Latest Newsletters & Newsflashes
Apr 16, 2024European Council: Update of the EU list of non-cooperative jurisdictions for tax purposes
On 20 February 2024, the European Council updated the list of non-cooperative jurisdictions for tax purposes. This list was previously updated on 17 October 2023 (please refer to our newsletters here for more details). The main change from the previous version is the withdrawal of the Bahamas
Apr 16, 2024Luxembourg Higher Administrative Court rules on participation exemption and stock lending
Key Takeaways On 6 February 2024, the Luxembourg Higher Administrative Court denied the benefits of the Luxembourg participation exemption to participations which had been lent by a Luxembourg-resident capital company to third-parties as “ créances-titres ”. Facts at hand In the case at hand, a
Apr 16, 2024New AML/CTF summary report template for collective investment sector - CSSF circular 24/854, FAQ and technical guide
On 29 February 2024, the CSSF published a new Circular 24/854 setting out guidelines for the submission of the SRRC (as defined below) by investment fund managers and investment funds supervised by the CSSF (the “ Circular”). The Circular is supported with a FAQ (list of questions and answers) on
Apr 16, 20242024 CSSF FAQ virtual assets UCI updates: A door opens for well-informed investors
Embracing change in the virtual asset space The Commission de Surveillance du Secteur Financier (“ CSSF”) has recently revised its frequently asked questions (“ FAQ”) on virtual assets for undertakings for collective investment (“ UCI”) , marking another significant regulatory adjustment following a
Apr 16, 2024EMIR REFIT | Update of reporting obligations
In 2012, the European EMIR regulation came into force to improve the transparency of over-the-counter (OTC) and exchange-traded (ETD) derivatives markets and reduce credit and operational risks. Twelve years later, a regime update reinforcing the requirements applicable to derivatives processing is
Apr 16, 2024Interaction between the UCI Departments and the Investment Fund Managers – recipients of specific communications
In a press release dated January 31, 2024, the Commission de Surveillance du Secteur Financier (the “ CSSF”) announced changes to the method of exchanging information between UCI departments and investment fund managers in accordance with CSSF circular 19/721 - Dematerialisation of requests to the
Apr 16, 2024New communication means for AIFM reporting as of 31 January 2024
In a press release dated 31 January 2024, the Commission de Surveillance du Secteur Financier (the "CSSF") announced that a new channel is available for alternative investment fund managers to submit their AIFM reports via Application Programming Interface (“API”) the eDesk platform. Key changes
Apr 16, 2024EU UCITS deemed “equivalent” for UK’s overseas investment funds regime
The UK Government confirmed that investment funds regulated under Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“
Apr 16, 2024European Commission proposes ELTIF RTS amendments
Background Regulation (EU) 2023/606 of 15 March 2023 (the “ELTIF 2.0”) entered into force on 10 January 2024. These awaited amendments to the ELTIF Regulation (EU) 2015/760 (the “ELTIF Regulation”) were expected to combine the best of different investment fund types- professional and retail, open
Apr 16, 2024ECJ’S yellow card to FIFA and UEFA
On 21 December 2023, the Court of Justice of the European Union (the “ ECJ”) adopted a ruling, in case C-333/21 European Superleague Company, on the interpretation of Articles 101 and 102 of the Treaty on the Functioning of the European Union ( TFEU). In the ruling, the ECJ held that the Fédération
Apr 16, 2024BSP Newsletter | April 2024
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Apr 16, 2024Credit Servicers Directive | EBA Guidelines on national lists/registers of credit servicers
Article 9 (1) subparagraph 1 of Directive 2021/2167 on credit servicers and credit purchasers (the “ Credit Servicers Directive” or “ CSD”), requires that Member States “ ensure that the competent authorities (CA) establish and maintain at least a list or, where considered more appropriate, a
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