Newsletters & Legal Alerts

On 9 April 2021, the CSSF published Circular CSSF 21/769 regarding governance and security requirements for Supervised Entities (as defined below) to perform tasks or activities through Telework (as d

On 8 January 2021, the Luxembourg Parliament voted to approve the Bill N°7547 (the “Bill”) implementing new provisions (with effect as from 1 March 2021) related to tax deductions vis-à-vis interest a

In its judgment of 22 January 2021, the Luxembourg Constitutional Court had the opportunity to rule on the value of the principles of legal certainty, protection of legitimate expectations and non-ret

Context The Luxembourg tax authorities have issued guidance regarding the new profit-sharing bonus model (i.e., the so-called “prime participative”) in its Circular L.I.R.

Context The Luxembourg Higher Administrative Court (Cour Administrative) in a judgment rendered on 14 January 2021 (No.

On 1 February 2021, ESMA published its final report (“Report”) and draft of the implementing technical standards (“ITS”) under Regulation EU/2019/1156 on the facilitation of cross-border distribution

Draft Law 7774 amends the law of 16 July 2019 implementing the EuVECA, EuSEF, MMF, ELTIF and STS securitization regulations in Luxembourg law (the “2016 Law”) in order to implement, on the one hand Re

Submission of AML/CFT Market entry form via eDesk Portal as from 15 February 2021 On 8 February 2021, the CSSF issued a communication on the digitalisation of the AML/CFT Market Entry Form (the “Form

End of transitional period for the marketing of UK UCITS pushed back to 31 July 2021  On 9 February 2021, the Luxembourg Parliament (Chambre des Députés) adopted the draft law No.

On 3 February 2021, ESMA sent a letter to the European Commission concerning “Review of the Regulation (EU) 2015/760 on European long term investment funds” (the “ELTIFs” and the “ELTIF Regulatio

Context Measures relating to holding of meetings and other legal persons, in the context of the pandemic of the Covid-19, have been initially introduced by the Grand-Ducal Regulation of 20 March 2020

Purpose of the amendment The draft law 7791, submitted to the Luxembourg Parliament (Chambre des Députés) on 16 March 2021 (“Draft Law”) aims to clarify whether the rules regarding financial assistan

On 1 March 2021, ESMA published its final report on advice under article 8 of the taxonomy regulation (please refer to BSP Sustainable Newsflash Series number 7), which covers the information to be pr

As previously detailed in our Newsflash dated 19 March 2020 (as updated), the Luxembourg Government has once again agreed on an “exceptional measure” with the Belgian, French and German Governments re

CONTEXT Within the context of the exceptional circumstances linked to the ongoing COVID-19 pandemic, the European Securities and Markets Authority (ESMA) had considered on 16 March 2020, as a precaut

Background On 25 February 2021, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint supervisory statement on the effective and consistent application a

On 4 February 2021, the European Supervisory Authorities (ESAs) published their Final Report on draft Regulatory Technical Standards (hereinafter, the “Draft RTS”) with regard to the content, methodol

SFDR FINAL REPORT ON DRAFT RTS  On 4 February 2021, the European Supervisory Authorities (ESAs) published their long awaited final report on draft regulatory technical standards (hereinafter, th

Employers have always been required to carry out right to work checks on all new recruits, for the purpose of evidencing a right to work in Luxembourg of their employees.

On 3 March 2021, ESMA issued a letter addressed to the European Commission proposing modifications to Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in rel

In an order dated 3 march 2021, the European Court of Justice (“ECJ”) considered the lawfulness of a limitation period on the right to seek a reduction in the taxable amount in the case of cancellatio

On 25 February 2021, the Luxembourg Parliament (Chambre des Députés) voted the law amending the law of 12 May 2020, adapting certain deadlines in fiscal, financial and budgetary matters in the context

Launch of a common supervisory action on UCITS cost provision and performance On 6 January 2021, ESMA launched a Common Supervisory Action (CSA) with the National Competent authorities on the supervi

Background  Regulation (EU) 2020/1503 of 7 October 2020 on the European crowdfunding service providers for business (the “Crowdfunding Regulation”), shall apply from 10 November 2021.

On 1 March 2021, the CSSF launched its new digital portal for the submission of prospectuses and related supplements and notification requests – the “e-Prospectus”. Background The CSSF, as the natio

In a judgment dated 25 February 2021, the Higher Administrative Court (Cour administrative) confirmed a judgment of the Lower Administrative Court (Tribunal administratif) concerning the lawfulness of

In its press release 21/05 on 23 February 2021, the CSSF communicated the new procedure for approval of a new sub-fund under existing fund structures.  The process introduces the use of a single&

On 25 February 2021, the Luxembourg Stock Exchange (the “LuxSE”) announced the launch of a brand-new section to the Luxembourg Green Exchange platform, exclusively dedicated to so-called Climate-Align