Latest Newsletters & Newsflashes
Jun 15, 2020EMIR | Updated ESMA Q&A
On 28 May 2020, ESMA published an updated version of the Questions & Answers (hereinafter the “ Q&A”) on the implementation of Regulation (EU) 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (hereinafter referred to as “ EMIR”). The updated Q&A added the new
Jun 10, 2020Sustainable Finance | Update
Sustainable finance being an evolving subject and in order to continue the European Commission’s action plan on financing sustainable growth (adopted in March 2018), the European Commission published on 8 June 2020 three different proposals in this domain. The first was draft Commission Delegated
Jun 08, 2020HM Treasury Consultation on Post-Brexit Overseas Fund Regime
Background On 11 March 2020, HM Treasury (the " HMT"), the office responsible for financial services legislation in the UK, published a consultation paper on a new Overseas Funds Regime (the “ OFR”). The consultation ended on 11 May 2020. While the UK is part of the EU, retail investors in the UK
Jun 05, 2020Deadline extension for holding of annual general meetings of European Companies (SEs) and European Cooperative Societies (SCEs)
CONTEXT With the view to contain the outbreak of COVID‐19, Member States have put in place a series of unprecedented measures, in particular concerning confinement and social distancing of persons, potentially preventing companies from complying with their legal obligations. Luxembourg has put in
Jun 02, 2020Whistleblowing | CSSF publishes Reporting of Breaches of Financial Sector Regulations
Background In connection with Directive 2019/1937 of 23 October 2019 on the protection of persons who report breaches of Union law, the CSSF published on 5 May 2020 its first whistleblowing reporting of breaches of financial sector regulations to the CSSF (the “ Report”). The Report gives practical
Jun 02, 2020Update of the CSSF Transparency FAQ
On 29 April 2020, the CSSF published an updated version of its FAQ (the “ Updated FAQ”) on the Luxembourg law and Grand-Ducal Regulation of 11 January 2008 on transparency requirements for issuers, as amended (the “ Transparency Law” and the “ Grand-Ducal Transparency Regulation”, respectively)
Jun 01, 2020European Commission requests Luxembourg to amend its Tax Legislation on certain Securitisation Entities
On 14 May 2020, the European Commission decided to send two letters of formal notice to Luxembourg. The first one relates to the incorrect transposition of the interest limitation rule of the Anti-Tax Avoidance Council Directive (EU) 2016/1164 (“ ATAD”). The second letter addresses discriminatory
Jun 01, 2020Liquidity Risks in Investment Funds | ESRB Recommendations and CSSF Response
On 14 May 2020, ESMA published a statement (the “ Statement”) supporting the recommendations of the European Systemic Risk Board (the “ ESRB”) on liquidity risk in investment funds (the “ ESRB Recommendations”). The aim of the recommendations is to address the COVID-19 pandemic from a
May 29, 2020DAC 2, DAC 6, CRS and FATCA Deadlines Extended
On 8 May 2020, the European Commission published a proposal to amend Directive 2011/16 of 15 February 2011 on administrative cooperation in the field of taxation in order to defer certain time limits for the filing and exchange of information in the field of taxation due to the COVID-19 pandemic. On
May 29, 2020Newsflash | Proposal of a bill 7578 relating to foreign investments in Luxembourg
On 20 May 2020 the Luxembourg Parliament has submitted a bill introducing a screening mechanism of foreign investments in Luxembourg Purpose of the bill Screening of foreign investments which undermine or have a harmful impact on the security and public order or essential national or European
May 26, 2020Opinion of the Advocate General of the ECJ on the Right to deduct VAT for Holding Companies
The opinion of the Advocate General (“ AG”) of the European Court of Justice (“ ECJ”), Juliane Kokott, published on 14 May 2020 in case C-42/19, concerns a Portuguese holding company called Sonaecom, which invests in companies active in the telecommunications market and also provides services
May 18, 2020[Updated on 18/05] COVID -19 | CSSF recommendations for organisational set up of supervised entities
[Updated on 18/05] On 14 May 2020, the CSSF published recommendations for supervised entities on telework and a possible return to the office (the “ Recommendations”). The CSSF pointed out that the recent easing of COVID-19 related restrictions by the Luxembourg government doesn’t mean the end of
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