Latest Newsletters & Newsflashes
Jan 17, 2023Report on incorporating ESG Risks in the supervision of investment firms
Background On 24 October 2022, the European Banking Authority (" EBA ") published a report (the " Report") on how to incorporate Environmental, Social, and Governance (" ESG ") risks in the supervision of investment firms. The Report was produced under the EBA’s mandate provided by Article 35(d) of
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
Jan 13, 2023Draft law No. 7989 | New provision proposing to extend the geographical scope for the holder of the business license
Context On 8 April 2022, the Ministre des Classes Moyennes presented the draft law 7989 (the " Draft Law") aimed at amending the law of 2 September 2011 regulating access to the professions of craftsman, trader and industrialist and to certain professions. Objectives Ten provisions characterise the
Jan 12, 2023ECJ C-885/19P and C-898/19P: no unlawful State Aid in the European Commission’s FIAT case
On 8 November 2022, the Court of Justice of the European Union (the " ECJ") ruled that the Advance Pricing Agreement (" APA") granted by Luxembourg tax authorities to Fiat Finance & Trade Ltd (" FFT") is not an illegal State aid. Facts of the case In 2014, the European Commission opened an
Jan 12, 2023Luxembourg Stock Exchange | New rules and regulations and new Euro MTF Fast-Lane Procedure
Updated Rules & Regulations of the Luxembourg Stock Exchange On 18 October 2022, Luxembourg Stock Exchange (“ LuxSE”) published an updated LuxSE Rules & Regulations 2022 and LuxSE Trading Manual 2022 . The purpose of this update was the introduction of a new Fast-Lane procedure for admission to
Jan 12, 2023MAR and CSDR | ESMA updates its Q&As
In October and November 2022, ESMA updated its Questions and Answers (“ MAR Q&A”) on Regulation (EU) No. 596/2014 (the “ Market Abuse Regulation” or " MAR"), and its Questions and Answers (“ CSDR Q&A”) on Regulation (EU) No. 909/2014 (the " CSDR"). With the latest update of the MAR Q&A, ESMA amended
Jan 11, 2023New CSSF FAQ on Sustainable Finance Disclosure Regulation (SFDR)
On 2 December 2022, the CSSF issued a FAQ (the " CSSF FAQ") in relation to the Sustainable Finance Disclosure Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (" SFDR") and Commission Delegated Regulation (EU) 2022/1288 (" SFDR RTS"
Jan 10, 2023ECJ rules reporting requirements under DAC 6 incompatible with legal professional privilege
In a judgment dated 8 December 2022 in the case C-694/20 Orde van Vlaamse Balies, the European Court of Justice (" ECJ" or the " Court") sitting in Grand Chamber handed down a decision concerning the compatibility of Directive 2011/16/EU on administrative cooperation in the field of taxation as
Jan 09, 2023Transparency Law | CSSF enforcement priorities
Background On 2 January 2023, the CSSF published a press release for the attention of issuers of securities subject to the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the " Transparency Law") and their auditors (the " Press Release"). With this Press
Jan 03, 2023Budget Law 2023 passed | Brief overview of the main tax changes
The Budget Law for the year 2023 (the “ 2023 Budget Law”), although falling short of the long awaited substantial tax reform, does provide for some tax amendments that may be of interest to individuals and employers as well as to corporations and investment funds. The 2023 Budget Law contains
Jan 03, 2023“Women on boards” Directive: one more step towards gender equality in business
On 7 December 2022, the Official Journal of the EU published Directive (EU) 2022/2381 of the European Parliament and of the Council of 23 November 2022 on improving the gender balance among directors of listed companies and related measures (the “ Directive”). The Directive aims at ensuring the
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