AGEFI Luxembourg - juin 2025

Juin 2025 17 AGEFI Luxembourg Conseil / RSE I nMay 2025, EYLuxembourg gatheredprofessionals from across the asset servicing indus- try to share critical insights into regulatorydevelopments, techno- logy adoption, and tax policy. This article provides a comprehensive summary of the event’s key contri- butions. The panelists’ interven- tions revealednot only the state of themarket but also the pressing risks andopportunities shaping the industry in the year ahead. Digitalization in Asset Servicing 2025 Highlights from Akash Sharma, EY LuxembourgSeniorManager,Technology Consulting Akash initiatedthediscussionbypresent- ing the results of theannual EYdigitaliza- tion survey, 2025 edition, which drew responsesfrom48companiesacrossfund administrators,ManCos, andother stake- holders. The findings reflect the sector’s growingmaturityintermsofdigitalambi- tion, but also itspersistent executiongaps. Keyfigures to remember: Over91%ofsurveyedfirmsclaimtohave a digitalization strategy, yet only a subset have achieved full alignment with their enterprise-wide objectives. Larger firms tend to lead in this area, often appointing dedicated digital officers (CBOs/CDOs) empowered to execute strategies, and push toward SaaSmodelswithproducti- zation of services. These mature actors report up to 25%greater operational effi- ciency,provingthatstrategyaloneisinsuf- ficient; execution is everything. On fund- ing, more than 90%have allocated budg- ets to digital initiatives, though full fund- ing is slightlydeclining.Many companies underestimate ROI timeframes; only 5% expect returns in under 18months, while most accept a2–3year horizon.Without a clear business case, funding remains volatile, especially under private equity- backedpressures for fast results. Whenitcomestooperatingmodels,most firmsfavorinternaldigitalteams,supple- mented by selective partnerships. Larger and medium-sized companies leverage structured collaborations, while smaller actorsstillrelyonadhocapproaches.The key lies in balancing in-house develop- ment with external tech solutions and integration. Customer centricity, surpris- ingly, emerged as the top driver of digi- talization in 2025, surpassing operational efficiency. Yet only 45%of firms consider themselves truly customer-centric. Most interactions remain driven by emails, ad hoc workflows, and manual client engagement methods. A disconnect per- sists between how firms perceive their own customer centricity, and how their clients actually experience it. Akashhighlightedseveralhigh-valueuse casesforGenAIadoption,suchasend-to- endonboarding,boardpackautomation, risk scoring, and document generation. Despite these possibilities, only 3% of firms report more than 90% operational digitalization, and just 20% exceed the 70% mark. Fragmentation, lack of stan- dardization, and legacy workflows remainbarriers.Toolfatigueisalsoacon- cern. Companies report integration hur- dles, poor customization, and opaque licensing models. Akash advises a triad approach:aligntoolswithbusinessneeds, ensure technical scalability, and monitor total cost of ownership. The risk of dupli- cated investment across disconnected applications is real. Finally, the digital skills gap looms large. With 25% of jobs expected to be impacted by GenAI and 10% of roles potentially redundant — especially in data entry — the need for reskillingiscrucial.Investmentininternal talent, university partnerships, and e- learning is becoming critical. Digital SurveyResults& Investment TaxCredits Highlights from Nicolas Volfart, EY Luxembourg Senior Manager, Business Tax Services (BTS) Nicolasdeliveredpracticalupdatesonthe Luxembourg investment tax credit’s pro- cedure.While the underlying framework remainsunchanged,significantprocedur- al reforms were introduced. Notably, the request for the attestation of eligibility must nowbe submitted via aMyGuichet digitalform,replacingthe“paper”process and formalizing the digital workflow. Although the “paper” form still exists, it nolongerrequiresasignature,aslegalval- idationnowrestswith thedigital submis- sion,howeveritstillneedstobeappended to the digital request. A key update also concerns the new “financial annex,” which breaks down HR, training, and technical costs of the project. Finally, Nicolas warned of increased scrutiny from the Ministry, which has revamped its teamand started raisingmoredetailedquestions.Themes- sage is clear: eligibility no longer hinges on superficial filings. Robust, coherent documentation is nowessential. NavigatingTP: Transfer Pricing forAsset Servicers Highlights from Susana Romero, Senior Manager, Transfer Pricing and Eduardo Medina, EY Partner, Consumer Products and Services andTransfer Pricing Susana and Eduardo highlighted com- mon intercompany transactions carried out by the asset management clients servedbyassetservicersandsharedsome recentlocalandinternationaltransferpric- ing (TP) developments relevant to the assetmanagementindustry.Inparticular, they presented themain takeaways from the new German Administrative Principles for Transfer Pricing and Luxembourgcourtcasen°50.602Cwhere the Court confirmed the judgment of the AdministrativeTribunalonthereclassifi- cation as equitymade by the tax authori- ties on an Interest-Free Loan granted to a Luxembourgcompanybasedonthesub- stance over formprinciple. Finally,SusanaandEduardotouchedbase ontheimpactofTPcomplianceacrossthe key risk management functions carried out by asset servicers (onboarding, com- pliance,legal,accounting,tax,directorship mandates) and the trends seen across Luxembourgplayersintheassetservicing industry and their asset management clients to tackle Luxembourg TP compli- ance functions. KeyConsiderations inUSTax Policy Highlights fromAlexandre Pouchard, EY Luxembourg Partner, International Tax andTransaction Services In thewake of the recent elections, theUS taxpolicyoutlook is poised for significant transformation, particularly for multina- tionalenterprisesnavigatingthecomplex- ities of international taxation. Alexandre outlined critical U.S. tax developments in the draft US tax legislation, often referred to as the “big beautiful tax bill,” empha- sizing that while this bill has the potential to reshape the tax landscape, it still requiresSenateapproval,leavingroomfor potential amendments. Recent changes in US domestic tax law furthercomplicatethelandscape,impact- ing global business operations and com- pliancestrategies.Aspolicymakersdelib- erate, multinational companies must remain vigilant, as the implications of these changes could affect their opera- tional strategies, compliance obligations, and overall tax liabilities. The evolving tax framework presents both challenges and opportunities, urging businesses to adapt proactively to the shifting regula- tory environment. FATCAandCRS RegulatoryUpdates Highlights from Dan Zandona, EY Luxembourg Partner, Tax, Business Tax Services DanZandonaprovidedacomprehensive and compliance-focused update on the latest developments regarding FATCA and CRS during the roundtable discus- sion. He began by highlighting a crucial 2023 regulation that mandates formal notificationtoindividualaccountholders and controlling persons reported under CRS prior to CRS report submission to tax authorities. This requirement neces- sitates that operational workflows inte- grate this essential communication step to ensure compliance. Additionally, Dan addressed the poten- tial expansionof reportable jurisdictions under CRS. As of the date of the round- table, the listwas not updated. Recently, on 11 June 2025, Luxembourg's Official Gazette published Grand-Ducal Regu- lation of 6 June 2025 amending Grand- Ducal Regulation of 15 March 2016, as amended, implementingArticle 2, para- graph 4 of the Lawof 18December 2015 on theCRS, updating itsCRSReportable and Participating Jurisdictions lists, as follows: -Armenia,Georgia,MoldovaandUkraine have been added to the Participating Jurisdictions list; and - Armenia, Rwanda and Senegal have been added to the Reportable Jurisdic- tions list. As a consequence, these lists come into force on 15 June 2025 and are applicable for the 2024 reporting year. Turning to DAC8 and the forthcoming amendments to DAC2, Dan discussed the significant challenges that asset ser- vicers will face, particularly concerning reporting requirements. Key reporting fieldswill include the roles of controlling persons, account status (whether newor pre-existing), self-certification details, andaccount types. Theseupdates are set to take effect in 2026, and it is imperative for organizations to begin preparations, as they will involve comprehensive changes to systems, data management, processes, and people. In conclusion, Dan issued a critical rem- inder: the ACD and CSSF are now coor- dinating audits, and on-site inspections may involve joint visits.As a result,main- taining robust internal controls, aligning withAMLregulations,andensuringaudit readiness have become essential practices rather thanoptional considerations. RegulatoryConvergence: DAC6, AML-Tax, and theRise ofAMLA Highlights from Hakim Arrez, Manager, Business Tax Services (BTS) Hakimwrappedup the roundtablewith a forward-looking view on regulatory convergence. He emphasized that tax, regulatory, and AML authorities now cooperate routinely, and minor lapses (e.g., onboarding inconsistencies) can trigger multi-regime exposure. He illus- trated how inconsistencies in policies or training can escalate quickly under today’sinspectionstandards.Evenminor gaps — like outdated AML logs — can trigger reputational and financial conse- quences. He urged firms to unify gover- nance, reinforce staff training, and docu- ment compliance efforts. Hakim also introduced AMLA, the upcoming EU Anti-Money Laundering Authority,whichwill eventuallyoversee national regulators (including the CSSF) and harmonize risk scoring. Though still in development, its operational conse- quencesarealreadyforeseeable.Hakim’s closingmessagewas clear: compliance is no longer a matter of ticking boxes, it must be coordinated, documented, and defensible under scrutiny. Conclusion The 2025 EY Asset Servicers Tax Roundtable laid bare the dual impera- tives facing the industry: to embracedig- ital transformation and to stay ahead of an increasingly integrated regulatory environment. Across all interventions, the same themes recurred: execution, documentation, cross-functional collab- oration, and technological agility. Whether navigating CRS reform, US policy, or transfer pricing complexity, asset servicersmust combine tax insight with operational excellence and digital strategy. As regulatory scrutiny rises and client expectations grow, success in 2025 and beyond will hinge on pre- paredness, adaptability, and vision. Driving Transformation in Tax, Compliance, and Regulation through Digitalization, Transparency, and StrategicAlignment Asset Servicers TaxRoundtable event held on the 22nd ofMay 2025 at EYLuxembourg L ’année 2024 marque un nouvelle dynamique pour OneLife. La compagnie d’assurance-vie luxembourgeoise a en effet enregistré une forte croissance, avec 1,3milliard d’eu- ros de primes collectées (+25%) et franchit, pour la première fois, le cap symbolique des 10milliards d’euros d’actifs sous gestion. Dansuncontexteéconomiqueplusfavo- rable, OneLife a tiré parti de sa stratégie de diversification géographique et des investissementsréalisésdepuis2023pour renforcer ses services. Résultat : unbéné- fice net en hausse de 21 %, à plus de 16 millionsd’euros, et un ratiode solvabilité porté à 139%. « L‘année 2024 a été un excellent millé- sime pour OneLife. Dans un contexte d’attraitgrandissantpourl’assurance-vie luxembourgeoise, la stratégie de déve- loppement que nous poursuivons depuis 2023 a porté ses fruits, nous per- mettant de passer la barre symbolique des10milliardsd’eurosd’actifssousges- tion », a déclaré Bruno Valersteinas (photo), CEO de OneLife. « Plus encore que de nos résultats commerciaux et financiers solides, nous sommes fiers d’avoir continuéàenrichirnotreoffre, en proposantànosclientsdenouvellessolu- tions d’assurance et de nouveaux par- cours digitaux ». Deuxinitiativesstructurantesonteneffet vu le jour au cours de l’année passée : le lancementd’unparcoursdesouscription 100%digital –déployé enBelgique et en France – et l’ouverture d’une succursale belge, accompagnée du lancement du contratBeLife.Cesavancéesrenforcentla présencedeOneLifesurunmarchébelge, marché historique ainsi qu’en France, autremarchéstratégiquepourlacompa- gnie. Cette dynamique s’accompagne aujourd’hui d’un nouveau plan straté- gique baptisé Focus&Grow, qui trace la feuille de route 2025–2028. Les objectifs : renforcer l’écoute et la satisfaction client, optimiser les services via la digitalisation (avec un recours accru à l’IA), et affirmer l’engagement sociétal de l’entreprise. OneLife entend ainsi jouer pleinement son rôle d’assureur responsable, d’acteur social engagé et d’employeur attentif. L’entreprise a d’ailleurs obtenu la certifi- cation Great Place to Work début 2025 pour la seconde fois consécutive. Portéeparsesrésultats,satransformation digitaleetsonancrageeuropéenrenforcé, OneLife entendpoursuivre sa croissance tout en restant fidèle à sa mission : être proche de ses clients, tout en anticipant les enjeuxde demain. OneLife dépasse les 10 milliards d’euros d’actifs et accélère sa transformation ©EY