Newsflashes

While under Luxembourg tax law dividend distributions are subject to withholding tax, share capital reductions are out-of-scope provided that (i) no distributable reserves are available, which would be deemed to be distributed firstly and that (ii) the share capital reduction is motivated by serious

Pursuant to Article 16(4) of the Regulation (EU) No. 2017/1129 of 14 June 2017 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 has been mandated to issue guidelines to assist competent

The financial sector is not immune to the rapid evolution of modern technologies, which are undergoing profound transformations. After the introduction of dematerialised securities and the development of the notion of "book entry securities", a new law of 1 March 2019 (the “ New Law”) has now

ESMA updated its Q&A (the “ Q&A”) on Directive 2004/109/EC (“ Transparency Directive”), to clarify the obligations applicable to issuers with respect to its choice of home Member State in case the UK withdraws from the EU without any withdrawal agreement in place (the so-called “ Hard Brexit”

On March 27 th 2019, ESMA published new Questions & Answers on the Prospectus Regulation documents (“ Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 (the “ Prospectus Regulation”). The Prospectus Regulation shall be fully applicable from July 21 st 2019. The Q&A currently covers three

In anticipation of the United Kingdom leaving the European Union (or simply “ Brexit” as it is more commonly referred to) without an agreement in place (the so-called “ Hard Brexit” scenario), the Luxembourg legislator has taken swift action to facilitate a smooth transition for those who may be