Apr 13, 2022
BSP Newsletter | April 2022
This newsletter is intended as a general discussion of the following topics: AML Compliance, Banking & Financial Services, Investment Management, Tax.
Stay informed with our Newsletters
Apr 13, 2022
BSP Newsletter | April 2022
This newsletter is intended as a general discussion of the following topics: AML Compliance, Banking & Financial Services, Investment Management, Tax.
Jun 30, 2021
Focus on ESG | Sustainable Finance Insights Series
All the content relating to ESG and Sustainable Finance, the hot topic of the moment on which our lawyers in the Investment Management department can advise, are listed below. Feel free to re
May 25, 2022
Newsflash | EU Commission: draft Directive on tax incentive to reduce debt-equity bias
On 11 May 2022, the European Commission (hereafter the “Commission”) published a proposal to create a level playing field for debt and equity from a tax perspective.
May 20, 2022
Newsflash | Loi du 9 décembre 2021 portant modification du Code de procédure pénale
En date du 2 décembre 2021, la Chambre des Députés a procédé au vote du projet de loi N°7785 portant modification du Code de procédure pénale. La loi qui est désormais entrée en vigueur prévoit une s
Apr 20, 2022
Sustainable Finance Insight Series – 15 | ESA issues supervisory statement on the application of SFDR
On the 24 March 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement with the aim of reducing the risk of divergent applications of Regulation (EU) 2019/288 on sustainabili
Apr 13, 2022
Decision of the Court of Cassation on the deductibility of VAT incurred on general expenses
In a recent decision, the Luxembourg Supreme Court (Cour de cassation) rejected an appeal (pourvoi en cassation) lodged by Luxembourg VAT authorities (Administration de l’enregistrement, des domaines
Apr 13, 2022
Higher Administrative Court rules tax administration must adequately explain the position taken in a tax assessment
In a judgment dated 17 March 2022, the Luxembourg Higher Administrative Court (Cour administrative) ruled that tax assessments issued by the Luxembourg Tax Administration (“LTA”) must adequately expla
Apr 13, 2022
The European Commission’s proposal for a directive on corporate sustainability due diligence
On 23 February 2022, the European Commission published a proposal for a Directive on Corporate Sustainability Due Diligence (the “Directive”). The Directive will set out a horizontal framework t
Apr 13, 2022
ESMA updated Q&A on Benchmarks and the Securities Financing Transactions Regulation
Benchmark On 28 January 2022 and 1 April 2022, the European Securities and Market Authority (“ESMA”) published its updated FAQ on Benchmark Regulation (BMR).
Apr 13, 2022
DLT and Blockchain Technology │CSSF White Paper
BACKGROUND As a global financial centre, Luxembourg has traditionally been amongst the frontrunners in bringing financial innovation under its regulatory umbrella.
Apr 08, 2022
CSSF Circular 21/790 | Reports on eDesk
Background On 17 December 2021, the CSSF issued Circular 21/790 (the “Circular”) applicable to Luxembourg regulated funds (UCITS, Part II Funds, SIFs and SICARs) imposing an obligation on regulated
Apr 06, 2022
Performance fee models | CSSF reminder
On 5 April 2022, the CSSF issued a communiqué inviting investment fund managers (“IFMs”) to declare via a dedicated eDesk application the performance fee models applicable to Luxembourg UCITS or
Apr 05, 2022
Benchmark Regulation | Amendment to Law of 17 April 2018
On 25 February 2022, the Luxembourg Parliament (Chambre des Députés) published an amendment (the “Amendment Law”) to the law of 17 April 2018 that had implemented Regulation (EU) 2016/1011 on indices
Apr 02, 2022
Inactive bank accounts, safe deposit boxes and unclaimed life insurance policies | New Law
Context The Luxembourg Parliament (Chambre des Députés) has passed a law on inactive (also sometimes referred to as dormant) bank accounts and safe deposit boxes and on unclaimed life insurance polic
Apr 01, 2022
Newsflash | The EU's sanctions regime against Russia is producing tangible results in Luxembourg
On the 29th of March 2022, during a joint meeting of the Finance and Budget Committee and the Justice Committee at the Luxembourg Parliament, Finance Minister Yuriko Backes and Justice Minister Sam Ta
Mar 30, 2022
Newsflash | Luxembourg Tax Authorities amend the Circular on the Interest Deduction Limitation Rules
The Luxembourg tax authorities issued a circular on 8 January 2021 on the interest deduction limitation rules (“ILR”) as foreseen in Article 168bis of the Luxembourg income tax law (“LITL”). The origi
Mar 30, 2022
CSSF FAQs on the AML/CFT RC Report
On 28 March 2022 the CSSF published frequently ask questions (the “FAQs”) in relation to the annual completion and transmission of the fight against money laundering and terrorist financing compl
Mar 22, 2022
OECD released a public consultation document concerning a new global tax transparency framework
On 22 March 2022 the Organisation for Economic Co-operation and Development (“OECD”) released a public consultation document concerning a new global tax transparency framework to provide for the
Mar 21, 2022
Teleworking for Belgian, French and German cross-border workers in the context of the COVID-19 pandemic
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
Mar 15, 2022
Newsflash | LTA Circular - Real Estate Levy - Mandatory reporting for investment fund vehicles
On January 20th 2022, the Luxembourg tax authorities (“LTA”) issued circular PRE_IMM n° 1 (the “Circular”), regarding the 20% real estate levy (the “Real Estate Levy”) introduced by the Luxembourg law
Mar 14, 2022
EU Securitisation vehicles to be excluded from interest limitation rule exception
On 9 March 2022, the Luxembourg Ministry of Finance published the draft law No.7974 (the “Draft Law”) which relates to the interest limitation rules.
Mar 08, 2022
Newsflash | Briefing - Amendments to Luxembourg Securitisation Law
On 9 February 2022, the Luxembourg Parliament (Chambre des Députés) adopted the draft law 7825 (the "New Law"), which amends the law of 22 March 2004 on securitisation (the “Securitisation Law”, and a
Mar 07, 2022
Transparency law and market abuse regulation │CSSF launches new eRIIS filing platform
The CSSF’s new electronic filing platform ”electronic Reporting of Information concerning Issuers of Securities” (eRIIS) is live since 4 March 2022 and can be accessed at this link.
Mar 03, 2022
Securitisation Regulation | ESMA launches new STS register
On 3 February 2022, ESMA launched its Simple, Transparent and Standardised Register (the "STS Register") which, going forward, shall list all traditional securitisations notified to ESMA by the origin
Mar 01, 2022
ESMA launches common supervisory action on valuation of UCITS and open-ended AIFS
On 20 January 2022, the European Securities and Markets Authority (“ESMA”) launched a Common Supervisory Action (“CSA”) with national competent authorities (“NCAs”) on valuation of UCITS and open-ende
Mar 01, 2022
Payment Services│EBA releases guidelines on limited network exclusion
On 24 February 2022, the European Banking Authority ("EBA") published its guidelines (the "Guidelines") on the limited network exclusion ("LNE") under Directive (EU) 2015/2366 on payment services
Feb 28, 2022
Reactivation of the IFM notifications on fund issues and large redemptions
Implementation of a specific monitoring of the largest investment fund managers As a result of the prevailing market conditions relating to the current situation in Ukraine, the CSSF implemented on 2
Feb 14, 2022
Newsflash | Draft law 7825 amending the Securitisation Law has been passed!
The amendments to the law of 22 March 2004 on securitisation (the “Securitisation Law”) proposed by the much awaited draft law 7825 (the "Draft Law") are an encouraging development for investors, orig
Feb 14, 2022
Luxembourg Court of Cassation rules on the effects of a stay of execution
Context The Luxembourg Supreme Court (Cour de cassation), through its decision on 3 February 2022 (No.
Feb 04, 2022
Newsflash | La CSSF réduit le seuil de notification en cas de position courte vendeuse
Aujourd'hui, l’autorité des marchés luxembourgeoise (CSSF) a publié la circulaire 22/798 modifiant la circulaire 12/548 du 30 octobre 2012 relative au Règlement (UE) N°236/2012 du Parlement européen e