Newsletters & Legal Alerts

On 8 November 2019, the Organisation of Economic Cooperation and Development ("OECD") published a public consultation document asking for comments on its Global Anti-Base Erosion ("GloBE") Pillar II p

Background The Grand-Ducal Regulation of 26 October 2019 (the "Amending Grand-Ducal Regulation") amending the Grand-Ducal Regulation of 21 December 2017 relating to the fees to be levied by the CSSF

ESMA published new Q&A (the “Q&A”) on Directive 2003/71/EC (the “Prospectus Directive”), to clarify various issues which may arise in relation to the implementation of the Prospectus Directive

Updated Application Form and Undertaking Letter Following the entry into force of Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public

On 23 October 2019, the Luxembourgish Parliament (“Chambre de Députés”) published a draft law reintroducing the favourable tax relief regime for capital gains on the sale of private land or dwellings

On 19 August 2019, the new Luxembourg-France Double Tax Treaty (“DTT”) came into force following finalisation of each country’s ratification procedures.

This newsletter is intended as a general discussion of the following topics: Banking & Finance, Capital Markets, Employment, Investment Funds and Tax.

On 9 September 2019, the Luxembourg Finance Minister Pierre Gramegna and the United States (“U.S.”) Ambassador to Luxembourg exchanged ratification instruments of the Protocol amending the Double Taxa

On 3 July 2019, the ECJ published a judgment (C‑316/18 University of Cambridge v HMRC) clarifying whether input VAT relating to fees, paid by a not-for-profit educational establishment in the context

Following the adoption of the new law on the Intellectual Property Tax Regime (“IP Regime”) on 22 March 2018 (please refer to our newsletter dated March 2018 on that topic), the Luxembourg Tax Admin

On 2 September 2019, the CSSF updated the below sets of frequently asked questions (the “FAQs”) for the purposes of, adding a new question regarding obligations to be complied with in case of data tra

On 2 September 2019, ESMA published the Final Report on the Guidelines on liquidity stress testing in UCITS and AIFs (hereinafter the “Guidelines”), taking into account the feedback received by ESMA’s

On 15 July 2019, ESMA published an updated version of the Questions & Answers (hereinafter the “Q&A”) on the implementation of the Regulation (EU) 648/2012 of 4 July 2012 on OTC derivatives, c

The Luxembourg law of 1 August 2019 (the “New Law”) amending the law of 24 May 2011 (the “2011 Law”) on the exercise of certain rights of shareholders in general meetings of listed companies was publi

BACKGROUND AND DEFINITION On 30 July 2019, the CSSF published a new FAQ Document on swing pricing mechanisms which is applicable to all regulated funds (UCITS, UCIs part II and SIFs) ("UCI") making

On 8 August 2019, the Luxembourg government filed a draft law implementing the Council Directive (EU) 2017/952 of 29 May 2017 amending Directive (EU) 2016/1164 as regards hybrid mismatches with third

On 8 August, the Luxembourg Government submitted draft law No. 7465 (the “Draft Law”) to the Luxembourg Parliament.

On 8 August 2019,  the  Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7467 (the “Draft Law”) for the purposes of transposing some provisions of the Directive 2018/8

In a judgment handed down on 10 July 2019 (C-273-19, SIA Kuršu zeme), the European Court of Justice (“ECJ”) ruled that, in case of a chain of successive supplies of goods, the fact that the final purc

On 19 July 2019, the ESMA issued its final report on the guidelines on the reporting procedure to competent authorities under Article 37 of the Regulation (EU) 2017/1131 of the European Parliament and

On 21 June 2019, the International Labour Organization (“ILO”) adopted Convention No.190 concerning the elimination of violence and harassment in the world of work (hereafter the “Convention”) and the

By judgement dated 31 July 2019 (No.

On 18 July 2019, the Law of 16 July 2019  (the “New Law”) implementing, among others, Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating

In July 2019, ESMA updated its Questions and Answers on the Prospectus Regulation (the “PR Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securi

The long expected Directive (EU) 2019/1160 regarding cross-border distribution of collective investment funds amending the UCITS Directive and the AIFM Directive (the Directive) as well as the Regulat

As anticipated in our July 2019 Newsletter, the new Luxembourg law on prospectuses (the “New Prospectus Law”) implementing Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published w

BACKGROUND According to the Press Release of the European Commission on Pan-European Personal Pension Products only 27% of Europeans between 25 and 59 years old have currently enrolled themselves in

In a recent decision (No.

ESMA Q&A Since our last newsletter, ESMA 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 Re

Background In April 2019 two Luxembourg laws  (the “Brexit Laws”) were published in anticipation of the United Kingdom's exit from the European Union without any withdrawal agreement on 31st Oct