Newsletters & Newsflashes

On April 11 th 2019, the Luxembourg government published a draft law transposing Directive 2017/1852 on dispute resolution mechanisms in the European Union (hereafter the “ Directive”). This draft law aims to establish a more effective mechanism on resolving tax disputes between Luxembourg and other

The different regimes that are applicable to third-country firms (hereinafter the “ TCF(s)”) that wish to provide investment services or perform investment activities together with ancillary investment services in Luxembourg under the recently added Article 32-1 of the Luxembourg law of 5 April 1993

On February 22 nd 2019, the Luxembourg tax authorities published a Circular (the “ Circular”) providing guidelines as to the new rules applicable to permanent establishments (“ PE”). Further to the domestic legislative changes in the context of the BEPS project, the Luxembourg law definition of a PE

On March 29 th 2019 ESMA released an updated version of Questions and Answers on the Application of Alternative Investment Fund Managers Directive. It includes two new questions in section VIII on the leverage calculation. The first question provides clarity on treatment of short-term interest rate

On March 29 th 2019, ESMA released an updated version of Questions and Answers application of the Undertakings in Collective Investments in Transferable Securities Directive (“ UCITS Q&A”). The UCITS Q&A modifies section II on the KIID for UCITS by adding additional clarifications on the benchmark

On March 26 th 2019, the Council’s conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (2019/C 114/02) (hereinafter the “ List”) have been published in the Official Journal of the European Union. The List, which was already composed of American Samoa, Guam, Samoa

While under Luxembourg tax law dividend distributions are subject to withholding tax, share capital reductions are out-of-scope provided that (i) no distributable reserves are available, which would be deemed to be distributed firstly and that (ii) the share capital reduction is motivated by serious

The financial sector is not immune to the rapid evolution of modern technologies, which are undergoing profound transformations. After the introduction of dematerialised securities and the development of the notion of "book entry securities", a new law of 1 March 2019 (the “ New Law”) has now

Pursuant to Article 16(4) of the Regulation (EU) No. 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 Regulation”) ESMA has been mandated to issue guidelines to assist competent

ESMA updated its Q&A (the “ Q&A”) on Directive 2004/109/EC (“ Transparency Directive”), to clarify the obligations applicable to issuers with respect to its choice of home Member State in case the UK withdraws from the EU without any withdrawal agreement in place (the so-called “ Hard Brexit”

On March 27 th 2019, ESMA published new Questions & Answers on the Prospectus Regulation documents (“ Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 (the “ Prospectus Regulation”). The Prospectus Regulation shall be fully applicable from July 21 st 2019. The Q&A currently covers three

In anticipation of the United Kingdom leaving the European Union (or simply “ Brexit” as it is more commonly referred to) without an agreement in place (the so-called “ Hard Brexit” scenario), the Luxembourg legislator has taken swift action to facilitate a smooth transition for those who may be