Latest Newsletters & Newsflashes
Jul 16, 2020BSP Newsletter | July 2020
This newsletter is intended as a general discussion of the following topics: Capital Markets, Employment, Compensations & Benefits, AML Compliance, Banking & Financial Services, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Jul 16, 2020Securitisation Regulation | Update on Transparency Requirements
In our January 2020 newsletter, we stated that the following technical standards referred to under Article 7(3) and (4) of Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised
Jul 16, 2020Esma Public Statement on Implications of the COVID-19 Outbreak on Half-year Financial reports
On 20 May 2020, ESMA issued a public statement to address the implications of the COVID-19 outbreak on the half-year financial reports, which must be prepared and published by issuers (the “ Statement”). In the Statement, ESMA highlights the importance of issuers including in their reports up-to
Jul 15, 2020Higher Administrative Court Judgment on Abuse of Law and the Use of Luxembourg SPF
In its judgment of 14 July 2020, the Luxembourg Higher Administrative Court ( Cour Administrative) assessed whether the subscription of bonds by a Luxembourg family wealth management company, a société de gestion de patrimoine familial (" SPF") and the deduction of interest at the level of the
Jul 13, 2020CSSF Circular 20/744 on Indicators of Tax Offences in the Collective Investment Sector
On 3 July 2020, the CSSF published Circular 20/744 (“ Circular 20/744”) complementing Circular 17/650 on application of the Law of 12 November 2004 on the fight against money laundering and terrorist financing and Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of
Jul 10, 2020Legal Alert | Proposal of bill 7221 setting out a "No-Fault Liability of the Operator of a Nuclear Installation"
Purpose of the bill Setting out a special regime of civil liability for damages in connection with a nuclear incident. Providing for a specific legal framework for restitution and compensation in the event of a nuclear incident causing damages on the territory of the Grand Duchy of Luxembourg, which
Jul 06, 2020MiFID II & MIFIR | ESMA Q&A
Since our last newsletter, ESMA has updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 (“ MiFID II”) and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 (“ MiFIR”), on the following topics: Q&A on MiFID II Investor Protection and
Jul 06, 2020Establishment of a Register of Fiduciary Arrangements and Trusts in Luxembourg
The draft Luxembourg law 7216B, already referred to in our February 2018 newsletter, was voted by a first parliamentary vote on 1 July 2020 and finally adopted by dispensation from the second constitutional vote granted by the Council of State on 10 July 2020 (the “ Fiduciary Arrangement Law”). The
Jul 02, 2020CSSF Regulation No. 20-02 and Circular 20/743 regarding the Provision of Investment Services or Performance of Investment Activities and Ancillary Services
On 1 July 2020, the CSSF published (i) CSSF Regulation No. 20-02 of 29 June 2020 on the equivalence of certain third countries with respect to supervision and authorisation rules for the purpose of providing investment services or performing investment activities and ancillary services by third
Jul 01, 2020New Luxembourg Law on Professional Payment Guarantees
Background Adding to the undoubted success of the Luxembourg law of 5 August 2005 on financial collateral arrangements (the “ Financial Collateral Law”), Luxembourg’s appeal as an international hub for cross-border financing transactions is about to get a boost with the introduction of a new
Jun 26, 2020New Arrangements for Short-time working beyond the State of Crisis
As the state of crisis came to an end on 25 June 2020, the Government announced that the mechanism of short-time working due to force majeure/COVID-19 in force since the month of March will expire at the end of June. However, considering that a large number of companies will continue to suffer from
Jun 22, 2020Luxembourg Parliament modifies FATCA and CRS Laws
On 18 June 2020, the Luxembourg Parliament ratified the Draft Law No.7527 (without substantial changes from the draft law), thereby modifying the law of 24 July 2015 on the Foreign Account Tax Compliance Act (“ FATCA Law”) and the law of 18 December 2015 on the Common Reporting Standard (“ CRS Law”)
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