Latest Newsletters & Newsflashes
Sep 25, 2018Commission Concludes that Luxembourg did not grant State Aid to McDonald's
On September 19 th 2018, the European Commission (“ Commission”) announced that it had concluded that the treatment of McDonald’s profits in Luxembourg did not constitute illegal state aid within the meaning of Article 107 of the Treaty of the Functioning of the European Union. In December 2015, the
Sep 25, 2018NEWSFLASH | Modification de la loi du 1er août 2001 concernant la circulation des titres
HISTORIQUE La loi du 1 er août 2001 (la Loi de 2001) concernant la circulation des titres et autres instruments financiers était, déjà à son époque, un pas important vers la modernisation de la législation du secteur financier. La modernisation était lancée, une étape significative supplémentaire
Sep 18, 2018AIFMD | Updated ESMA Q&A
The European Securities and Markets Authority (“ ESMA”) recently updated its Q&A on Directive 2011/61/EU of the European Parliament and of the Council of June 8 th 2011 on Alternative Investment Fund Managers (“ AIFM Directive”) regarding the supervisory responsibilities of competent authorities in
Sep 17, 2018Commission Decision in Engie Fiscal State Aid Case
On September 4 th 2018, the European Commission (“ Commission”) released the public version of its state aid decision ordering the recovery of the alleged illegal state aid granted to Engie by Luxembourg. At issue are two tax rulings issued by the Luxembourg tax authorities in 2008 and 2010
Sep 17, 2018Non-UCITS Depositaries | Circular CSSF 18/697
On August 23 rd 2018, the CSSF published Circular CSSF 18/697 (“ Circular”), which (i) specifies organizational requirements for depositaries of funds which are not subject to Part I of the Law of December 17 th 2010 on undertaking for collective investment (the “ 2010 Law”), (ii) modifies Circular
Aug 31, 2018Money Market Funds | CSSF FAQ
The CSSF published its first Frequently Asked Questions (“ FAQ”) concerning the Money Market Fund Regulation (“ MMFR”) on August 28 th 2018. This FAQ explains some of the key aspects of the regulation which are relevant to money market funds (“ MMFs”) and their managers. The document answers many of
Aug 28, 2018AIFMD | Updated CSSF FAQ
The CSSF’s frequently asked questions (“ FAQ ”) on AIFMs was updated on August 14 th 2018 with an additional question 23.b) in the section Impact of the PRIIPs Regulation . The question raised was whether Luxembourg AIFs the units of which are being advised on, offered or sold to retail investors
Aug 22, 2018NEWSFLASH | New rules applicable to the supervision of employees
The Law of 1 August, 2018 establishing the national commission for data protection and the general scheme on data protection [1] (hereinafter “ the Law”), implements the general data protection regulation (hereinafter “ the GDPR”) that entered into force on 25 May, 2018. As the GDPR is directly
Aug 22, 2018NEWSFLASH | Draft Law on the Time-Saving Account
On June 25 th 2018 the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7324 (the “Draft Law”) implementing a time-saving account. The time-saving account will enable the employee to better manage their working time and overtime, as well as to take time off when considered
Aug 21, 2018Benchmarks Regulation | Updated ESMA Q&A
The European Securities and Markets Authority (“ ESMA”) has recently updated its Q&A on Regulation (EU) No. 2016/1011 of June 8 th 2016 on indices used as benchmarks (" Benchmarks Regulation" or “ BMR”). One of the new questions considered by ESMA was whether prospectuses should include reference to
Aug 06, 2018Application of the UCITS Directive | Updated ESMA Q&A
The ESMA Q&A on the application of the UCITS Directive was updated on July 23 rd 2018 with four new questions and answers, one of them being a new section X on Depositary. Issuer concentration The question was raised whether netting and hedging arrangements can be taken into account for the purposes
Jul 31, 2018OECD Publishes Discussion Draft on Intra-Group Financial Transactions
On July 3 rd 2018, the Organisation for Economic Co-operation and Development (“ OECD”) published a discussion draft that aims to provide extensive guidance on how tax authorities and Multinational Enterprises should assess the arm’s length remuneration on intra-group financial transactions. The
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