has liquidated the Luxalpha fund, for which UBS AG (UBSN.VX) acted as a custodian, and the Herald fund, for which HSBC (HSBA.L) had been a depositary bank.
Tax revenues from the financial sector (2006) As a % of aggregate general Amount government (EUR tax million) revenue (%) Profit tax and miscellaneous taxes paid by banks 904 10.4 Profit tax paid by insurance and reinsurance undertakings 115.2 1.3 Profit tax paid by PFS and management companies 288 4.4 Subscription tax on corporate securities 651.1 7.5 Total 22.5 Source: CSSF
, CAA and STATEC.
The Commission de Surveillance du Secteur Financier (CSSF
) is an independent government body under the jurisdiction of the Ministry of Finance that serves as the prudential oversight authority for banks, credit institutions, the securities market, some pension funds, and other financial sector entities covered by the country's anti-money laundering and terrorist financing laws.
The agreement with Commission de Surveillance du Secteur Financier will lay the foundation for a very constructive working relationship between the CSSF
and the Regulatory Authority."
Rasmala recently launched the Rasmala Palestine Equity Fund, which is the first Special Investment Fund - regulated by the Commission de Surveillance du Secteur Financier (CSSF
) in Luxemburg - dedicated to investing in stocks listed on the PEX.
Finally, Luxembourg's market watchdog CSSF
decided to stop evaluating the transaction for the locally based private banker.