Newsletters & Newsflashes

The EU Commission, following the publication of its Sustainable Finance Action Plan in March 2018, published on May 24 th 2018 the following legislative proposals: (i) proposal for a regulation on the establishment of a framework to facilitate sustainable investments (the “ Taxonomy Proposal”), (ii)

On March 23 rd 2018, Delegated Regulation (EU) 2018/480 (“ Level 2 Regulation”) aimed at supplementing the European Long Term Investment Fund Regulation (“ ELTIF”) (Regulation (EU) 2015/760) (the “ ELTIF Regulation”) was published. Hedging derivatives The Level 2 Regulation sets out the

On March 23 rd 2018 the European Securities and Markets Authority (“ ESMA”) updated its Questions and Answers on the market abuse regulation (“ Q&A”) to amend Question 5.1 on the disclosure of inside information related to Pillar 2 requirements (“ Question 5.1”). In the context of credit

On March 22 nd 2018, the Luxembourg Parliament formally approved the new tax regime for intellectual property (“ IP Regime”) whose content remains in line with the measures proposed in the draft law submitted by the Minister of Finance to the Luxembourg Parliament on August 4 th 2017 (please see our

On March 20 th 2018, a new double tax treaty was signed between Luxembourg and France (hereafter the “ Tax Treaty”), which includes such details as amended notions of permanent establishment, tax residency referring to effective tax liability and introduces a general anti-abuse provision. As a

On March 22 nd 2018, Luxembourg Parliament approved the double tax treaty between Luxembourg and Cyprus (hereafter the “ Tax Treaty”). The Tax Treaty should enter into force on January 1 st 2019, provided that the exchange of the instruments of ratification between Luxembourg and Cyprus take place

On March 23 rd 2018, the European Securities and Markets Authority (“ ESMA”) updated a number of its Q&A regarding the Markets in Financial Instruments Directive (recast) – Directive 2014/65/EU (“ MiFID II”) and Markets in Financial Instruments Regulation – Regulation 600/2014 (“ MiFIR”)

On March 22 nd 2018, the Organisation for Economic Cooperation and Development (the “ OECD”) published a report, providing additional guidelines on profit allocation to permanent establishments (the “ Report”). The Report has been issued in the context of the OECD base erosion and profit shifting

On March 13 th 2018, the European Council reached a political agreement on the extension of the Directive on administrative cooperation (hereafter “ the Proposal”). In substance, persons that are directly or indirectly involved in setting up of cross border arrangements (hereafter the “

In a precedent newsflash dated November 16 th 2017, we informed you about a press release issued by the Luxembourg Commission de Surveillance du Secteur Financier ( CSSF) whereby CSSF informed investors and other market participants that ESMA had issued a statement on ICOs setting out risks of so

On March 12 th 2018, in the context of the Capital Markets Union action plan, the European Commission issued legislative proposals to amend the existing legal framework for the cross-border distribution of investment funds in the EU. These proposals contain a directive and a regulation (the “

In a recently published consultation document entitled “ Preventing Abuse of Residence by Investment Schemes to circumvent the CRS”, the Organisation for Economic Co-operation and Development (hereafter “ OECD”) was seeking input on how to reduce the risk of using “ residence by investment” (“ RBI”)