Latest Newsletters & Newsflashes
Apr 03, 2023Draft law No. 8185 | Transfer of non-performing loans
On 24 March 2023, a draft law No. 8185 (the " Draft Law") has been submitted to the Luxembourg Parliament ( Chambre des Députés). The Draft Law aims to (i) transpose Directive (EU) 2021/2167 of 24 November 2021 on credit managers and credit purchasers, (ii) implement Regulation (EU) 2022/2036 of 19
Mar 31, 2023The immunity of financial collateral arrangements from collective proceedings
On 19 January 2023, the Luxembourg Court of Appeal provided an interesting clarification on the scope of the immunity of financial collateral arrangements provided for by the Law of 5 August 2005 (the " 2005 Law"). In this case, a pledgee had applied to the District Court (“ Tribunal d
Mar 31, 2023ECJ case C-555/21 | Consumer's right to early repayment under the MCD
The Austrian Supreme Court referred a question to the European Court of Justice (the “ ECJ”) for a preliminary ruling. The question concerned whether Article 25(1) of Directive 2014/17/EU of 4 February 2014 on credit agreements for consumers relating to residential immovable property (the " MCD")
Mar 31, 2023DLT | Significant developments at EU and national level
EU Regulation now applicable As of 23 March 2023, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the “ DLT Pilot Regime Regulation”) is applicable (noting that certain provisions thereof were applicable from an earlier date). The DLT
Mar 31, 2023Update of ESMA Q&As | DLT Pilot Regime and Prospectus Regulation
Q&A regarding the DLT Pilot Regime On 3 February 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") (the “ DLT Pilot Regime Q&A”) with the addition
Mar 31, 2023Prospectus regulation | Update of ESMA Q&A
On 3 February 2023, ESMA updated its questions and answers on the implementation of Regulation (EU) 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, and repealing Directive 2003/71/EC ( the “
Mar 23, 2023Law on distributed ledger technology | Adopted
On 20 March 2022, the Luxembourg law (draft law No. 8055) on distributed ledger technology (the " DLT Law") amending (i) the law of 5 April 1993 on the financial sector (the " Financial Sector Law"), (ii) the law of 5 August 2005 on financial collateral law (the " Financial Collateral Law") and (iii
Mar 20, 2023Newsflash | Law on Distributed Ledger Technology Adopted
On 20 March 2023, the Luxembourg law (draft law No. 8055) on distributed ledger technology (the " DLT Law") amending (i) the law of 5 April 1993 on the financial sector (the " Financial Sector Law"), (ii) the law of 5 August 2005 on financial collateral law (the " Financial Collateral Law") and (iii
Jan 27, 2023EU Listing Act | Interesting regulatory changes in the pipeline
On 7 December 2022, the European Commission put forward a set of measures to further develop the EU Capital Markets Union ( "CMU"). These measures which are commonly referred to collectively as the " Listing Act" comprise proposals for : an amending regulation amending Regulation (EU) 2017/1129 ("
Jan 19, 2023CSSF | Increase in fees with adoption of new Grand-Ducal Regulation
The CSSF levies fees on supervised persons and institutions to cover personnel costs as well as general financial and operating costs. The level of fees is set by a Grand-Ducal Regulation which is updated from time to time and most recently by the Grand-Ducal Regulation of 23 December 2022 (the “
Jan 16, 2023Crowdfunding | Transitional period extension | New delegated and implementing regulations | New ESMA Q&As
Extending the Transitional Period Referred to in Regulation (EU) 2020/1503 On 21 October 2022 and having regard to Regulation (EU) 2020/1503 (“ Crowdfunding Regulation ”) on European crowdfunding service providers (“ CSPs”) for business, the Commission Delegated Regulation (EU) 2022/1988 of 12 July
Jan 16, 2023DLT Pilot Regime | New ESMA guidelines and Q&As
In December 2022, ESMA published new guidelines and Q&As regarding Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime (the " DLT Pilot Regime") for market infrastructures based on distributed ledger technology (DLT) (the " DLT Pilot Regime Regulation "). On 15 December 2022, ESMA published
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