Newsletters & Newsflashes

In a judgment dated 20 December 2022, the Luxembourg Higher Administrative Court (Cour administrative, hereinafter the "Court") ruled on the application of paragraph 205, sub-paragraph 3 of the General Tax Law (Abgabenordnung or "AO") in the context of the examination of a claim by the Director of

The Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF") published on 16 May 2022 Circular 22/811 (the "Circular") on the authorization and organization of entities acting as UCI Administrator. The Circular replaces Chapter D of Circular IML 91/175 and provides detailed guidance

New transparency rules will require service providers to report crypto-asset transactions On 8 December 2022, the European Commission published its proposal for an eighth amendment to the Council Directive 2011/16/EU on administrative cooperation ("DAC8"), which aims to prevent tax fraud, tax

On 23 December 2022, the Law of 23 December 2022 concerning the State revenue and expenditure budget for the year 2023 (the "Law") was published. As a reminder, under the Law on the State revenue and expenditure budget for the year 2021, a reduced subscription tax was introduced for investment funds

On 24 June 2022, the European Commission published the Commission Delegated Regulation (EU) 2022/975 (the "Delegated Regulation") in the Official Journal of the EU. This Delegated Regulation postponed the application date of particular disclosure requirements under Regulation (EU) No 1286/2014 on

Background On 22 September 2022, the Court of Justice of the European Union ("ECJ") rendered its judgment in case C-538/20 (i.e., Finanzamt B and W AG) finding that Germany does not infringe the freedom of establishment in not allowing the tax-deduction of final losses which a German company had

New technical standards for synthetic securitisation On 13 October 2022, Commission Implementing Regulation 2022/1929 of 31 March 2022 was published (the "New Implementing Regulation"). The New Implementing Regulation amended the implementing technical standards laid down in Implementing Regulation

The CSSF levies fees on supervised persons and institutions to cover personnel costs as well as general financial and operating costs. The level of fees is set by a Grand-Ducal Regulation which is updated from time to time and most recently by the Grand-Ducal Regulation of 23 December 2022 (the “New

Background In January 2021, ESMA launched a Common Supervisory Action ("CSA") with national competent authorities ("NCAs") on the supervision of costs and fees of UCITS across the EU. The aim was to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS

Background On 24 October 2022, the European Banking Authority ("EBA") published a report (the "Report") on how to incorporate Environmental, Social, and Governance ("ESG") risks in the supervision of investment firms. The Report was produced under the EBA’s mandate provided by Article 35(d) of the

Extending the Transitional Period Referred to in Regulation (EU) 2020/1503 On 21 October 2022 and having regard to Regulation (EU) 2020/1503 (“Crowdfunding Regulation”) on European crowdfunding service providers (“CSPs”) for business, the Commission Delegated Regulation (EU) 2022/1988 of 12 July

In December 2022, ESMA published new guidelines and Q&As regarding Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime (the "DLT Pilot Regime") for market infrastructures based on distributed ledger technology (DLT) (the "DLT Pilot Regime Regulation"). On 15 December 2022, ESMA published its