Latest Newsletters & Newsflashes
May 18, 2020CSSF Communication on IFM notification of fund issues and large redemptions
On 13 May 2020, the CSSF published a communication announcing a notification obligation (the " IFM Notification") applicable to certain investment fund managers (the " IFMs") and relating to significant developments and issues in investment vehicles under their management. The IFM Notification is an
May 08, 2020Waiver listing fees for Covid-19 response bonds
CONTEXT The ongoing COVID-19 pandemic and the related restricting measures taken by governments worldwide which has put billions of people in confinement has rapidly driven our economies into global recession. The social and financial consequences of the outbreak represent a major challenge for
May 07, 2020[Updated on 12/05] Investment Funds | Statutory Reporting – Temporary Extensions
By law dated 12 May 2020 (the “ Law”), the Chamber of Deputies of the Grand-Duchy of Luxembourg introduced temporary derogations from accounting requirements for financial sector entities, including funds, in the context of the fight against Covid-19 virus. The temporary derogations concern only
May 06, 2020COVID-19 | SFTR Reporting
Background On 9 April 2020, the CSSF published Circular 20/739 on the application of the “ Guidelines on the Reporting under Articles 4 and 12 Securities Financing Transactions Regulation” (hereafter “ SFTR”), which were published on 6 January 2020 by the European Securities and Markets Authority (“
May 05, 2020OECD publishes analysis of Tax Treaties and the impact of Covid-19 on Permanent Establishments, Cross-Border Workers and Tax Residence Issues
On 3 April 2020, the Secretariat of the Organisation for Economic Co-operation and Development (“ OECD”) published some guidance on certain tax issues arising when applying international tax treaties based on the OECD Model Convention (“ OECD Model”) when, as a result of the COVID-19 crisis
Apr 30, 2020State Guarantee Scheme for Bank Loans Granted to Companies in Temporary Distress because of the Covid-19 Crisis
Within the framework of the economic stabilisation programme announced on 25 March 2020, a law establishing a guarantee scheme supporting the Luxembourg economy was published and entered into force on 18 April 2020 (the “ Law”). The Law will allow the Luxembourg State to back loans granted by credit
Apr 27, 2020COVID-19 | Electronic Signature
CONTEXT Due to the exceptional circumstances linked to the ongoing COVID-19 pandemic and the related restricting measures taken by the Luxembourg Government, including the confinement and the strong recommendation to implement remote working when possible, a significant number of people are working
Apr 22, 2020COVID-19 | Commercial and Residential Lease Arrangements
On 18 March 2020, the Luxembourg government adopted a Grand-Ducal Regulation declaring a state of emergency, allowing it to take urgent measures to deal with the crisis linked to Covid-19. By a law voted on 24 March 2020, the state of emergency was extended for a maximum period of three months. With
Apr 22, 2020COVID-19 | Les Dispositions Prises en Matière de Bail Commercial et de Bail d’Habitation
Le 18 mars 2020, le gouvernement luxembourgeois a adopté un règlement grand-ducal déclarant l'état d'urgence, lui permettant de prendre des mesures urgentes pour faire face à la crise liée au Covid-19. Par une loi votée le 24 mars 2020, l'état d'urgence a été prolongé pour une durée maximale de
Apr 22, 2020Lutte Contre la Propagation du Covid-19 | Dispositions Applicables au Domaine de la Construction : Quelles Consequences sur les Contrats en Cours ?
Dans le cadre de la lutte contre la propagation du Covid-19, deux règlements grand-ducaux sont venus interférer sur la vie des chantiers et donc sur les relations contractuelles entre maîtres d’ouvrage et entreprises de construction. Ainsi, en date du 18 mars 2020 un premier règlement grand-ducal a
Apr 21, 2020COVID-19 | Impact on Insolvency Proceedings in Luxembourg
Background In response to the Covid-19 crisis, the Luxembourg Government declared the state of emergency by its regulation of March 18th, 2020, and passed several measures in the fight against Covid-19. These measures are limited to what is indispensable and strictly necessary and are adequate and
Apr 21, 2020UCITS Investment Breaches - Update to CSSF FAQ
On 16 April 2020 the CSSF published an updated version of its frequently asked questions on COVID-19 (the “ Updated FAQs”). The latest version adds four questions applicable to passive and active breaches of investment restrictions by UCITS. A PASSIVE BREACH OF GENERAL INVESTMENT RESTRICTIONS AND
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