Newsletters & Newsflashes

CONTEXT With the view to contain the outbreak of COVID‐19, Member States have put in place a series of unprecedented measures, in particular concerning confinement and social distancing of persons, potentially preventing companies from complying with their legal obligations. Luxembourg has put in

Background In connection with Directive 2019/1937 of 23 October 2019 on the protection of persons who report breaches of Union law, the CSSF published on 5 May 2020 its first whistleblowing reporting of breaches of financial sector regulations to the CSSF (the “ Report”). The Report gives practical

On 29 April 2020, the CSSF published an updated version of its FAQ (the “ Updated FAQ”) on the Luxembourg law and Grand-Ducal Regulation of 11 January 2008 on transparency requirements for issuers, as amended (the “ Transparency Law” and the “ Grand-Ducal Transparency Regulation”, respectively)

On 14 May 2020, the European Commission decided to send two letters of formal notice to Luxembourg. The first one relates to the incorrect transposition of the interest limitation rule of the Anti-Tax Avoidance Council Directive (EU) 2016/1164 (“ ATAD”). The second letter addresses discriminatory

On 14 May 2020, ESMA published a statement (the “ Statement”) supporting the recommendations of the European Systemic Risk Board (the “ ESRB”) on liquidity risk in investment funds (the “ ESRB Recommendations”). The aim of the recommendations is to address the COVID-19 pandemic from a

On 8 May 2020, the European Commission published a proposal to amend Directive 2011/16 of 15 February 2011 on administrative cooperation in the field of taxation in order to defer certain time limits for the filing and exchange of information in the field of taxation due to the COVID-19 pandemic. On

On 20 May 2020 the Luxembourg Parliament has submitted a bill introducing a screening mechanism of foreign investments in Luxembourg Purpose of the bill Screening of foreign investments which undermine or have a harmful impact on the security and public order or essential national or European

The opinion of the Advocate General (“ AG”) of the European Court of Justice (“ ECJ”), Juliane Kokott, published on 14 May 2020 in case C-42/19, concerns a Portuguese holding company called Sonaecom, which invests in companies active in the telecommunications market and also provides services

[Updated on 18/05] On 14 May 2020, the CSSF published recommendations for supervised entities on telework and a possible return to the office (the “ Recommendations”). The CSSF pointed out that the recent easing of COVID-19 related restrictions by the Luxembourg government doesn’t mean the end of

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

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

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