Newsletters & Newsflashes

On August 23 rd 2018, the CSSF issued Circular 18/698 on the authorisation and organisation of investment fund managers and anti-money laundering and counter terrorist financing in relation to transfer agents and investment fund managers (the “ Circular”). The Circular immediately entered into

HISTORY The law of August 1 st 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 modernisation was launched and a further significant step was taken in

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. In this context, besides many other actions undertaken, CSSF announced today the

On September 11 th 2018, the Luxembourg Grand-Ducal Regulation of August 1 st 2018 amending the amended Grand-Ducal Regulation of January 23 rd 2003 implementing the amended Law of December 19 th 2002 on the trade and companies register and on the accounting records and annual accounts of

The law of August 10 th 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 23

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

On September 19 th 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

HISTORIQUE La loi du 1 er 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. La modernisation était lancée, une étape significative supplémentaire

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 8 th 2011 on Alternative Investment Fund Managers (“ AIFM Directive”) regarding the supervisory responsibilities of competent authorities in

On September 4 th 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

On August 23 rd 2018, the CSSF published Circular CSSF 18/697 (“ Circular”), which (i) specifies organizational requirements for depositaries of funds which are not subject to Part I of the Law of December 17 th 2010 on undertaking for collective investment (the “ 2010 Law”), (ii) modifies Circular

The CSSF published its first Frequently Asked Questions (“ FAQ”) concerning the Money Market Fund Regulation (“ MMFR”) on August 28 th 2018. This FAQ explains some of the key aspects of the regulation which are relevant to money market funds (“ MMFs”) and their managers. The document answers many of