ALFI releases its opinion on the new convention between France and Luxembourg

Tax Luxembourg 24/04/2018 April 2018
Securitization Regulation

Federal Ministry of Finance consults on draft law modifying the financial market legislation

Tax Germany 24/04/2018 April 2018

Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018

Reg Ireland 26/04/2018 April 2018

Further legislative steps on Bill 7217 (REBECO)

Reg Luxembourg 26/04/2018 April 2018
Conduct in Financial Institutions

Consultation Paper on Proposed Guidelines on Individual Accountability and Conduct

Reg Singapore 26/04/2018 April 2018
Liquidity Management

AMF modifies its General Regulation and updates its doctrine

Reg France 26/04/2018 April 2018
Minimum Requirements for Custody Business

BaFin starts a consultation on MaDepot

Reg Germany 26/04/2018 April 2018

BVI calls for extension of temporary PRIIPs exemption for investment funds

Reg Germany 26/04/2018 April 2018

Updated AIFMD Q&A document

Reg Ireland 04/05/2018 May 2018
Complaint Management

Minimum requirements for complaint management: BaFin publishes a circular

Reg Germany 04/05/2018 May 2018
Non-cooperative Jurisdictions

Defensive measures issued by the Luxembourg tax authorities

Tax Luxembourg 07/05/2018 May 2018
Share Classes

AMF modifies its General Regulation and its doctrine on UCITS and AIFs share classes

Reg France 07/05/2018 May 2018
Transfer Pricing

FAQ issued on the Belgian transfer pricing documentation requirements

Tax Belgium 07/05/2018 May 2018

Royal Decree of 8 May 2018 implementing the reformed regime for private equity AIFs

Reg Belgium 08/05/2018 May 2018
Compliance Function

NBB and FSMA Communications on the implementation of their compliance Regulations 

Reg Belgium 08/05/2018 May 2018

Data Protection Commissioner publishes guidance on the GDPR

Reg Ireland 08/05/2018 May 2018
Taxable Income per Share

Belgian TIS: New Practice Note on the deduction of costs

Tax Belgium 09/05/2018 May 2018

Council adopts 5AMLD

Reg EU 14/05/2018 May 2018
Late Payment of Taxes

Statutory interest rate levied on late payment of taxes no longer up-to-date according to the Supreme Tax Court

Tax Germany 14/05/2018 May 2018
Certificate of Residence

New procedure applicable for Luxembourg investment funds, investment fund managers and securitization undertakings and UCITS and AIFM/ESMA attestations for non-EU countries

Tax Luxembourg 15/05/2018 May 2018
Financial Services

CSSF launches new e-Desk portal

Reg Luxembourg 15/05/2018 May 2018

Further legislative steps (Bill 7184)

Reg Luxembourg 15/05/2018 May 2018
Securities Lending

Securities lending and securities repurchase agreements under the German Investment Tax Act

Tax Germany 15/05/2018 May 2018

AMF publishes its 2017 annual report

Reg France 17/05/2018 May 2018

Decree on administrative sanctions

Reg Belgium 17/05/2018 May 2018
Goods and Services Tax

Claiming GST on Expenses for Qualifying Funds

Tax Singapore 18/05/2018 May 2018

Additional comments and recommendations on selected topics

Reg Belgium 22/05/2018 May 2018

Updated Self-Certification Forms for the Common Reporting Standard and FATCA

Tax Ireland 22/05/2018 May 2018

Information update on EU General Data Protection Regulation (GDPR)

Reg Ireland 22/05/2018 May 2018
Tax on Securities Accounts

Belgian Minister of Finance agrees about a loophole

Tax Belgium 22/05/2018 May 2018

Enforcing the GDPR: where does the Irish Data Protection Commission stand?

Reg Ireland 23/05/2018 May 2018
AIF Reporting

BCL issues circular 2018/241 on new statistical data collection for non-regulated alternative investment funds

Reg Luxembourg 24/05/2018 May 2018

Commencement of Irish Data Protection Act 2018

Reg Ireland 24/05/2018 May 2018

Mandatory disclosure rules for intermediaries (DAC6) formal adoption

Tax Belgium 25/05/2018 May 2018
Tax on Securities Accounts

Practice Note provides further guidance

Tax Belgium 25/05/2018 May 2018
Fairness Tax

Belgian Constitutional Court annuls Fairness Tax

Tax Belgium 28/05/2018 May 2018

Commission services consult on draft delegated regulations concerning safekeeping duties of depositaries until 26 June 2018

Reg EU 29/05/2018 May 2018

Joint Unit of the ACPR and the AMF publishes its 2017 annual report

Reg France 30/05/2018 May 2018

Implementation of the Directive 217/593/EU

Reg Luxembourg 30/05/2018 May 2018
Tax and Duty Manuals

Irish Revenue publishes updated Tax and Duty Manuals

Tax Ireland 30/05/2018 May 2018

Implementation of the Directive 2014/65/EU and of Regulation 600/2014/EU

Reg Luxembourg 31/05/2018 May 2018

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