Luxembourg funds face new UK post-Brexit regulations
The United Kingdom is set to roll out its new post-Brexit regulations for EU funds selling to British investors, which will affect the way funds registered in Luxembourg do business, the UK regulator has said.
Before the UK withdrew from the European Union, funds registered in Luxembourg but managed out of London and that were selling to British investors were covered by EU law. Since Britain’s departure, Luxembourg funds in a transition period have been treated as if Brexit never happened.
This will come to an end when the UK rolls out its overseas funds regime in April 2024, Mhairi Jackson, who manages the funds and asset management policy area at the Financial Conduct Authority (FCA), the UK regulator, said at the annual gathering of Luxembourg and London fund players last week.
UK bank bonuses raise challenge for Luxembourg
The UK’s decision to scrap limits on how big a bonus bankers can collect is another twist in the tightening competition for the talent that drives Luxembourg’s key financial industry, its advocates said Wednesday.
The Bank of England and the UK’s Financial Conduct Authority said in a report on Tuesday that bonus caps imposed by the EU limited London’s ability to attract labour. The move abolishes a 2014 rule that limited bonuses for bank and investment firm employees within the EU to twice their base pay. The new rules take effect on 31 October.
Luxembourg’s legal quarter struggles for space amid hiring spree
New premises to house the overspill of magistrates and clerks from Luxembourg’s legal quarter in the historic heart of the capital are being sought, the justice ministry has said, as the Cité Judiciaire complex struggles to find space for swelling numbers of staff.
The Cité Judiciaire, a centralised hub for the capital’s courts and tribunals as well as the home of agencies such as the public prosecutor’s office, was officially opened at the end of 2008.
However, the site is stretched to capacity, with staff numbers at the country’s various courts and legal bodies increasing by almost 15% between 2019 and last year.
Head of Luxembourg international school suspended from post
The head of one of Luxembourg’s six international schools has been suspended from his post after a disciplinary investigation was launched against him.
The reasons for the suspension of Jean Billa, the only director of the Lycée Edward Steichen in Clervaux since it opened its doors in 2018, remain unclear, the Luxemburger Wort reported on Monday.
A file has been sent to the disciplinary commission for the public service, while a file has also been sent to the public prosecutor’s office, a spokesman for the prosecutor’s office confirmed.
Voting rights to be restored for disenfranchised UK nationals
UK nationals living in Luxembourg who have been barred from voting in British parliamentary elections could see their rights restored in time for the next general election.
That is the consequence of a move this week that saw the statutory instrument on overseas voting regulation, part of the 2022 Elections Act, being published and laid before both Houses of Parliament.
