Oct 15, 2020
BSP Newsletter | October 2020
This newsletter is intended as a general discussion of the following topics: COVID-19 updates, AML compliance, Banking & Financial Services, Capital Markets, Investment Management and Tax. 
Stay informed with our Newsletters
Oct 15, 2020
BSP Newsletter | October 2020
This newsletter is intended as a general discussion of the following topics: COVID-19 updates, AML compliance, Banking & Financial Services, Capital Markets, Investment Management and Tax. 
May 18, 2020
COVID-19 | Luxembourg Law Updates
This section is intended as a general discussion on the latest topics concerning Covid-19 and the Luxembourg Law. If you would like to know more about the topics covered in this newsletter or our ser
Jan 20, 2021
BSP Newsletter | January 2021
This newsletter is intended as a general discussion of the following topics: AML Compliance, Banking & Financial Services, Capital Markets, Investment Management, Tax.
Jan 21, 2021
European Single Electronic Format
WHEREAS The Luxembourg law of 11 January 2008 on transparency requirements for issuers (Transparency Law), supplemented by the Grand-Ducal Regulation of 11 January 2008 on transparency requirements f
Jan 21, 2021
Update of Double Tax Treaties
Protocol to the Luxembourg-Russia double tax treaty The Protocol amending the double tax treaty between the Grand Duchy of Luxembourg and the Russian Federation (hereafter the “Protocol”) has been si
Jan 21, 2021
Higher Administrative Court Judgement on the Treatment of Revaluation Reserves
In its judgment of 10 December 2020, the Luxembourg Higher Administrative Court (Cour administrative) had to assess whether revaluation reserves booked in the annual accounts of a Luxembourg resident
Jan 21, 2021
Lower Administrative Court: Excess of Power by the Tax Authorities in the Panama Paper Investigations
On 29 September 2020, the Lower Administrative Court (Tribunal administratif) handed down several decisions in cases involving requests for information that the Luxembourg tax authorities (hereafter t
Jan 21, 2021
Circular issued by the Luxembourg Tax Authorities on the Interest Deduction Limitation Rule
On 8 January 2021, the Luxembourg tax authorities issued a circular (Circulaire du directeur des contributions L.I.R.
Jan 21, 2021
Judgement of the ECJ on the Right of Adjustment in Case of Unduly Paid VAT
On 2 July 2020, the European Court of Justice (“ECJ”) issued its judgment in case C‑835/18, SC Terracult SRL on the possibility for a taxable person to adjust an invoice and claim a refund of unduly p
Jan 21, 2021
Guidance on the Non-Application of the Parent-Subsidiary Directive to Gibraltar Companies
In an administrative circular dated 1 December 2020 (the “Circular”), the Luxembourg tax administration confirmed that, following the judgment of the European Court of Justice (hereinafter the “ECJ”)
Jan 21, 2021
CSSF updates UCITS and AIFMD FAQs
Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg
Jan 21, 2021
Performance Fee Guidelines | Entry into Effect
BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “Guidelines”). As a reminder, the guideli
Jan 21, 2021
Investor Compensation Scheme Luxembourg | CSSF FAQ
On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, T
Jan 21, 2021
New eDesk Module for Submission of Information | CSSF Communication
On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “Communication” and the “eDesk Module”), announcing the progressive digitalisation for the rec
Jan 21, 2021
SFDR | CSSF Communication and Fast Track Procedure
Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of
Jan 21, 2021
BREXIT | Deadline for Marketing of UK UCITS in Luxembourg
BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “Draft Law”).
Jan 21, 2021
Liquidity and Valuation Shocks | ESMA Report on the Preparedness of Investment Funds
As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ESRB”) published a recommendation
Jan 20, 2021
ESMA updated Q&As ON MiFID II and MiFIR Investor Protection and Intermediaries Topics
On 6 November 2020 and on 21 December 2020, ESMA updated its Questions and Answers (“Q&As”) concerning investor protection and intermediaries topics under Directive 2014/65/EU of the European Parl
Jan 20, 2021
ESMA updated Q&As for Prospectus and Transparency Rules linked to Brexit
Prospectus and transparency Q&As On 9 November 2020, ESMA updated its Questions and Answers (Q&As) concerning Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 Jun
Jan 15, 2021
Teleworking for Belgian, French and German Cross-Border Workers once again extended
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
Jan 15, 2021
Luxembourg Lower Administrative Court annuls Exchange of Information Injunction
In a judgment dated 4 December 2020, the Lower Administrative Court (Tribunal administratif) annulled an injunction issued by the Luxembourg tax administration (“LTA”) pursuant to a request for inform
Jan 05, 2021
CSSF Press Release on UK Equivalency under MiFIR and ESMA Reminder regarding Reverse Solicitation
The United Kingdom has been included in the list of jurisdictions, which are deemed equivalent for the application of the national third-country regime in Luxembourg. On 23 December 2020, CSSF Regula
Jan 04, 2021
New CSSF Submission Form for filing Final Terms
New Final Terms submission form Since 30 November 2020, final terms (the “Final Terms”) relating to a prospectus published in accordance with Regulation (EU) 2017/1129 of the European Parliament and
Jan 03, 2021
New Luxembourg Draft Law transposing IFD and IFR
The purpose of the draft law 7723, submitted to the Luxembourg Parliament (Chambre des Députés) on 27 November 2020 (the “Draft Law”) is to: transpose into Luxembourg law Directive (EU) 2019/2034 o
Jan 03, 2021
Updated ESMA Q&As on Securitisation and ESMA Guidelines on Securitisation Repositories
On 5 October 2020, ESMA published its final report (the “Final Report”) on the guidelines (the “Guidelines”) on portability of information between securitisation repositories under Regulation (EU) 201
Jan 02, 2021
National Risk Assessment of ML/TF for the Year 2020
Background The 2020 national risk assessment of money laundering and terrorist financing (the “NRA”) was led by the Executive Secretariat of the National ML/TF Prevention Committee, with the input of
Jan 01, 2021
AML | RAIF’S RR and RC Identification Form must be completed and filed with the AEDT
On 16 December 2020, the Administration de l’enregistrement, des domaines et de la TVA (the “AEDT”) sent letters to reserved alternative investment funds (“RAIFs”) to request them to appoint, in
Jan 01, 2021
CSSF 2020 Survey related to the Fight against Money Laundering and Terrorist Financing
On 24 December 2020, the CSSF announced that it will roll-out its annual AML online survey for the year 2020 (the “Survey”) on 15 February 2021. Similar to last year, the Survey is addressed to manag
Nov 23, 2020
Newsflash | Systemic Risk Committee Issues Recommendation to the CSSF with Respect to LTV Ratios of Property Loans
Background The sustained and persistent rise in real estate prices and related surge in volume of mortgages has prompted Luxembourg’s systemic risk committee (the “LSRC”), the Grand Duchy’s macroprud
Nov 20, 2020
UK Temporary Permissions Regime (TPR) | Communication by the UK FCA regarding TPR
On 19 November 2020, the CSSF published on its website a press release (Press Release 20/23) (“Press Release”) updating Luxembourg-based entities on the recent developments regarding the UK’s Temporar