Newsletters & Newsflashes

On 19 July 2019, the ESMA issued its final report on the guidelines on the reporting procedure to competent authorities under Article 37 of the Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (“ MMF Regulation”). These guidelines apply as

On 21 June 2019, the International Labour Organization (“ ILO”) adopted Convention No.190 concerning the elimination of violence and harassment in the world of work (hereafter the “ Convention”) and the associated recommendation No. 206 (hereafter the “ Recommendation”). CONTENT The Convention

By judgement dated 31 July 2019 (No. 42326C) , the Luxembourg Higher Administrative Court ( Cour Administrative) reiterated its interpretation of Article 164 of the Luxembourg income tax law regarding hidden dividend distributions. In the matter at hand, the taxpayer, a Luxembourg resident company

On 18 July 2019, the Law of 16 July 2019 (the “ New Law”) implementing, among others, Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the “ Securitisation

In July 2019, ESMA updated its Questions and Answers on the Prospectus Regulation (the “ PR Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “ Prospectus

The long expected Directive (EU) 2019/1160 regarding cross-border distribution of collective investment funds amending the UCITS Directive and the AIFM Directive (the Directive) as well as the Regulation (EU) 201/1156 on facilitating cross-border distribution of collective investment funds and

As anticipated in our July 2019 Newsletter , the new Luxembourg law on prospectuses (the “ New Prospectus Law”) implementing Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “

BACKGROUND According to the Press Release of the European Commission on Pan-European Personal Pension Products only 27% of Europeans between 25 and 59 years old have currently enrolled themselves in a pension product. This is the context in which the Regulation (EU) 2019/1238 of 20 June 2019 on a

In a recent decision (No. 42043C dated 17 July 2019), the Higher Administrative Court ( Cour Administrative) ruled that the tax administration is entitled to requalify interest payments into a hidden distribution, if a taxpayer is not able to provide sufficient supporting documentation proving that

ESMA Q&A Since our last newsletter, ESMA updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 (“ MiFID II”) and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 (“ MiFIR”), on the following topics: • Q&A on MiFID II and MiFIR

Background In April 2019 two Luxembourg laws (the “ Brexit Laws”) were published in anticipation of the United Kingdom's exit from the European Union without any withdrawal agreement on 31 st October 2019 (the " Hard Brexit"). In such an event, the United Kingdom will be considered as a third

On 1 July 2019, the CSSF issued press release 19/28 (the " Press Release") relating to an assessment of the impact of Regulation (EU) 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products