On September 12, 2011, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published its peer review report in relation to Luxembourg. Luxembourg successfully passed the fi rst stage of the peer review started in January 2011. On the 10 elements under the scrutiny by the Forum, only one has been considered as not implemented. The Global Forum acknowledged Luxembourg’s eagerness in the conclusion of exchange of information agreements to the standard in the last two years, allowing for an access to information held by Luxembourg banks in order to respond to requests from foreign authorities. As regards the availability of information, according to the report, the legal framework might not ensure that ownership information relating to companies is available in all circumstances. Phase 2 of the review (practical application of the legal framework in relation to the exchange of information) is scheduled for the second half of 2012.