Newsletters & Legal Alerts

Since the publication of our last newsletter in March 2021, the European Securities and Markets Authority (“ESMA”) has updated its Questions and Answers on Application of the UCITS Directive (the “UCI

On 20 April 2021, the Luxembourg CSSF published Circular 21/771 (the “Circular”) on the application of the guidelines of the European Securities and Markets Authority (ESMA) on disclosure requirements

On 31 March and 5 May 2021, respectively, ESMA published updates to its Questions and Answers (the “Prospectus Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be p

With a view to align the national legislation with the EU legal framework on the issuance of covered bonds, the Luxembourg Minister of Finance submitted draft law 7822 (the “Draft Law”) to the Luxembo

On 21 May 2021, the Luxembourg law of 20 May 2021, transposing: Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed

CONTEXT On 15 March 2021, the  European Supervisory Authorities (“ESAs”) published a joint consultation (“JC”)  paper on Taxonomy-related sustainability disclosures on new regulatory techni

On 3 March 2021, the European Banking Authority (EBA) issued its third Opinion on the risks of money laundering and terrorist financing affecting the European Union’s Financial Sector (the “Opinion”).

On 26 March 2021, the three European supervisory authorities - European Banking Authority (EBA), ESMA and European Insurance and Occupational Pensions Authority (EIOPA), published Joint Questions and

I.    In a nutshell In a recent decision, the Court of appeal clarifies that it is for each Member State to decide for itself whether the enforcement of a foreign (non-EU country) deci

On 9 April 2021, the CSSF published Circular CSSF 21/769 regarding governance and security requirements for Supervised Entities (as defined below) to perform tasks or activities through Telework (as d

On 8 January 2021, the Luxembourg Parliament voted to approve the Bill N°7547 (the “Bill”) implementing new provisions (with effect as from 1 March 2021) related to tax deductions vis-à-vis interest a

In its judgment of 22 January 2021, the Luxembourg Constitutional Court had the opportunity to rule on the value of the principles of legal certainty, protection of legitimate expectations and non-ret

Context The Luxembourg tax authorities have issued guidance regarding the new profit-sharing bonus model (i.e., the so-called “prime participative”) in its Circular L.I.R.

Context The Luxembourg Higher Administrative Court (Cour Administrative) in a judgment rendered on 14 January 2021 (No.

On 1 February 2021, ESMA published its final report (“Report”) and draft of the implementing technical standards (“ITS”) under Regulation EU/2019/1156 on the facilitation of cross-border distribution

Draft Law 7774 amends the law of 16 July 2019 implementing the EuVECA, EuSEF, MMF, ELTIF and STS securitization regulations in Luxembourg law (the “2016 Law”) in order to implement, on the one hand Re

Submission of AML/CFT Market entry form via eDesk Portal as from 15 February 2021 On 8 February 2021, the CSSF issued a communication on the digitalisation of the AML/CFT Market Entry Form (the “Form

End of transitional period for the marketing of UK UCITS pushed back to 31 July 2021  On 9 February 2021, the Luxembourg Parliament (Chambre des Députés) adopted the draft law No.

On 3 February 2021, ESMA sent a letter to the European Commission concerning “Review of the Regulation (EU) 2015/760 on European long term investment funds” (the “ELTIFs” and the “ELTIF Regulatio

Context Measures relating to holding of meetings and other legal persons, in the context of the pandemic of the Covid-19, have been initially introduced by the Grand-Ducal Regulation of 20 March 2020

Purpose of the amendment The draft law 7791, submitted to the Luxembourg Parliament (Chambre des Députés) on 16 March 2021 (“Draft Law”) aims to clarify whether the rules regarding financial assistan

On 1 March 2021, ESMA published its final report on advice under article 8 of the taxonomy regulation (please refer to BSP Sustainable Newsflash Series number 7), which covers the information to be pr

As previously detailed in our Newsflash dated 19 March 2020 (as updated), the Luxembourg Government has once again agreed on an “exceptional measure” with the Belgian, French and German Governments re

CONTEXT Within the context of the exceptional circumstances linked to the ongoing COVID-19 pandemic, the European Securities and Markets Authority (ESMA) had considered on 16 March 2020, as a precaut

Background On 25 February 2021, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint supervisory statement on the effective and consistent application a

On 4 February 2021, the European Supervisory Authorities (ESAs) published their Final Report on draft Regulatory Technical Standards (hereinafter, the “Draft RTS”) with regard to the content, methodol

SFDR FINAL REPORT ON DRAFT RTS  On 4 February 2021, the European Supervisory Authorities (ESAs) published their long awaited final report on draft regulatory technical standards (hereinafter, th

Employers have always been required to carry out right to work checks on all new recruits, for the purpose of evidencing a right to work in Luxembourg of their employees.

The ECJ’s decision (C-288/19) on the provision of vehicles by employers to employees residing abroad On 20 January 2021, the European Court of Justice (“ECJ”) ruled on the place of taxation of t