Newsflashes

On 11 February 2026, the Lower Administrative Tribunal ( Tribunal administratif ) ruled in favour of a taxpayer-lawyer, holding that his 100% shareholding in a UK company did not form part of the net assets ( actif net investi ) of his law firm, and that the dividends received therefore qualified as

Two recent developments under the Market Abuse Regulation (Regulation (EU) No 596/2014) (" MAR") deserve attention. First, on 27 February 2026, ESMA published a report (the " Report") proposing amendments to Commission Delegated Regulation (EU) 2016/1052 (the " Buy-Back Delegated Regulation")

Background The European Commission has launched the Tax Omnibus initiative (the “ Initiative” or “ Tax Omnibus”) to simplify and modernise corporate direct taxation across the EU. The aim is to reduce administrative burdens, clarify rules, and increase the competitiveness of the internal market. The

On 16 February 2026, ESMA published Q&A 2775 under the Transparency Directive (Directive 2004/109/EC) and its Guidelines on Alternative Performance Measures (the " APM Guidelines"). The Q&A addresses the interaction of the APM Guidelines and IFRS 18 Presentation and Disclosure in Financial

Open-ended AIFs and UCITS must integrate at least two liquidity management tools under the new AIFMD II framework. Regulatory update – Investment funds The deadline for the transposition of Directive (EU) 2024/927 (the “ AIFMD II”) was 16 April 2026. The European Commission has finalised the

In Case C-158/25 (QJ v the Luxembourg Registration Duties, Estates and VAT Authority ( Administration de l'enregistrement, des domaines et de la TVA ) (" AEDT")), Advocate General Medina proposes in her Opinion of 5 March 2026 that the CJEU grants company directors subject to a guarantee call the