The Common Reporting Standard: a challenge to anticipate from an operational perspective has been saved
The Common Reporting Standard: a challenge to anticipate from an operational perspective
- The new law on electronic archiving: a pioneering legal framework
- Complementarity with the eIDAS regulation
- Opportunities for the Luxembourg marketplace
The new law on electronic archiving: a pioneering legal framework…
As a result of the global move towards transparency, accelerated by the financial crises in the 2008-10 period, the ensuing State budget issues in many jurisdictions, and the significant catalytic effect of US imposed FATCA, the Common Reporting Standard (CRS) developed by the OECD very quickly became the undisputed global standard for automatic exchange of information in tax matters.
The Directive on Administrative Cooperation (DAC) was revised to include the CRS requirements on mandatory automatic exchange of information and was approved shortly thereafter, on 9 December 2014. In Luxembourg, Council Directive 2014/107/UE was transposed into national law in December 2015 to become applicable from 1 January 2016.
... complementary to the eIDAS regulation…
This Luxembourg legal framework that speeds up and broadens the digital transformation process is completed at EU level by Regulation 910/2014 on electronic identification and trust services adopted in July 2014. The eIDAS Regulation gives digital trust services, such as electronic signature and time-stamping for example, European legal value.
The complementarity between the EU eIDAS framework and the Luxembourg law on electronic archiving helps to strengthen digital trust and legal cross-border recognition of electronic documents that are stored in accordance with technical regulation requirements and controls applicable for PSDC certification.
...and creating opportunities for the Luxembourg marketplace
These legal tools give companies in the Grand Duchy a great opportunity to set themselves apart by offering innovative digital services such as digital safe services for documents with legal value. As Europe continues its shift towards a digital economy, this new law further enhances the attractiveness of the Luxembourg marketplace for international businesses.
The PSF industry can benefit from the competitive advantages that this new legal framework brings. In addition, support PSF will be able to expand their range of services thanks to the PSDC status, and to satisfy demands from clients facing the digital transformation challenge, while retaining the probative value of paperless documents.