Latest Newsletters & Newsflashes
Mar 05, 2021ESMA’s proposed changes to the Transparency Directive in light of Wirecard case
On 3 March 2021, ESMA issued a letter addressed to the European Commission proposing modifications to Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
Mar 03, 2021VAT reimbursement | ECJ rules on limitation period in the event of irrecoverable debt.
In an order dated 3 march 2021, the European Court of Justice (“ECJ”) considered the lawfulness of a limitation period on the right to seek a reduction in the taxable amount in the case of cancellation, refusal or total or partial non-payment after the supply takes place. In the case at hand, the
Mar 02, 2021Extension of deadline to submit 2019 tax returns
On 25 February 2021, the Luxembourg Parliament ( Chambre des Députés) voted the law amending the law of 12 May 2020, adapting certain deadlines in fiscal, financial and budgetary matters in the context of the state of emergency (hereinafter the “ Law”). The Law follows a statement by the Ministry of
Mar 01, 2021Common supervisory action on UCITS fees and costs
Launch of a common supervisory action on UCITS cost provision and performance On 6 January 2021, ESMA launched a Common Supervisory Action (CSA) with the National Competent authorities on the supervision of costs and fees of UCITS in the European Union (EU) taking into account the ESMA supervisory
Mar 01, 2021EU crowdfunding regulation: latest developments
Background Regulation (EU) 2020/1503 of 7 October 2020 on the European crowdfunding service providers for business (the “ Crowdfunding Regulation”), shall apply from 10 November 2021. The Crowdfunding Regulation aims to establish a brand new and safe legal framework for the crowdfunding activity
Mar 01, 2021CSSF’s new digital portal for Prospectus approval
On 1 March 2021, the CSSF launched its new digital portal for the submission of prospectuses and related supplements and notification requests – the “ e-Prospectus”. Background The CSSF, as the national competent authority for the examination of approval and notification requests within the
Feb 26, 2021Exchange of information | Conditional upon exhausting domestic sources of information
In a judgment dated 25 February 2021, the Higher Administrative Court ( Cour administrative) confirmed a judgment of the Lower Administrative Court ( Tribunal administratif) concerning the lawfulness of injunction decisions issued to a Luxembourg company following a request for information from the
Feb 26, 2021Simplification of process for approval of a new sub-fund
In its press release 21/05 on 23 February 2021, the CSSF communicated the new procedure for approval of a new sub-fund under existing fund structures. The process introduces the use of a single standardised questionnaire including information related to the Benchmark Regulation (“ BMR”), the
Feb 25, 2021Luxembourg Green Exchange | New Climate-Aligned Issuers section
On 25 February 2021, the Luxembourg Stock Exchange (the “ LuxSE”) announced the launch of a brand-new section to the Luxembourg Green Exchange platform, exclusively dedicated to so-called Climate-Aligned Issuers (“ CAIs” and the section dedicated to CAIs, the “ CAIs Section”). For this project, the
Feb 22, 2021CSSF Circular 02/77 | Amendments to notification form
Background On 3 January 2017, the CSSF introduced by means of Press Release 17/01 a notification form to be used for the transmission of NAV calculation errors or non-compliance with investment rules in accordance with Circular CSSF 02/77 on the protection of investors in case of NAV calculation
Feb 08, 2021COVID-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 services please contact us. AML Annual AML Survey - Deadline Extended BANKING & FINANCE State Guarantee
Feb 08, 2021Newsflash | New terms of leave for family reasons
The Law of 22 January 2021 amending and temporarily derogating from the provisions of Articles L. 234-51, L. 234-52 and L. 234-53 of the Labour Code relating to leave for family reasons was published in the Official Journal ( Mémorial) on 22 January 2021 (hereinafter the “ Law”). Background A law of
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