Latest Newsletters & Newsflashes
Mar 06, 2019Newsflash| New Luxembourg law on the usage of distributed ledger technology for the circulation of securities
The law on 1 st March 2019 (the “ Law”) amending the Luxembourg law of August 1 st 2001 on the circulation of securities (the “ 2001 Law”) was published on March 5 th 2019, marking a further significant step in the modernisation of the legal framework governing the Luxembourg financial sector. The
Mar 05, 2019ECJ Judgment on Beneficial Ownership Concept under EU Law
On February 28 th 2019, the Grand Chamber of the Court of Justice of the European Union (“ ECJ” or “ the Court”) handed down a set of two judgments on the meaning of beneficial owner and abuse of rights under EU law. In six cases (Joined cases C-115/16, N Luxembourg 1, C-118/16 X Denmark, C-119/16 C
Mar 04, 2019BREXIT | Memoranda of Understanding between ESMA, EU/EEA Securities Regulators and the FCA on Exchange of Information and Hard Brexit related Measures
On February 1 st 2019, ESMA issued a press release regarding Memoranda of Understanding (the “ Memoranda”) it has entered into with EU/EEA securities regulators and the FCA. In case the United Kingdom leaves the European Union without a withdrawal agreement, the Memoranda will allow continuing
Mar 04, 2019MIFID II & MiFIR | Update of ESMA Q&A
Since our last newsletter on the topic, ESMA updated a number of its Q&A regarding the Markets in Financial Instruments Directive – Directive 2014/65/EU of 15 May 2014 (“ MiFID II”) and the Markets in Financial Instruments Regulation – Regulation No. 600/2014 of 15 May 2014 (“ MiFIR”) on the
Feb 28, 2019NEWSFLASH | Consequences of Brexit in the sphere of international data transfers
The National Commission for Data Protection (“ Commission nationale pour la protection des données”, or “ CNPD”) recently published a report on the consequences of Brexit in the sphere of international data transfers. This report is intended to guide Luxembourg companies, public bodies and
Feb 28, 2019Luxembourg Supreme Court’s Decision on the Enforcement of Financial Collateral
In our January 2019 Newsletter we reported on a judgment rendered by the Luxembourg court of appeals ( Cour d’Appel) (the “ Court of Appeals”) on May 16 th 2018 (No. 63/18, No. 39827) and published in the Journal des Tribunaux de Luxembourg (issue No. 60) on December 5 th 2018, according to which
Feb 26, 2019Court of Cassation clarifies VAT Assessment Notification Rules
On January 17 th 2019 (ruling No. 08/2019, docket No.4067), the Court of Cassation ( Cour de Cassation) ruled that the Luxembourg VAT Authorities ( Administration de l’Enregistrement, des Domaines et de la TVA) could validly continue to notify VAT assessments to a corporate taxpayer’s former
Feb 25, 2019Input VAT Deduction of Branches
On January 24 th 2019, the Court of Justice of the European Union (the “ ECJ”) published its judgment in the Morgan Stanley case (C-165/17), clarifying the rules governing the right to deduct input VAT incurred by a branch in connection with goods and services used for the purpose of transactions
Feb 05, 2019Register of Beneficial Owners | Law of 13 January 2019
Pursuant to and in compliance with the AML 4 th Directive amended by the AML 5 th Directive, Luxembourg parliament enacted the law of 13 January 2019, setting-up a register of beneficial owners (“ BOs”) (“ RBO Law”). The RBO Law creates a register of BOs (“ RBE”), which aims to preserve and make
Feb 04, 2019Circular 19/708 on Electronic Transmission to the CSSF
On January 28 th 2019 the CSSF published Circular 19/708 concerning electronic transmission of documents (“ Circular”). The Circular provides that, as of February 1 st 2019 the following entities are obliged to submit documents only via electronic means to the CSSF: alternative investment fund
Jan 31, 2019BSP Newsletter | February 2019
This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets, Investment Funds and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us. AML Luxembourg Law setting up a Register of
Jan 30, 2019Benchmarks regulation | Update of ESMA Q&A
The European Securities and Markets Authority (“ ESMA”) has recently updated its Q&A on Regulation (EU) No. 2016/1011 of 8 June 2016 on indices used as benchmarks (" Benchmarks Regulation" or “ BMR”). One of the new questions considered by ESMA is whether or not the methodology of a benchmark can
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