Latest Newsletters & Newsflashes
May 03, 2021AML/CFT | EBA Opinion on the risks affecting the European Union’s Financial Sector
On 3 March 2021, the European Banking Authority (EBA) issued its third Opinion on the risks of money laundering and terrorist financing affecting the European Union’s Financial Sector (the “ Opinion”). Both the European Securities and Markets Authority (ESMA) and the European Insurance and
May 03, 2021Securitisation Regulation | Joint Committee Q&A
On 26 March 2021, the three European supervisory authorities - European Banking Authority (EBA), ESMA and European Insurance and Occupational Pensions Authority (EIOPA), published Joint Questions and Answers (the “ Q&A”) relating to Regulation (EU) 2017/2402 of 12 December 2017 laying down a general
Apr 30, 2021Newsflash | An exequatur judgment does not circulate inside EU Member States – “Exequatur sur Exequatur ne vaut”
I. In a nutshell In a recent decision, the Court of appeal clarifies that it is for each Member State to decide for itself whether the enforcement of a foreign (non-EU country) decision would be contrary to its own public order, underlining that EU exequatur decisions granted by another Member State
Apr 21, 2021Newsflash | Circular CSSF 21/769 – Teleworking in supervised entities
On 9 April 2021, the CSSF published Circular CSSF 21/769 regarding governance and security requirements for Supervised Entities (as defined below) to perform tasks or activities through Telework (as defined below) (“ Circular 21/769”). Scope of Circular 21/769 Following the significant increase in
Apr 01, 2021Newsflash | Luxembourg implemented new tax provisions limiting deductibility of costs incurred in non-cooperative jurisdictions
On 8 January 2021, the Luxembourg Parliament voted to approve the Bill N°7547 (the “ Bill”) implementing new provisions (with effect as from 1 March 2021) related to tax deductions vis-à-vis interest and royalty expenses (the “ Law”) owed to affiliated corporations established in jurisdictions
Mar 29, 2021BSP Newsletter | March 2021
This newsletter is intended as a general discussion of the following topics: Banking & Financial Services, Corporate and M&A, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Mar 26, 2021The value of the principle of retroactivity according to the Constitutional Court
In its judgment of 22 January 2021, the Luxembourg Constitutional Court had the opportunity to rule on the value of the principles of legal certainty, protection of legitimate expectations and non-retroactivity of laws when assessing the conformity of the law of 23 July 2016 amending, inter alia
Mar 26, 2021Luxembourg tax authorities issue circular on the prime participative regime
Context The Luxembourg tax authorities have issued guidance regarding the new profit-sharing bonus model (i.e., the so-called “ prime participative”) in its Circular L.I.R. n°115/12 dated 11 February 2021 ( the “ Circular”). The prime participative had been introduced under the Luxembourg 2021
Mar 26, 2021Tax treatment applicable to the partial transfer of a business undertaking | Court Decision
Context The Luxembourg Higher Administrative Court ( Cour Administrative) in a judgment rendered on 14 January 2021 (No. 44763C) confirms that the partial disposal of a business undertaking by an individual to third-parties should qualify as a transfer for consideration of part of a business
Mar 26, 2021Cross-border funds distribution | ESMA final report and draft ITS
On 1 February 2021, ESMA published its final report (“ Report”) and draft of the implementing technical standards (“ ITS”) under Regulation EU/2019/1156 on the facilitation of cross-border distribution of collective investment undertakings. The Report follows a consultation paper that ESMA published
Mar 26, 2021Draft Law to implement SFDR and PEPP regulations
Draft Law 7774 amends the law of 16 July 2019 implementing the EuVECA, EuSEF, MMF, ELTIF and STS securitization regulations in Luxembourg law (the “ 2016 Law”) in order to implement, on the one hand Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (" PEPP") (hereinafter, "
Mar 26, 2021CSSF digitalises AML/CFT market entry form
Submission of AML/CFT Market entry form via eDesk Portal as from 15 February 2021 On 8 February 2021, the CSSF issued a communication on the digitalisation of the AML/CFT Market Entry Form (the “ Form”), which was previously to be submitted pursuant to a dedicated Excel form. As from 15 February
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