Latest Newsletters & Newsflashes
May 31, 2021Communication of the European Commission on business taxation for the 21st century
The European Commission has taken the opportunity in the post-pandemic context to publish a communication on 18 May 2021 in which it sets out its future projects in the field of taxation in the European Union. The communication contains both short and long-term measures that take into account not
May 28, 2021Newsflash | Draft Bill amending the Securitisation Law
The long anticipated draft law 7825 (the “ Draft Law”) has been submitted to the Luxembourg Parliament ( Chambre des Députés) by the Luxembourg Minister of Finance on 21 May 2021. If adopted in its current form, the Draft Law will result in substantive amendments to the law of 22 March 2004 on
May 20, 2021Newsflash | Luxembourg publishes updated guidance on mutual assistance procedure in tax matters
On 11 March 2021, the Luxembourg Tax Administration (“ LTA”) published updated guidance on the Mutual Assistance Procedure (“ MAP”) in tax matters provided for in double tax conventions signed by Luxembourg. The guidance, which replaces circular L.G.Conv. D.I n o 60 of 28 august 2017, describes the
May 17, 2021Lower Administrative Court finds MPRS qualify as equity for tax purposes
On 10 May 2021, the Lower Administrative Court ( Tribunal administratif) handed down a judgment addressing (a) the equity/debt qualification for tax purposes of Mandatorily Redeemable Preferred Shares (“ MRPS”) and (b) whether a shareholding in a French Société à Prépondérance Immobilière à Capital
May 10, 2021Performance Fees | ESMA Updates UCITS and AIFMD Q&A
Since the publication of our last newsletter in March 2021, the European Securities and Markets Authority (“ ESMA”) has updated its Questions and Answers on Application of the UCITS Directive (the “UCITS Q&A”) and its Questions and Answers on Application of the AIFMD (the “AIFMD Q&A”) (together the
May 10, 2021Circular CSSF 21/771 | Application of ESMA’s guidelines on disclosure requirements under the Prospectus Regulation
On 20 April 2021, the Luxembourg CSSF published Circular 21/771 (the “ Circular”) on the application of the guidelines of the European Securities and Markets Authority (ESMA) on disclosure requirements under Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities
May 10, 2021Prospectus Regulation | Update of ESMA's Q&A
On 31 March and 5 May 2021, respectively, ESMA published updates to its Questions and Answers (the “ Prospectus Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “
May 10, 2021New Luxembourg draft law on covered bonds
With a view to align the national legislation with the EU legal framework on the issuance of covered bonds, the Luxembourg Minister of Finance submitted draft law 7822 (the “ Draft Law”) to the Luxembourg Parliament ( Chambre des Députés) on 7 May 2021. If adopted, the Draft Law will result in
May 10, 2021Publication of the Luxembourg law transposing CRD V and BRRD II
On 21 May 2021, the Luxembourg law of 20 May 2021, transposing: Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation
May 04, 2021EST | Joint consultation paper on Taxonomy related sustainability disclosures
CONTEXT On 15 March 2021, the European Supervisory Authorities (“ ESAs”) published a joint consultation (“ JC”) paper on Taxonomy-related sustainability disclosures on new regulatory technical standards (“ RTS”) regarding content and presentation of sustainability disclosures under Articles 8(4), 9
May 03, 2021AML/CFT | EBA Opinion on the risks affecting the European Union’s Financial Sector
On 3 March 2021, the European Banking Authority (EBA) issued its third Opinion on the risks of money laundering and terrorist financing affecting the European Union’s Financial Sector (the “ Opinion”). Both the European Securities and Markets Authority (ESMA) and the European Insurance and
May 03, 2021Securitisation Regulation | Joint Committee Q&A
On 26 March 2021, the three European supervisory authorities - European Banking Authority (EBA), ESMA and European Insurance and Occupational Pensions Authority (EIOPA), published Joint Questions and Answers (the “ Q&A”) relating to Regulation (EU) 2017/2402 of 12 December 2017 laying down a general
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