Latest Newsletters & Newsflashes
Jan 21, 2021Judgement of the ECJ on the Right of Adjustment in Case of Unduly Paid VAT
On 2 July 2020, the European Court of Justice (“ECJ”) issued its judgment in case C‑835/18, SC Terracult SRL on the possibility for a taxable person to adjust an invoice and claim a refund of unduly paid VAT despite a final VAT assessment having been issued. The case concerned a Romanian commercial
Jan 21, 2021Guidance on the Non-Application of the Parent-Subsidiary Directive to Gibraltar Companies
In an administrative circular dated 1 December 2020 (the “ Circular”), the Luxembourg tax administration confirmed that, following the judgment of the European Court of Justice (hereinafter the “ ECJ”) in GVC Services (Bulgaria) EOOD (C-458/18), the Parent-Subsidiary Directive (hereinafter “ PSD”)
Jan 21, 2021CSSF updates UCITS and AIFMD FAQs
Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “ UCITS FAQ”) and an updated
Jan 21, 2021Performance Fee Guidelines | Entry into Effect
BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “ Guidelines”). As a reminder, the guidelines provide comprehensive guidance to fund managers when designing performance fee models for the
Jan 21, 2021Investor Compensation Scheme Luxembourg | CSSF FAQ
On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, Title III of the same Law (the “ FAQ” and the “ Law”). The Investor Compensation Scheme or Système d
Jan 21, 2021New eDesk Module for Submission of Information | CSSF Communication
On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “ Communication” and the “ eDesk Module”), announcing the progressive digitalisation for the reception and processing of a series of requests, including both those submitted at the initiative of
Jan 21, 2021SFDR | CSSF Communication and Fast Track Procedure
Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts and the provision of sustainability – related information, as well as
Jan 21, 2021BREXIT | Deadline for Marketing of UK UCITS in Luxembourg
BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “ Draft Law”). The scope of the Draft Law includes, inter alia, an amendment to the law of 17 December 2010 relating to undertakings for collective investment (the “ UCI Law”). SCOPE The Draft Law
Jan 21, 2021Liquidity and Valuation Shocks | ESMA Report on the Preparedness of Investment Funds
As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ ESRB”) published a recommendation to address liquidity risk in investment funds, requesting that ESMA: coordinates with the EU
Jan 20, 2021ESMA updated Q&As ON MiFID II and MiFIR Investor Protection and Intermediaries Topics
On 6 November 2020 and on 21 December 2020, ESMA updated its Questions and Answers (“ Q&As”) concerning investor protection and intermediaries topics under Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“ MiFID II”) and
Jan 20, 2021ESMA updated Q&As for Prospectus and Transparency Rules linked to Brexit
Prospectus and transparency Q&As On 9 November 2020, ESMA updated its Questions and Answers (Q&As) concerning Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on
Jan 15, 2021Teleworking for Belgian, French and German Cross-Border Workers once again extended
As previously detailed in our newsflash dated 19 March 2020 (as updated) the Luxembourg Government has once again agreed on an “exceptional measure” with the Belgian, French and German Governments regarding the taxation of Belgian, French and German cross-border commuters normally working in
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