Latest Newsletters & Newsflashes
Jan 10, 2019Report relation to crypto assets issued by EBA and ESMA
Both the European Securities and Markets Authority ( ESMA) and the European Banking Authority ( EBA) have published yesterday January 9 th 2019 individual report on crypto-assets. ESMA, together with EU Member State national competent authorities, has analysed various business models of crypto
Jan 09, 2019Crowdfunding service providers for business | Update
On November 5 th 2018, the Economic and Monetary Affairs Committee (the “ Committee”) voted on the European regulation on European Crowdfunding Service Providers for Business proposed by the European Commission in March 2018. The aim of the proposed regulation is to end the current status quo in
Jan 08, 2019ECJ clarifies formal conditions for the right of input VAT deduction
In a ruling issued on November 8 th 2018 (case C-502/17), the Court of Justice of the European Union (the “ ECJ”) had to rule on the question whether a real estate property developer who did not register for VAT purposes, despite being under the obligation to do so, and who has failed to keep
Jan 07, 2019Luxembourg Law setting up a Register of Beneficial Owners
Article 30 of the Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “ AML 4 th Directive”), which requires corporate and other legal entities incorporated within an EU Member State to obtain
Jan 07, 2019Luxembourg Stock Exchange introduces two new professional segments
The Luxembourg Stock Exchange now offers issuers the possibility to admit their securities to trading on a professional segment (each a “ Professional Segment”) of each of its two markets, the BdL market (the EU-regulated market) and the Euro MTF market (Exchange-regulated market). Trading on these
Jan 04, 2019Luxembourg VAT Group Regime in force
The Draft Law No. 7278 introducing the VAT group regime in Luxembourg (please refer to our newsletter dated June 2018 for more details) was adopted without any substantial changes on August 6 th 2018 with retroactive effect as of July 31 st 2018. The concept of normal value ( valeur normale)
Jan 03, 2019ATAD 1 implementation law enters into force
On December 18 th 2018, the Luxembourg Parliament ( Chambre des Députés) passed Draft Law No. 7318 which transposes into domestic law the Anti-Avoidance Tax Directive (“ ATAD”). The law was adopted without any substantial amendments to the draft version we previously covered (please refer to our
Jan 03, 2019The EU Securitisation Regulation
Background 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 Regulation”) establishes a new European legal and regulatory framework for
Jan 03, 2019MIFID II & MIFIR | Update of ESMA Q&A
Since our last newsletter on the topic, the European Securities and Markets Authority (“ ESMA”) updated a number of its Q&A regarding the Markets in Financial Instruments Directive – Directive 2014/65/EU of 15 May 2014 (“ MiFID II”) and the Markets in Financial Instruments Regulation – Regulation No
Jan 02, 2019OECD guidance on the concept of substance for no or only nominal tax jurisdictions
On November 15 th 2018, the Organisation for Economic Co-operation and Development (“ OECD”) published technical guidance for the application of the substance requirement to “low or no tax jurisdictions”. In a report dated 1998, the OECD had already taken the view that one of the most effective
Jan 02, 2019Update on the EU legislative proposal to facilitate cross-border distribution of investment funds
On December 6 th 2018, the Committee on Economic and Monetary Affairs (the “ Committee”) adopted the report issued by Wolf KLINZ on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC of the European Parliament and of the Council and Directive
Jan 02, 2019Input VAT deduction on overhead costs in hire purchase transactions
On October 18 th 2018, the Court of Justice of the European Union (the “ ECJ”) handed down an important ruling (case C-153/17), providing new guidance regarding the deduction of input VAT on general overhead costs in hire purchase transactions. The dispute at hand involved Volkswagen Financial
Pagination