With training courses covering a wide range of topics, we can help build your skills and confidence as a professional in business areas as wide ranging as alternative investments, asset management and insurance.
All courses are delivered by subject matter experts, so you can immediately apply the latest best practice.
If you're interested in booking an in-house training course, call or contact us to discuss your personal or your staff learning requirements.
Call Christophe Diricks, Head of Alternative Investments: +352 22 51 51 5111
Courses
What skills do you want to sharpen?
There’s a course to suit every professional. We even build tailor-made training courses for your needs.
Fast-track your learning with a training course that caters to you and your team’s pace, style and learning preferences.
Advisory essentials
- Valuation essentials — private debt
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This training gets employees up to speed with private debt valuation. The first part covers theoretical topics, including a general overview of valuation techniques, typical private debt terms, valuation analysis of debt instruments, and the most relevant valuation approaches (market, cost and income approaches). The second part is a valuation workshop that addresses practical case studies.
- M&A essentials for beginners
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Luxembourg has seen an increase in mergers and acquisitions (M&A) across sectors in recent years, and this trend is expected to continue.
This training introduces the different strategic and tactical objectives of these consolidations and the key elements of an M&A process, including counterparty selection, purchase price and payment, and share purchase agreements. It also presents a practical case study.
This training can be tailored to the specific audience and their prior knowledge of the topic.
- M&A essentials for experts
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As the M&A process is highly complex, all participants must understand the various steps and factors that influence stakeholders’ behavior.
A good understanding of key topics that influence the process is also necessary, including valuation and pricing, counterparties, closing mechanisms, purchase price adjustments and the relevant legal and regulatory frameworks, as well as the key mechanisms that impact these aspects.
- Valuation essentials for beginners
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We also provide an overview of commonly applied valuation methods, including the discount cash flow (DCF) model as part of the income approach, and comparable-traded multiple and comparable-transaction multiple methods under the market approach. And, through case studies and Excel modeling examples, we cover the basic principles of cash flow analysis, discount rate measurement, and market multiples.
- Valuation essentials for experts
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This training covers advanced business valuations using three main approaches: (i) the income approach, (ii) the market approach and (iii) the cost approach.
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We specifically focus on the discount cash flow (DCF) model as part of the income approach, and comparable-traded multiples and comparable-transaction multiples under the market approach. And, through case studies and Excel modeling examples, we provide critical insights into cash flow forecasts, discount rate analysis, and market multiples.
Financial reporting essentials
- IFRS is complex - tips and trick to comply with IFRS disclosures for funds
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This training will help financial statement preparers to comply with IFRS requirements when preparing note disclosures.
- IFRS Standards are complex — tips and tricks to comply with disclosures for real estate entities
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This training helps financial statement preparers comply with IFRS Standards when preparing note disclosures. We also cover i) updates to the Standards, including examples and guidelines on how to implement them and ii) insights into the regulatory findings on disclosures and how to prevent them.
The course is adapted to the participants’ knowledge: beginner (assistants), intermediate (supervisors) or advanced (managers).
- Accounting and reporting of carried interest under Luxembourg GAAP and IFRS® Standards
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This training helps preparers of financial statements and accountants to understand i) when and how to account for carried interest in the fund’s accounting records and/or in the carried interest partner’s accounting records and ii) how to present carried interest figures and disclosures in their respective financial statements, under Luxembourg GAAP and IFRS® Standards.
- Learn common traps when preparing cash flow statements
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This training helps financial statement preparers comply with IFRS Standards when preparing cash flow statements.
- ESG regulatory framework
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This training provides information on the definitions of sustainable finance, its impacts on the investment value chain, and key regulatory deadlines — i.e. SFDR entity and product requirements (Art. 8 and Art. 9 product classifications), including RTS, EU Taxonomy, CSRD, MiFID II and IDD (plus Solvency II).
It focuses on the role of ManCos in understanding the oversight framework to implement, and in understanding compliance obligations related to the Sustainable Finance Disclosure Regulation (SFDR) — and is suitable for management companies, fund managers, compliance teams, risk teams and board members.
- Sustainability risk
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In order to equip staff with appropriate knowledge and expertise on sustainability risks, as required by SFDR, UCITS and AIFMD delegated acts, this training takes you through the key elements for identifying and monitoring sustainability risks, in order to integrate them into a ManCo’s risk management framework.
It is suitable for risk teams and board members.
- MiFID II and IDD insights
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This is a detailed training focusing on MiFID II sustainability preferences, to enable you to assess whether a financial product may be sold as sustainable to end investors. Further insights are also provided on ESG considerations regarding conflicts of interest, investment objectives and investment advice.
It is aimed at teams who are in contact with distributors, client support teams, board members and any other MiFID-related teams.
- Principal adverse impacts (PAIs)
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This training zooms in on the requirements for and calculation of PAIs for financial market participants under SFDR, detailing the analytics to be used for the calculation of the different metrics.
It includes insights on calculating PAIs for investee companies, sovereigns and real estate assets — and is suitable for ESG teams and SFDR compliance teams.
- EU Taxonomy
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This detailed training focuses on EU Taxonomy alignment requirements, with a deep dive into the technical screening criteria of the climate delegated regulation. It also includes insights on the latest developments for the pending environmental objectives and for the Social EU Taxonomy and its potential future implications.
Additionally, it includes an overview of the tax subscription reduction for sustainable investments, and the process for performing a tax subscription reduction claim.
The course is aimed at ESG teams, SFDR compliance teams and tax teams.
- SFDR RTS product reporting
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This training examines the product reporting requirements under SFDR RTS — pre-contractual, website and periodic disclosures — including what information needs to be published, and where, key deadlines, and a detailed look at the template sections and specific graphs and charts required by the regulation.
It is suitable for ESG teams, SFDR compliance teams and reporting teams.
- ESG data
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This training focuses on ESG data, including current data challenges, key elements for the integration of ESG data and an overview of the key ESG data providers that are currently in the market (both third-party data vendors and public data sources).
It is suitable for ESG teams, SFDR compliance teams and data-related teams.
- ESG standards
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This training provides an overview of the ESG standards (GRI, PRI, SASB, etc.), as well as the labels (LuxFlag, Greenfin, etc.), currently available in the market, along with information on the steps needed to obtain them and other related points.
It is aimed principally at ESG teams.
- Preparing an INREV NAV calculation
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INREV’s goals include improving transparency and best practices within the European non-listed real estate sector and helping managers implement these in practice. Consequently, a number of asset managers are using INREV guidelines as a basis for their work.
The objective of the training is to provide insight into how to calculate and disclose an INREV NAV, which is a critical investor reporting element in the annual report.
- Basics of US GAAP
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With increasing numbers of investors interested in receiving US GAAP financial statements, asset managers are focusing on ensuring preparation and compliance of their financial reports with US GAAP.
This course will focus on the differences between other generally accepted accounting principles, such as the International Financial Reporting Standards (IFRS) and Lux GAAP, and specific financial statement categories and captions that are more particular to US GAAP, such as financial highlights, the schedule of investments, carried interest and others.
Regulatory, risk and AML essentials
- Liquidity risk management curriculum for beginners
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To help market players address their liquidity risk management challenges in an increasingly complex regulatory environment, we offer a training curriculum that covers all relevant areas from an audit and risk management perspective.
A team of experienced professionals provides an in-depth view of the relevant regulatory provisions, methodologies and market best practice.
This curriculum is fully modular, allowing you to tailor the training to your specific needs and requirements.
- Liquidity risk management curriculum for experts
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To help market players address their liquidity risk management challenges in an increasingly complex regulatory environment, we offer a training curriculum that covers all relevant areas from an audit and risk management perspective.
A team of experienced professionals provides an in-depth view of the relevant regulatory provisions, methodologies and market best practice, with a special focus on CSSF Circular 19/733 and the requirements for liquidity stress testing.
This curriculum is fully modular, allowing you to tailor the training to your specific needs and requirements.
- Let’s talk fees — for beginners
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This training focuses on the ESMA Guidelines regarding performance fee models, particularly for undertakings for the collective investment in transferable securities (UCITS) and some retail alternative investment funds (AIFs).
ESMA’s mapping exercise of national competent authorities showed a lack of harmonization of Member States’ approach to performance fees. Subsequently, ESMA published a consultation paper aiming to introduce minimum standards for performance fee models. The final Guidelines intend to harmonize how and when fund managers should charge performance fees to retail investors, and they apply to managers of UCITS and AIFs marketed to retail investors.
- Let’s talk fees — for experts
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This training focuses on the ESMA Guidelines regarding performance fee models, particularly for UCITS and some retail AIFs.
We lay out the detailed operational requirements and arrangements required to efficiently comply with ESMA’s final Guidelines on performance fees, and help you interpret them.
- This regulatory topic is HOT — for beginners
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The title says it all — get up to date with the current regulatory news.
In a world of ever-increasing market complexity and regulatory scrutiny, asset management employees must not only react to but also anticipate market demands and regulatory requirements.
In this training, we present the material impact, timeline, and regulatory classification of recent regulatory developments.
- This regulatory topic is HOT — for experts
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The title says it all — get up to date with the current regulatory news.
In a world of ever-increasing market complexity and regulatory scrutiny, asset management employees must not only react to but also anticipate market demands and regulatory requirements.
In this training, we present the material impact, timeline, and regulatory classification of recent regulatory developments.
- Let’s get illiquid — for beginners
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A practical guide to setting up an AIF in Luxembourg. AIFs are collective investment undertakings with a defined investment policy that is deployed by one manager for the benefit of all investors.
We present the Luxembourg investment toolbox and explain the differences between a regulated and unregulated AIF.
We also cover the thresholds set out in Article 3(2) of the Alternative Investment Fund Managers Directive (AIFMD), so you can determine whether a registered AIFM is sufficient for your AIF or if an authorized AIFM is required.
- Let’s get illiquid — for experts
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A practical guide to setting up an alternative investment fund management (AIFM) company in Luxembourg, including how to obtain the necessary approval from the national competent authority (Commission de Surveillance du Secteur Financier, or CSSF).
We provide an overview of the setup phase, including a three-step plan that covers the design of the AIFM’s operating model, the filing of the application, and the go-live (operationalization) of the AIFM. We share dos and don’ts and practical examples based on our extensive experience of the process.
- Regulating financial instruments
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Financial instrument traders are exposed to an ever-evolving regulation framework, including the Central Securities Depositories Regulation (CSDR), the European Market Infrastructure Regulation (EMIR), the Markets in Financial Instruments Regulation (MiFIR), the Securities Financing Transactions Regulation (SFTR), and the Short-Selling Regulation (SSR).
We present the basic and required knowledge of these regulations for bank employees and insurance and management company employees.
- Prudential reporting — get your reports ready for review
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This training covers the fundamentals of prudential reporting. We provide a solid understanding of the most relevant factors to consider when reporting transmissions, and cover Common Reporting Framework (COREP), Liquidity (LCR/NSFR) and Large Exposures (LAREX) reports.
- Daily fund risk reporting for beginners — market and liquidity risk
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Measuring and monitoring risks related to global exposure, counterparties, concentration and liquidity are the typical daily tasks of a junior risk manager in the market place.
The basic principles for monitoring the related risk of an investment fund portfolio are set out by Directive 2009/65/EC of 13 July 2009, Directive 2010/43/EU of 1 July 2010, and the related ESMA guidelines such as CESR 10-788 of 28 July 2010.
These standards are more easily measured on the liquid side; however, the AIFMD regulation has adapted these principles on the illiquid side.
- Anti-money laundering (AML) and countering terrorism financing (CTF) compliance
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The fight against money laundering and financing of terrorism has never been higher on the regulatory agenda, making accurate and up-to-date information on compliance with these regulations essential for those in the investment funds industry.
This training provides an overview of the AML and CTF regulatory framework, as well as an understanding of AML risks and red flags, among other related matters. It will enable you to pro-actively participate in the process of preventing money laundering and terrorist financing, and give you an overview of both Luxembourg and EU legal and regulatory requirements regarding AML/CTF.
- Governance – roles and responsibilities of IFM board members and senior management
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Major regulatory developments have resulted in considerable changes in the roles and responsibilities of the board of directors and the senior management (the conducting officers) of Investment Fund Managers (IFMs) over recent years. CSSF Circular 18/698 significantly reinforced the regulatory requirements governing the organization of IFMs.
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This training aims to give you a strong knowledge and understanding of the latest IFM governance roles and responsibilities, enabling you to understand and describe the governance framework applicable to IFMs, and assess the impacts of Circular 18/698 on significant operational tasks that are fundamental for IFM board members and conducting officers.
Tax essentials
- ATAD 2: 10% de Minimis Clause or "Acting Together" Concept
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The Second Anti-Tax Avoidance Directive (ATAD 2) applies to Luxembourg corporate taxpayers, including Luxembourg permanent establishments of foreign entities. It primarily targets payments that trigger a “deduction without inclusion” or “double deduction” mismatch outcome between associated enterprises or in the context of structured arrangements. Hybrid mismatches between associated enterprises arise when they exceed a certain percentage of voting rights or capital ownership of an entity — 25% for hybrid financial instruments and 50% for hybrid entities.
- DAC 6: a comprehensive toolkit — for beginners and intermediates
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EU Directive 2018/822 — known as DAC 6 — governs the mandatory automatic exchange of information in relation to reportable cross-border arrangements in the field of taxation. Its reporting obligations have applied since January 2021, but understanding their full extent remains complex.
This training aims to give you an understanding of the basics of the DAC 6 reporting obligations and their purposes and consequences, and is suitable for accountants, directors and lawyers, including those without a tax background.
- DAC 6: Which private equity/real estate fund transactions are reportable under DAC 6?
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DAC 6 reporting obligations have applied since January 2021, and intermediaries and taxpayers should have implemented a sound process for these by now. But the application of the subtleties of the rules to practical situations, including cross-border private equity or real estate fund transactions, may still prove challenging due to discrepancies between different EU Member States’ own DAC 6 rules and, sometimes, a lack of administrative guidelines.
This training will help you determine whether a transaction falls under the Luxembourg DAC 6 reporting obligation, and understand who is obliged to report and what is relevant to disclose, by which date. It is suitable for Luxembourg professionals, and lawyers and tax advisers dealing with cross-border matters.
- Corporate tax returns: 18 pages but what are the risks? For beginners
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The best way to avoid tax is to know the law.
Whether your corporate tax returns are outsourced to service providers or prepared in-house, you still need to be able to verify the contents and make sure there is no inherent risk before filing.
- Corporate tax returns: 18 pages but what are the risks? For experts
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Whether your corporate tax returns are outsourced to service providers or prepared in-house, each person who signs these returns is validating that they have been prepared following Luxembourg tax law. As the devil is often in the details, the focus should be on the relevant risks when reviewing a tax return.
- A comprehensive toolkit to master your VAT obligations
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Understanding VAT compliance obligations, deadlines and the proper content of a VAT return is not only crucial for tax professionals but also staff who regularly approve VAT returns. This training explains the VAT obligations of the two main regimes and the content of both the standard and simplified annual VAT returns.
- ManCo, AIFM and SuperManCo: when does the VAT exemption apply? For beginners
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The VAT exemption for fund management services is determined by a vast body of European case law. In a structured manner, we explain the scope of the VAT exemption and its various nuances introduced by the Court of Justice of the European Union’s multiple decisions.
- ManCo, AIFM and SuperManCo: when does the VAT exemption apply? For experts
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The VAT exemption for fund management services is determined by a vast body of European case law. In a structured manner, we will explain the scope of the VAT exemption and its various nuances introduced by the Court of Justice of the European Union’s multiple decisions.
- Substance — are you on the right track compared to other market players?
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For passive companies like holding, financing and property companies, substance is essential to demonstrate a genuine rather than a merely legal existence and to demonstrate tax residency.
This training presents foreign tax authorities’ main areas of focus regarding substance, with examples of the most requested information. It also provides a sound market overview, based on two substance surveys of the Luxembourg alternative investment market performed by KPMG Luxembourg.
- How to properly prove the right level of substance
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For passive companies like holding, financing and property companies, substance is essential to demonstrate a genuine rather than a merely legal existence and to demonstrate tax residency.
This training presents foreign tax authorities’ main areas of focus regarding substance, with examples of the most requested information. It also provides a sound market overview, based on two substance surveys of the Luxembourg alternative investment market performed by KPMG Luxembourg.
- VAT and real estate — when is an invoice VAT exempt?
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VAT in the real-estate sector can be extremely costly if transactions are not correctly managed. We explain the basic VAT principles that apply to the real-estate sector, whether located in Luxembourg or abroad.
- VAT obligations of Luxembourg holding and financing companies
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You may not be aware that Luxembourg financing and holding companies may also have VAT compliance obligations. This training clearly explains what these obligations are and when they apply.
- IFRS Standards are complex — tips and tricks to comply with fund disclosures
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This training helps financial statement preparers comply with IFRS Standards when preparing note disclosures. We also cover i) updates to the Standards, including examples and guidelines on how to implement them and ii) insights into the regulatory findings on disclosures and how to prevent them.
The course is adapted to the participants’ knowledge: beginner (assistants), intermediate (supervisors) or advanced (managers).
- IFRS Standards are complex — tips and tricks to comply with disclosures for real estate entities
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This training helps financial statement preparers comply with IFRS Standards when preparing note disclosures. We also cover i) updates to the Standards, including examples and guidelines on how to implement them and ii) insights into the regulatory findings on disclosures and how to prevent them.
The course is adapted to the participants’ knowledge: beginner (assistants), intermediate (supervisors) or advanced (managers).
- Substance and tax governance — is your business model up to date?
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Substance is of utmost importance to the alternative investment industry given its potential impact on the sustainability of structures and their cash flows. We’ve seen significant developments at both EU and OECD level (e.g. MLI and ATAD 3) and in all major jurisdictions, though not consistently.
This training discusses the substance requirements on an asset-by-asset basis and determines what expected infrastructure and tax governance should be implemented in order to match appropriate market practices. It also covers the possible future of substance, looking at ATAD 3 and SAFE and including the governance requirements of the CSSF 20/744 circular.
- Pillar 2 — have you properly anticipated its impacts on your alternative structures?
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While there is a broad perception that Pillar 2 is not applicable to investment funds and their SPV structures, there may be situations where these rules would apply in practice. This would depend on the structure, the asset class and the quantum at stake.
This training aims to help you navigate the rules and support your perimeter assessment through multiple real-life case studies. We will also discuss Pillar 2 tax considerations within the context of M&A transactions, and how Pillar 2 should be approached from the investor’s viewpoint.
Why train with us?
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Our hands-on courses give you the tools and skills to do your job differently
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Our expert trainers have a wealth of knowledge and experience to share
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Our tried-and-tested methodologies help you build confidence
Did not find the training you were looking for?
We have more trainings in our stock and we also offer to design trainings –upon request, upon your needs.