Latest Newsletters & Newsflashes
Jun 28, 2019Law of 26 June 2019 on trade secrets
The Luxembourg law of 26 June 2019 on the protection of undisclosed know-how and business information (“ trade secrets”) against their unlawful acquisition, use and disclosure (the “ Law”) has been published in the Mémorial on 28 June 2019. The Law seeks to transpose Directive (EU) 2016/943 of 8
Jun 28, 2019ESMA Questionnaire on Undue Short-Termism
On 24 June 2019, the European Securities and Markets Authority (“ ESMA”) published a questionnaire , which aims at collecting evidence about what aspects of the financial sector could cause short-term pressure on companies. ESMA defines “short-termism” as “the focus on short time horizons by both
Jun 26, 2019RBO filing it’s now - Task force RBO@bsp.lu
CONTEXT The Luxembourg law dated 13 January 2019 (the RBO Law ) created a register of beneficial owners ( registre des bénéficiaires effectifs) (the RBO), with the aim to preserve and make available information on the beneficial owners of Registered Entities (please refer to our latest newsletter)
Jun 25, 2019Final Losses - New Decisions of the ECJ
In two recent cases, the ECJ clarified in which situations holding companies might be entitled to deduct final losses, thus confirming the principles previously established in the Marks & Spencer decision (C-446/03). In the first decision, Memira Holding (C-607/17) dated 19 June 2019, a Swedish
Jun 25, 2019Regulation to Facilitate Cross-Border Distribution of Investment Funds
On 16 April 2019, the European Parliament adopted legislative resolutions on a proposal for a Regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment undertakings and amending regulations (EU) n° 345/2013, (EU) n° 346/2013 and (EU)
Jun 25, 2019Directive to Facilitate Cross-Border Distribution of Investment Funds
On 16 April 2019, the European Parliament adopted legislative resolutions on the proposal for a directive of the European Parliament and of the Council amending directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (the “ Proposal”). The
Jun 21, 2019NEWSFLASH | Défaut de qualité à agir dans le chef de l’actionnaire égalitaire pour introduire une action sociale minoritaire
La loi du 10 août 2016 portant modernisation de la loi modifiée du 10 août 1915 concernant les sociétés commerciales a introduit une nouvelle action dite « action sociale minoritaire. » Aux termes de l’article 444-2 de la loi sur les sociétés commerciales (« LSC »), une action en justice peut
Jun 17, 2019Shareholders Rights Directive II - Impact on AIFMs and MANCOs
The deadline for transposition of Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long term shareholder participation (the “ Shareholders Rights Directive II ”) expired on June 10, 2019. The Shareholder Rights Directive II aims to enhance shareholder
Jun 17, 2019Proposal to Amend the PRIIPS Regulation
Background The EU Parliament and Council issued a proposal to amend the Cross Border Distribution Regulation ( see article) in order to amend the existing Regulation (EU) 2014/1286 of the European Parliament and of the Council relating to the key information documents for packaged retail and
Jun 14, 2019Foundation’s board member remuneration is not subject to VAT
On 13 June 2019, the ECJ published its judgment in the IO vs Inspecteur van de rijksbelastiengsdienst case (C-420/18) and clarified that the member of a foundation’s supervisory board does not qualify as a VAT taxable person as he does not independently exercise an economic activity. The foundation
Jun 07, 2019Judgment of the Higher Administrative Court on the Applicability of Article 50bis LITL
On 4 June 2019, the Luxembourg Higher Administrative Court ( Cour Administrative) handed down a judgment on the application of the intellectual property partial exemption regime. In the case at hand, an individual resident taxpayer holds various patents, including the one at issue in the present
Jun 06, 2019ESMA Publishes Updated AIFMD and UCITS Q&A
On 4 June 2019, the European Securities and Markets Authority (“ ESMA”) published updated questions and answers documents (“ Q&A”) on the application of the Alternative Investment Fund Managers Directive (“ AIFMD”) and the Undertakings for Collective Investment in Transferable Securities Directive (
Pagination