Newsletters & Newsflashes

ESMA Guidelines on MiFID II product governance requirements On 27 March 2023, ESMA published its final report on guidelines on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“ MiFID II”), regarding product governance requirements (the " Guidelines"). The objectives of the

On 30 June 2023, the CSSF published a press release on the SFDR data collection exercise for investment fund managers (“ IFMs”) and institutions for occupational retirement provision (“ IORPs”), on periodic reporting in relation to Regulation (EU) 2019/2088 on sustainability reporting in the

On 22 March 2023, in its judgment T-72/20 Satabank v. European Central Bank, the General Court of the EU (the “ General Court”) annulled a decision of the European Central Bank (the “ ECB”) rejecting access to a file requested by Satabank plc (the “ Bank”). At the time the complaint was lodged

On 26 May 2023, ESMA updated its Questions and Answers (" Q&As") in relation to Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (the “ Crowdfunding Regulation”). Three new questions and answers have been added to the Q&As. In this latest update

On 6 April 2023, the CSSF updated their frequently ask questions (“ FAQ”) on virtual assets addressed to undertakings for collective investment (“ UCIs”), (the “ FAQ”). This update involved the modification of the existing Question 2 and the addition of a new Question 3A. The update of Question 2

Key SFDR clarifications on fund names (Question 7) and efficient portfolio management (Question 8) The sustainable finance disclosure regulation (“ SFDR”) has introduced a new era of transparency and sustainability in the financial industry. The CSSF has recently provided important clarifications

ESMA Q&A Updates On 27 March 2023, ESMA updated its questions and answers on the implementation of Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (" DLT Regulation") (the “ DLT Pilot Regime Q&A”). With this update, ESMA

On 8 June 2023, Advocate General (“ AG”) Juliane Kokott of the Court of Justice of the EU (“ CJEU”) delivered her opinion in case C-457/21 P (the “ Opinion”), concerning a tax ruling granted in 2003 (the “ Tax Ruling”) by the Luxembourg tax authorities (“ LTA”) to Amazon in relation to its

The MiCA Regulation On 9 June 2023, Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets was published in the Official Journal of the EU (the “ MiCA Regulation”), thus establishing a harmonised regulatory framework for the crypto-assets market within the EU. The MiCA Regulation aims

Directive (EU) 2023/970 of 10 May 2023, aimed at strengthening the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms, was published in the Official Journal of the EU on 17 May 2023 and entered

On 10 February 2023, the Luxembourg Lower Administrative Court ( Tribunal administratif) handed down a judgment regarding the constitutionality of a decision by the municipal council of the town of Diekirch to increase its local property tax rate. In 2021, the Diekirch municipal council decided to