Latest Newsletters & Newsflashes
Jul 07, 2023Opinion of the Advocate General of the European Court of Justice in the Engie Fiscal State Aid Case
In the opinion delivered on 4 May 2023 regarding cases (i) Engie Global LNG Holding (the “ Engie Group”) and Others v Commission (C-454/21 P) and (ii) Luxembourg v Commission (C-451/21 P), the Advocate General Kokott considers that Luxembourg, through tax rulings, did not grant State aid to the
Jul 07, 2023Enterprises' duty of care with regard to sustainability
On 16 May 2023, draft law No. 8217 on enterprises' duty of care with regard to sustainability (the " Draft Law") has been submitted to the Luxembourg Parliament ( Chambre des Députés). Which enterprises have a duty of care? The Draft Law’s provisions will apply: to enterprises when two of the
Jul 07, 2023Decision of the Higher Administrative Court on the obligation of the tax authorities to respect the adversarial principle
In a judgment of 15 June 2023, the Higher Administrative Court upheld a judgment of the Lower Administrative Court, which had annulled tax returns issued against a taxpayer on the grounds that the tax authorities had failed to respect the taxpayer's rights of defence arising from the adversarial
Jul 07, 2023MiFID II and MiFIR | ESMA guidelines and FAQ
ESMA Guidelines on MiFID II product governance requirements On 27 March 2023, ESMA published its final report on guidelines on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“ MiFID II”), regarding product governance requirements (the " Guidelines"). The objectives of the
Jul 07, 2023SFDR data collection for Luxembourg investment funds | update
On 30 June 2023, the CSSF published a press release on the SFDR data collection exercise for investment fund managers (“ IFMs”) and institutions for occupational retirement provision (“ IORPs”), on periodic reporting in relation to Regulation (EU) 2019/2088 on sustainability reporting in the
Jul 07, 2023General Court of the EU reaffirms primary substantive right of access to documents
On 22 March 2023, in its judgment T-72/20 Satabank v. European Central Bank, the General Court of the EU (the “ General Court”) annulled a decision of the European Central Bank (the “ ECB”) rejecting access to a file requested by Satabank plc (the “ Bank”). At the time the complaint was lodged
Jul 07, 2023Crowdfunding Regulation | New ESMA Q&A
On 26 May 2023, ESMA updated its Questions and Answers (" Q&As") in relation to Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (the “ Crowdfunding Regulation”). Three new questions and answers have been added to the Q&As. In this latest update
Jul 07, 2023UCIs and virtual assets | CSSF FAQ
On 6 April 2023, the CSSF updated their frequently ask questions (“ FAQ”) on virtual assets addressed to undertakings for collective investment (“ UCIs”), (the “ FAQ”). This update involved the modification of the existing Question 2 and the addition of a new Question 3A. The update of Question 2
Jul 07, 2023CSSF SFDR FAQ | Addressing fund name considerations and efficient portfolio management techniques
Key SFDR clarifications on fund names (Question 7) and efficient portfolio management (Question 8) The sustainable finance disclosure regulation (“ SFDR”) has introduced a new era of transparency and sustainability in the financial industry. The CSSF has recently provided important clarifications
Jul 07, 2023DLT | Most recent developments
ESMA Q&A Updates On 27 March 2023, ESMA updated its questions and answers on the implementation of Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (" DLT Regulation") (the “ DLT Pilot Regime Q&A”). With this update, ESMA
Jul 07, 2023BSP Newsletter | July 2023
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Jul 06, 2023New Directive on transparency and equal pay for men and women
Directive (EU) 2023/970 of 10 May 2023, aimed at strengthening the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms, was published in the Official Journal of the EU on 17 May 2023 and entered
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