Draft Law 6858 on Automatic Exchange of Information
The Draft Law N° 6858 on Automatic Exchange of Information and the transposition into national law of the Council Directive 2014/107/UE of 9 December 2014 has been published on 14 August 2015.
The present draft aims also at introducing into Luxembourg law the Common Reporting Standard (CRS). The CRS requires reporting on investment income, account balances, and sales proceeds from financial assets, whether held by individuals or entities. Financial institutions that must report under the CRS include banks, custodians, brokers, and some collective investment vehicles and insurance companies.
The draft relates moreover to the approval of the Multilateral competent authority agreement on automatic exchange of information relating to financial accounts. On 29 October 2014, 51 jurisdictions, including Luxembourg, signed this Multilateral agreement which ensures the implementation of this standard between the signatory jurisdictions. Luxembourg is committed to implement the automatic exchange as from 2017 for the period relating to 2016.