Latest Newsletters & Newsflashes
Feb 03, 2021Modernisation of the licensing process in the financial and insurance sectors
Background In a move aimed at simplifying the administrative burden in the financial and insurance sectors, the Luxembourg Minister of Finance filed draft law No. 7761 (the “ Draft Law”) with the Luxembourg Parliament ( Chambre des Députés) on 2 February 2021. The Draft Law, if adopted, will
Feb 02, 2021Newsflash | In Luxembourg, first court decisions on COVID-19: rents for commercial leases are suspended during periods of forced closure
Commercial leases are among the contracts that are the subject of numerous disputes because of the economic situation generated by COVID-19. At the beginning of the health crisis, a draft law was considered, to temporarily suspend the obligation to pay rents related to commercial leases. However
Feb 02, 2021Newsflash | Premières prises de position des tribunaux luxembourgeois au sujet du COVID-19 : les loyers des baux commerciaux ne sont pas dûs pendant la fermeture obligatoire des lieux loués
Parmi les contrats qui font l’objet de nombreuses controverses à cause de la situation notamment économique générée par le COVID-19, il y a les baux commerciaux. Au début de la crise sanitaire, une proposition de loi avait été déposée afin de suspendre l’obligation de paiement des loyers relatifs
Feb 01, 2021BSP Newsletter | February 2021
This newsletter is intended as a general discussion of the following topics: AML Compliance, Banking & Financial Services, Capital Markets, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Feb 01, 2021ESMA updated its Q&As for the prospectus regulation
On 28 January 2021, ESMA updated its Questions and Answers (Q&As) relating to Regulation (EU) 2017/1129 of the European Parliament and of the Council 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 (“ Prospectus
Jan 29, 2021Sustainable Finance Insights Series - 9 | Reduced subscription tax for UCIs investing in sustainable activities
With effect from 1 st January 2021, the Law of 19 December 2020 (the “2021 Budget Law”) (please see our BSP October Newsflash ) , introduced a reduced subscription tax ( taxe d’abonnement) that will apply to Undertakings for Collective Investment (“UCIs”) investing in sustainable activities as
Jan 25, 2021Newsflash | New Luxembourg Law allows issuance of dematerialised securities using distributed ledger technology (DLT)
A further step towards integration of DLT in the Luxembourg capital markets sphere On 21 January 2021, the Luxembourg Parliament adopted draft law 7637 aiming at modernising the law of 6 April 2013 on dematerialised securities (the “ 2013 Law”) by expressly recognising the possibility of using
Jan 21, 2021European Single Electronic Format
WHEREAS The Luxembourg law of 11 January 2008 on transparency requirements for issuers (Transparency Law), supplemented by the Grand-Ducal Regulation of 11 January 2008 on transparency requirements for issuers (Transparency Regulation), applies to issuers for which Luxembourg is the home Member
Jan 21, 2021Update of Double Tax Treaties
Protocol to the Luxembourg-Russia double tax treaty The Protocol amending the double tax treaty between the Grand Duchy of Luxembourg and the Russian Federation (hereafter the “ Protocol”) has been signed on 6 November 2020 and the ratification law was submitted on 27 November 2020 to the Luxembourg
Jan 21, 2021Higher Administrative Court Judgement on the Treatment of Revaluation Reserves
In its judgment of 10 December 2020, the Luxembourg Higher Administrative Court ( Cour administrative) had to assess whether revaluation reserves booked in the annual accounts of a Luxembourg resident company should be included in the taxable income. The case submitted to the Court concerned a
Jan 21, 2021Lower Administrative Court: Excess of Power by the Tax Authorities in the Panama Paper Investigations
On 29 September 2020, the Lower Administrative Court ( Tribunal administratif) handed down several decisions in cases involving requests for information that the Luxembourg tax authorities (hereafter the “ LTA”) had addressed to several Luxembourg lawyers and law firms whose names had appeared in
Jan 21, 2021Circular issued by the Luxembourg Tax Authorities on the Interest Deduction Limitation Rule
On 8 January 2021, the Luxembourg tax authorities issued a circular ( Circulaire du directeur des contributions L.I.R. n°168bis/1 du 8 janvier 2021) (the “ Circular”) on the interest deduction limitation rules (“ ILR”) as foreseen in Article 168bis of the Luxembourg income tax law (“ LITL”)
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