Latest Newsletters & Newsflashes
Apr 22, 2019CSSF Adoption of EBA PSD2 Guidelines
On March 14 th 2019, the CSSF published: CSSF Circular 19/712 (the “ Fraud Data CSSF Circular”) adopting the guidelines of the European Banking Authority (“ EBA”) on reporting requirements for fraud data under Article 96(6) of Directive (EU) 2015/2366 on payment services (“ PSD2”) - EBA/GL/2018/05
Apr 19, 2019Luxembourg ratifies the OCDE MLI
The OECD’s Multilateral Instrument Convention (“ MLI”), which was signed in Paris on June 7 th 2017, has been adopted by the Luxembourg parliament on February 14 th 2019 (draft bill No. 7333), signed on March 7 th 2019 and deposited with the OECD on April 9 th 2019, which means that Luxembourg has
Apr 18, 2019NEWSFLASH | Rights of British nationals in Luxembourg after Brexit
As the exit of the United Kingdom (“UK”) from the European Union (“EU”) will have consequences for the rights of British nationals to reside and access employment in Luxembourg, the Luxembourg Government has recently published an information folder on Brexit. In this respect, the impact of Brexit
Apr 17, 2019Draft Law on Tax Dispute Resolution Mechanism
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
Apr 15, 2019CSSF CIRCULAR 19/716 | Third Country firms providing investment services or performing investment activities in Luxembourg
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
Apr 08, 2019NEWSFLASH | New Circular on permanent establishments
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
Apr 08, 2019AIFMD | ESMA Q&A
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
Apr 08, 2019UCITS ESMA Q&A
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
Apr 08, 2019Update on EU List of Non-Cooperative Jurisdictions
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
Apr 08, 2019Case-Law on the Concept of Serious Economic Reasons in the Context of Share Capital Reductions
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
Apr 03, 2019Propectus Regulation | ESMA Guidelines on Risk Factors
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
Apr 03, 2019Market Abuse | Update of ESMA Q&A
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
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