Newsflashes

Since our last newsletter, ESMA updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 (" MiFID II") and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 (" MiFIR"), on the following topics: Q&A on MiFID II and MiFIR investor protection

New and Modified CSSF Templates for Authorisation Requests and Notifications As regards IT outsourcing of material activities by credit institutions, investment firms and professionals performing lending operations under Circular CSSF 12/552 (as amended) and IT outsourcing by electronic money

As of 1 January 2020, Luxembourg’s already comprehensive double tax treaty network has been expanded, by the entry into force of a new double tax treaty with Kosovo. The double tax treaty between Kosovo and Luxembourg foresees a nil withholding tax rate on dividends on qualifying shareholdings held

On 20 December 2019, the CSSF published Circular 19/733 on liquidity risk management for open-ended undertakings for collective investment (the " Circular"). The objective of the Circular is to implement recommendations and good practices of the International Organization of Securities Commissions (

ESMA Guidelines on risk factors Pursuant to Article 16 (4) of Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the " Prospectus Regulation"), ESMA was mandated to develop guidelines to assist competent

On 27 November 2019, the European Parliament and the Council adopted Directive (EU) 2019/2121 (the " Directive") which amends the provisions of Directive (EU) 2017/1132 on cross-border mergers and creates harmonised rules on cross-border conversions and demergers. The lack of a legal framework for