Latest Newsletters & Newsflashes
Nov 01, 2024Company Law I Upgrading use of digital tools and processes
On 24 November 2023, Draft law No. 8342 (the “ Draft Law”) was submitted to the Luxembourg Parliament, completing the transposition of Directive (EU) 2019/1151 of 20 June 2019 (the “ Directive”) by integrating its Article 13 decies (the “ Article”) in Luxembourg Law. The Draft Law strengthens the
Oct 25, 2024Sustainable Finance Insights Series - 21 | The CSSF issues Circular CSSF 24/863 applying ESMA Guidelines on funds’ names using ESG or sustainability-related terms
On 21 October 2024, the CSSF issued a Communiqué regarding the ESMA Guidelines on funds’ names (the “Guidelines”) The CSSF issued already a Communiqué on 21 August 2024, announcing the publication of the translated Guidelines in all official EU languages and making their applicability effective from
Oct 24, 2024Luxembourg Stock Exchange │ Updated Rules & Regulations & Trading Manual
The Luxembourg Stock Exchange (“ LuxSE”) has published on 2 September 2024: an updated version of its Rules and Regulations ( Edition 09/2024) (“ R&R”) an updated version of its Markets Trading Manual (“ Trading Manual”) as well as an updated version of the appendix on LuxSE’s professional segments
Oct 24, 2024DORA │ Latest Developments
Since our last newsletter in which we reported on the Digital Operational Resilience Act Regulation (EU) 2022/2554 (“ DORA”) and Directive (EU) 2022/2556 (the “ Directive”), in particular the enactment of the Luxembourg national law to transpose same, there have been several developments concerning
Oct 24, 2024MiFID II and MiFIR | ESMA updates
New Q&As Shortly after our last newsletter , in which we reported on recent developments in MiFID II and MiFIR, ESMA published a new Q&A on MiFID II and the topic of EMIR reporting. This Q&A clarified that derivatives on emission allowances not recognized under the EU ETS are included, in the
Oct 24, 2024Unfair terms in focus I Key amendments to Luxembourg’s Consumer Code
On 10 September 2024, the Luxembourg Consumer Code was amended by a Law of 27 August 2024 (the " Amending Law"). The Consumer Code regulates, amongst other things, contracts concluded between professionals and consumers (i.e. natural persons who are acting for purposes outside of a commercial
Oct 23, 2024ECJ Case Law I Enforceability of legal professional privilege vis-à-vis tax authorities confirmed
In a case involving a Luxembourg law firm which had been ordered by the Luxembourg Tax Authorities to disclose all documentation relating to advice given to a client for the purpose of an exchange of information upon request with the tax authority of another EU Member State, the Luxembourg Higher
Oct 23, 2024Double tax treaty I Luxembourg – Colombia
Entry into force On 19 January 2024, the Grand Duchy of Luxembourg and the Republic of Colombia have signed a convention for the elimination of double taxation with respect to taxes on income and on capital and the prevention of tax evasion and avoidance (the “ DTT”). The ratification of the DTT is
Oct 23, 2024CbCR I Proposal of common template and electronic reporting formats
On 1 August 2024, the European Commission released a draft regulation to standardize multinational enterprises (“ MNEs”) income tax information for public Country-by-Country Reporting (“ CbCR”), as required by Directive 2013/34/EU. The proposal introduces a common template and electronic formats to
Oct 23, 2024Luxembourg Case Law I Application of the Saar laid down in Article 166(2bis) of the income tax law
On 31 July 2024, the Higher Administrative Court ( Cour administrative) applied for the very first time, the special anti-abuse provision laid down in Article 166(2bis) of the Luxembourg income tax law dated 4 December 1967, as amended (the “ LITL”) (case n° 49080C). Background In the case at hand
Oct 23, 2024Luxembourg Case Law I Clarification on the principle of adversarial proceedings for the tax audit
On 11 July 2024, the Higher Administrative Court ( Cour administrative ) delivered a significant ruling in a case between Mrs. (A) and the Direct Tax Administration (ACD), following a tax audit covering the fiscal years 2010 to 2015. After rejecting the claim regarding the territorial incompetence
Oct 23, 2024VAT I Implementation of an electronic value added tax exemption certificate
Introduction On 8 July 2024, the European Commission (the " Commission") adopted a legislative package to amend key VAT regulations. This initiative aims at modernizing VAT procedures by introducing an electronic VAT exemption certificate, streamlining the process for businesses and aligning with