Latest Newsletters & Newsflashes
Jan 01, 2021AML | RAIF’S RR and RC Identification Form must be completed and filed with the AEDT
On 16 December 2020, the Administration de l’enregistrement, des domaines et de la TVA (the “ AEDT ”) sent letters to reserved alternative investment funds (“ RAIFs ”) to request them to appoint, in accordance with article 4(1) of the law on the fight against money laundering and terrorist financing
Jan 01, 2021CSSF 2020 Survey related to the Fight against Money Laundering and Terrorist Financing
On 24 December 2020, the CSSF announced that it will roll-out its annual AML online survey for the year 2020 (the “ Survey”) on 15 February 2021. Similar to last year, the Survey is addressed to management boards or/and the board of directors of (i) credit institutions, (ii) investment firms, (iii)
Nov 23, 2020Newsflash | Systemic Risk Committee Issues Recommendation to the CSSF with Respect to LTV Ratios of Property Loans
Background The sustained and persistent rise in real estate prices and related surge in volume of mortgages has prompted Luxembourg’s systemic risk committee (the “ LSRC”), the Grand Duchy’s macroprudential authority, to issue on 9 November a recommendation to the CSSF to introduce stricter loan-to
Nov 20, 2020UK Temporary Permissions Regime (TPR) | Communication by the UK FCA regarding TPR
On 19 November 2020, the CSSF published on its website a press release ( Press Release 20/23) (“ Press Release”) updating Luxembourg-based entities on the recent developments regarding the UK’s Temporary Permissions Regime (“TPR”) as communicated to the CSSF by the UK’s Financial Conduct Authority (
Oct 30, 2020COVID-19 | New rules until the year end
CONTEXT Due to the exceptional circumstances linked to the ongoing second wave of COVID-19 pandemic, the bill of law 7683 has been adopted on 29 October 2020 (the Law). The Law amends the latest version of the "Covid law" enacted in September and provides not only new measures, but new restrictions
Oct 21, 2020Registre des Bénéficiaires Economiques : Renvoi Prejudiciel devant la CJUE sur l'Interprétation des Notions de "Circonstances Exceptionnelles" et de "Risque"
Le tribunal d'arrondissement de et à Luxembourg a demandé à la CJUE de se prononcer, à titre préjudiciel, sur l’interprétation à donner aux notions de « circonstances exceptionnelles », de « risque » et de « risque disproportionné » énoncées dans l'article 30(9) de la directive (UE) 2015/849 et les
Oct 21, 2020Register of Beneficial Owners: Referral to the Court of Justice of the European Union for a Preliminary Ruling on the Interpretation of the Concepts of "Exceptional Circumstances" and "Risk"
The Luxembourg District Court has requested the CJEU to give a preliminary ruling on the interpretation to be given to the concepts of "exceptional circumstances", "risk" and "disproportionate risk" as set out in Article 30 (9) of Directive (EU) 2015/849 and the corresponding national provisions of
Oct 15, 2020BSP Newsletter | October 2020
This newsletter is intended as a general discussion of the following topics: COVID-19 updates, AML compliance, Banking & Financial Services, Capital Markets, Investment Management and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Oct 15, 2020Update of EU List of Non-Cooperative Jurisdictions for Tax Purposes
On 6 October 2020, the EU Council updated its previously adopted list of non-cooperative jurisdictions for tax purposes. Said list was initially drawn up in December 2017 and updated most recently on 18 February 2020. The main change from the previous version is the withdrawal of the Cayman Islands
Oct 15, 2020ECJ | Contract Termination Fees Constitute a Supply of Services for Consideration Subject to VAT
On 11 June 2020, the European Court of Justice (“ ECJ”) rendered its judgment in the case ‘V odafone Portugal – Communicaçoes Pessoais SA v Autoridade Tributária e Aduaneira’’ (C-43/19) following a request for a preliminary ruling. The judgment addresses the question as to whether termination fees
Oct 15, 2020AIFMD | ESMA Recommends Priority Topics in AIFMD Review
On 18 August 2020, ESMA wrote to the European Commission, highlighting areas to consider during the forthcoming review of the Alternative Investment Fund Managers Directive (“ AIFMD”). ESMA recognises that the AIFMD has provided a solid framework for alternative investment funds in Europe since 2011
Oct 15, 2020ESG | Taxonomy Regulation
On 22 June 2020, the European Union published the long-awaited Regulation(EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the “ EU Taxonomy Regulation”), and amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services