The law of August 1st 2001 (the “2001 Law”) on the circulation of securities and other financial instruments was already, historically, an important step towards the modernisation of financial sector legislation.
The Luxembourg financial supervisory authority ("CSSF") is for long time considering innovation as a driver of paramount importance towards the continued development of the financial services and the financial sector.
The law of August 10th 1915 on commercial companies as amended ("LCC") had long since evolved at a glacial pace, following European directives over the years; thus the need for an ambitious reform to ensure its modernization and increase its attractiveness. This reform came into force on August 23rd 2016.
On September 11th 2018, the Luxembourg Grand-Ducal Regulation of August 1st 2018 amending the amended Grand-Ducal Regulation of January 23rd 2003 implementing the amended Law of December 19th 2002 on the trade and companies register and on the accounting records and annual accounts of undertakings (hereafter the “Regulation”) was published in the Luxembourg Memorial A under number 790.
The OECD recently released a working paper on simplified registration and collection mechanisms aimed at tax authorities and addressing the issue of the effective enforcement of taxation rights on non-resident taxpayers. Countries generally have two options in order to enforce the tax collection toward non-resident taxpayers.
On September 19th 2018, the European Commission (“Commission”) announced that it had concluded that the treatment of McDonald’s profits in Luxembourg did not constitute illegal state aid within the meaning of Article 107 of the Treaty of the Functioning of the European Union. In December 2015, the Commission had launched an investigation into two rulings granted by the Luxembourg tax authorities regarding the tax treatment of McDonald’s in Luxembourg.
La loi du 1er août 2001 (la Loi de 2001) concernant la circulation des titres et autres instruments financiers était, déjà à son époque, un pas important vers la modernisation de la législation du secteur financier.
The European Securities and Markets Authority (“ESMA”) recently updated its Q&A on Directive 2011/61/EU of the European Parliament and of the Council of June 8th 2011 on Alternative Investment Fund Managers (“AIFM Directive”) regarding the supervisory responsibilities of competent authorities in host Member States when an alternative investment fund manager provides investment services through a branch established in the host Member State.
On September 4th 2018, the European Commission (“Commission”) released the public version of its state aid decision ordering the recovery of the alleged illegal state aid granted to Engie by Luxembourg. At issue are two tax rulings issued by the Luxembourg tax authorities in 2008 and 2010 confirming the treatment of two financing transactions involving subsidiaries of the Engie Group.