Latest Newsletters & Newsflashes
Apr 09, 2020Lower Administrative Court | Advance Tax Agreements Binding on Tax Administration
In a judgment of 28 January 2020, the Luxembourg lower administrative court ( Tribunal administratif) held once again that advance tax agreements are binding upon the Luxembourg Tax Administration (“ LTA”). In February 2013, the taxpayer, a société anonyme incorporated under Luxembourg law (the “
Apr 09, 2020Luxembourg Issues Draft Law Amending CRS and FATCA Laws
On 20 February 2020, a draft law was presented to the Luxembourg Parliament with the purpose of introducing amendments to the Luxembourg legislation implementing the Common Reporting Standard (“ CRS”) and the Foreign Account Tax Compliance Act (“ FATCA”), the two main frameworks for automatic
Apr 09, 2020BSP Newsletter | April 2020
This newsletter is intended as a general discussion of the following topics: COVID-19, Capital Markets, Investment Management and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us at the following email marketing@bsp.lu.
Apr 09, 2020Cross-Border Funds Distribution | ESMA Consultation
On 31 March 2020, ESMA launched a consultation paper in order to draft implementing technical standards (“ ITS”) in accordance with regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “ Regulation”). According to the Regulation (covered in
Apr 09, 2020Performance Fees | ESMA Guidelines for UCITS and Certain Types of AIFs
On 3 April 2020, ESMA published its guidelines on performance fees in investment funds, which will be applicable to both UCITS and certain types of AIFs. The guidelines will be translated into the official EU languages. They will become applicable two months after the publication of the translations
Apr 09, 2020Directive (EU) 2019/2162 on Covered Bonds | Amendments to UCITS Directive
On 18 December 2019, Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (the “ Directive”) was published in the Official Journal of the European
Apr 09, 2020COVID-19: What is the Impact on the Free Movement of Persons?
The coronavirus has spread around the globe and the scale of the threat faced today underlines the imperative need for coordinated restriction measures on the free movement of people at the European level, in order to maximise the potential impact of measures taken at the national level to fight the
Apr 06, 2020ECJ Denies Application of Parent-Subsidiary Directive to Gibraltar Companies
On 2 April 2020, the European Court of Justice (“ ECJ”) rendered its judgment in the case ‘ GVC Services (Bulgaria)’ (C-458/18) following a preliminary ruling requested by the Sofia Administrative Court in Bulgaria ( Administrativen sad Sofia-grad) addressing the question of Gibraltar within the
Apr 03, 2020COVID-19 impact on logistics in Luxembourg: latest developments
Background In response to the Covid-19 crisis, the Luxembourg Government declared the state of emergency by its regulation of March 18th, 2020, and passed several measures in the fight against Covid-19. These measures shall be limited to what is indispensable and strictly necessary and are adequate
Apr 03, 2020ESMA recommends action by financial market participants for COVID-19 impact
The European Securities and Markets Authority ( ESMA), together with National Competent Authorities ( NCAs) closely monitor the situation in view of the continuing impact of the COVID-19 outbreak on financial markets in the European Union ( EU). On 11 March 2020 ESMA made the following
Apr 02, 2020The CSSF communication on complaints handling
On 26 March 2020, the CSSF published a communication on lodging out-of-court complaints (the " Communication") available to customers of the professionals subject to the CSSF supervision. Pursuant to the Communication, because of the current situation with COVID-19, the CSSF’s offices are closed to
Apr 02, 2020AIFMD | ESMA Consults on Guidelines on Article 25 (Leverage)
On 27 March 2020, the European Securities and Markets Authority (ESMA) announced a public consultation on its draft guidelines (the " Guidelines") on article 25 of Directive 2011/61/EU on alternative investment fund managers (the " AIFMD") related to leverage risks in the alternative investment
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